Fed Fully Embraces MMT

(1) September is the worst month for stocks. (2) Stocks weighed down by known unknowns, and too much bullishness. (3) Powell before and during the pandemic. (4) Another pivot: Powell on MMT before and after Covid. (5) A trillion dollars here, a trillion dollars there. (6) Waiting for another round of fiscal stimulus, which might be derailed by fight over SCOTUS. (7) A straight line of dots near zero. (8) FOMC inflation projection undershoots 2% through 2023. (9) Should we have faith in FAITH? (10) Maximum employment exceeds full employment. (11) Powel paints dark picture without more fiscal stimulus. (12) Inflation expectations remain relatively subdued. (13) A couple of dissenters.