Posts Tagged ‘Charles Evans’

Notes From Underground: Is Charlie Evans a Lonesome Dove?

January 8, 2015

Tomorrow is the release of the U.S. and Canadian Employment reports, which are usually days of increased market volatility. Usually, Notes From Underground provide some insight into possible market movement based on attaining a sense of investor consensus and putting that into perspective based on relevant indicators and pre-release price action across a wide variety of variables.


Notes From Underground: In a Room of Academic Modelers, the Woman From Kansas Shows Some Backbone

January 30, 2013

The FED‘s statement today showed no surprises and the vote even was the same as Kansas Fed President Esther George voted NO in opposition to further monetary accommodation by the monetary authorities. James Bullard of the St.Louis Fed voted with the severe majority as did Chicago Fed President Charles Evans. The Bullard vote did not surprise as he has shown a pragmatic edge over the last several years but the consensus vote by Charles Evans was surprising. President Evans has been the most vocal proponent of increased Fed action over the last year when he was a non-voting FOMC member. Today’s negative number on the GDP¬†should have provided Mr. Evans with a perfect excuse to push for a larger FED asset purchase program. At least Ms. George votes in a consistent manner with her rhetoric. The FOMC release opened with this phrase”… suggest that growth in economic activity paused in recent months, in large part because of weather-related disruptions and other transitory factors.” Again, as in years past, it is a spate of bad luck that has caused last quarters slowdown. Before it was the Tsunami in Japan which Bernanke termed “bad luck.”


Notes From Underground: JACKSON HOLE is RUNNING ON EMPTY

September 3, 2012

The Bernanke speech did not surprise readers of NOTES FROM UNDERGROUND as Bernanke did not promise any new stimulus plan but spent most of the speech recalling the successes of the FED’S extraordinary efforts to stimulate the economy and prevent a disastorous deflationary period from gaining traction in a debt-ladened financial system. The initial market response was a selloff in the precious metals as the ALGOS reacted to a no new stimulus headline with, “risk off” and after reading that the headlines were cursory and misleading, reversed and the GOLD AND OTHER RISK ON ASSETS WENT INTO FULL RALLY MODE.


Notes From Underground: Charles Evans Stars In LONESOME DOVE

November 3, 2011

The markets initial reaction to the FOMC statement was perplexing as the financial media reported the FED to be hawkish for there was nothing explicit about a potential QE3 program. Readers of this BLOG were well aware that the consensus was for no change from the FED as it would have been difficult to announce any new program with the G-20 meeting this weekend in Cannes. The BRICs have already accused the U.S. of causing havoc in world currency markets by utilizing its monetary policy as a “stealth devaluation” of the U.S. DOLLAR. It seemed though that the FOMC statement was DOVISH because the previous three dissenters all voted with the majority–there was a lone no vote and that came from Chicago FED President Charles Evans.


Notes From Underground: Did I miss anything while I was away???

September 7, 2011

The unemployment report on Friday was much weaker than expected as zero net jobs were created. More disheartening was that average hourly earnings produced a negative number, which failed to confirm and support the earlier released personal consumption data. The equity markets went into risk-off mode as the economy went into the Labor Day weekend in a very fragile state.