last week reiterated his view that current interest rates are restrictive, which means he thinks they are holding back economic activity and should be reducing inflation. Looking through the corporate earnings reports for the last few weeks, that’s increasingly a difficult position to defend.It has been a season of strong reports
. Fifty-nine percent beat on sales. Half beat on both. Every sector but health care beat expectations, according to Bank of America. . Corporations swamped with demand and flush with profits expand investment and payrolls. In a healthy economy, this is a virtuous circle in which profits fuel demand that fuels profits. In an inflationary economy, this is a recipe for rising prices.and is less than three percent off its all-time highs. Volatility, as measured by the VIX, is down at the boom-time level of around 14. The spread between junk bond yields and yields on Treasuries is the narrowest it has been in decades.
Federal Reserve Bank Chair Jerome Powell announces that interest rates will remain unchanged during a news conference following the Federal Open Markets Committee meeting on May 1, 2024, in Washington, DC.
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