Macrogram - November 2019

Macrogram is a chart-based newsletter, designed to provide macroeconomic insights at-a-glance.

Fed Watch

Fed Meeting October 29-30, 2019 - The Fed cut the target range for the federal funds rate by 0.25% to 1.50 - 1.75%. Fed Chair Powell expected the Fed's current policy stance 'likely to remain appropriate' amid the Fed's expectations of a sustained expansion of economic activity and inflation close to the Fed's symmetric 2 percent inflation objective. The market embraced Powell's message.

Interest Rates

10-year vs. 3-month Treasury rate - Yield curve is no longer inverted. An inverted yield curve has historically been a precursor of recessions.

Economic Activity Indicators

Consumer Price Index - Inflation is close to the Fed's symmetric 2 percent target rate.