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☆ Opinion | Is the Fed Falling Prey to Groupthink?
▼ + stars: | 2024-01-15 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

If you’re looking to argue that the Fed suffers from too much unanimity, the inflationary surge of 2022 looks like evidence. In speeches, various members of the committee had been expressing concerns about inflation, but they weren’t voting that way. She worked at the Fed for 25 years in stints between 1984 and 2022, including one writing up the minutes of Federal Open Market Committee meetings. Meade said one reason dissents are few is that “the meetings aren’t about today, they’re about tomorrow.” Committee meetings occur eight times a year. If a voter feels uncomfortable with the (unanimous) rate decision, that person will try to rally support for a different path at future meetings.

Persons: James Bullard, Louis, Ellen Meade, “, ” Meade, Levin, Meade Organizations: Federal Reserve Bank of St, Duke University, Fed, Open

☆ A famed economist who called the 2008 recession warns stocks look 'eerily similar' to how they did before their 25% drop in 2022 — and says the US economy is still heading for a downturn
▼ + stars: | 2024-01-13 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

He is the founder of Rosenberg Research and the former chief economist at Merrill Lynch — and he called the 2008 recession. Rosenberg ResearchRosenberg's model takes into account stock valuations, investor sentiment, market technicals, investor positioning, and macro fundamentals. Here's The Conference Board's Leading Economic Index, which bundles together manufacturing data, bond and stock market performance, housing market activity, and consumer sentiment data. The economy doesn't jump from a tight labor market to layoffs," Rosenberg said in a note on Friday. Labor market and inflation data in the months ahead will tell the story for the US economy.

Persons: David Rosenberg, Merrill Lynch —, Rosenberg, It's, —, Louis, GMO's Jeremy Grantham, Societe Generale's Albert Edwards Organizations: Rosenberg Research, Business, Research, Federal Reserve Bank of St, CNN, National Federation of Independent Businesses, Rosenberg, Societe Generale's, Federal, Labor, CPI

☆ St. Louis Fed names former Tudor executive Alberto Musalem as new president
▼ + stars: | 2024-01-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Economist Alberto Musalem was named the next president and CEO of the Federal Reserve Bank of St. Louis on Thursday. The St. Louis Fed representative is an alternate member of the rate-setting Federal Open Market Committee and will vote in 2025. St. Louis Fed First Vice President Kathy O'Neill has been holding the position in the interim. "Alberto will be an outstanding president and CEO of the St. Louis Fed," said St. Louis Fed director Carolyn Chism Hardy, president and CEO of Chism Hardy Investments and deputy chair of the bank's search committee. "I am deeply honored to serve as the next president of the St. Louis Fed and grateful for the opportunity to promote a strong, resilient and inclusive economy," Musalem said.

Persons: Alberto Musalem, Louis, Musalem, James Bullard, Kathy O'Neill, Alberto, Louis Fed, Carolyn Chism Hardy, Chism, Hardy, Paul Tudor Jones Organizations: Federal Reserve Bank of St, Purdue University, Louis Fed, Market, Investments, Evince Asset Management, New York Fed, Tudor Investment Corp, Eighth, CNBC PRO Locations: St

☆ The U.S. needs 'bipartisan' leadership and a 'strong middle' politically, Ray Dalio says
▼ + stars: | 2023-11-28 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

As the U.S. gears up for its next presidential election in 2024, the country needs a "strong middle" political ground and bipartisan cooperation, according to Ray Dalio, founder of investment company Bridgewater. "If you bring the sides together in a bipartisan way, and you create a strong middle, that's what the country needs in order to be healthy, I believe," Dalio said Tuesday in conversation with CNBC's Dan Murphy onstage at the Abu Dhabi Finance Week. Two things are crucial for the U.S. in this process, Dalio said: Firstly, he assesses that those with extreme political views should be alienated. Secondly, the country needs to "bring together the smart moderates to work together, and then to be able to make important reforms" to enable addressing issues such as the wealth gap. Dalio expects the emergence of an alternative candidate to Trump among Republicans, as the party narrows down its final choice.

Persons: Ray Dalio, Dalio, CNBC's Dan Murphy, Louis, Dalio's, Joe Biden, Donald Trump, Biden Organizations: Bridgewater, Abu, Abu Dhabi Finance, Federal Reserve Bank of St, Democratic, Republican, The New York Times, Siena College, Trump, Republicans Locations: U.S, Abu Dhabi

☆ Fed may need four years to recoup income loss, St. Louis Fed study says
▼ + stars: | 2023-11-27 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The pincer movement of these two policy actions drove the Fed to start losing money in September 2022. The central bank captures the net negative income situation in an accounting measure called a deferred asset, which as of Nov. 22 stood at $120.4 billion. As the Fed sees it, the deferred asset is what must be covered before the central bank can again return excess earnings to the Treasury. The Fed has repeatedly stressed that losing money in no way impacts its ability to operate and conduct monetary policy. The research from the St. Louis Fed estimates it will cover the deferred asset by mid-2027.

Persons: Louis, Joseph Wang, Michael S, Andrea Ricci Organizations: Federal, U.S . Treasury, Federal Reserve Bank of St, Fed, Treasury, Louis Fed, Treasury Department, Reuters, New York Fed, Thomson

☆ 35-year-old CEO of $100 million company: I 'don’t remember' anything I learned in college—here's why it was valuable anyway
▼ + stars: | 2023-11-14 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

College prepared Pinky Cole well to be the CEO of a $100 million company, she says — just not in the way you might think. When I went to college, all the stuff that I learned, I don't remember [any] of it," Cole tells CNBC Make It. And while it's certainly possible to connect with high-powered people without a shared academic experience, college graduates tend to have better career prospects and financial outcomes than high school-only graduates. College graduates earned 75% more last year, on average, according to the San Francisco Fed, a research nonprofit. College graduates also reported a 2% unemployment rate last year, compared with 7% for their counterparts, the National Center for Education Statistics reported.

Persons: Pinky Cole, —, Cole, I've, Clark, Chance, Louis, Cole's, Warren Buffett Organizations: Clark Atlanta University, CNBC, Delta Sigma Theta, Federal Reserve Bank of St, College, San Francisco Fed, National Center for Education Statistics Locations: Atlanta, Georgia , New York, Texas, alma mater

☆ 'The damage has already been done': A 31-year market vet shares 3 pieces of evidence that the labor market is about to collapse, sending the economy into recession and the stock market spiraling
▼ + stars: | 2023-11-11 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The US economy added just 150,000 jobs, under the expected 180,000, and the unemployment rate rose to 3.9%, now 0.5% higher than its low earlier this year. Federal Reserve Bank of St. Louis/Bullandbearprofits.comSecond, the inverted yield curve is starting to steepen. An inverted yield curve has been an extremely reliable recession indicator over the last several decades. Bullandbearprofits.com"Proven leading indicators show that the unemployment rate is likely to start rising materially soon. Piper SandlerIn addition to the yield curve and employment indicators above, other recession indicators continue to point to a downturn ahead.

Persons: Jon Wolfenbarger, Merril Lynch, Wolfenbarger, Louis, bode, Piper Sandler's Michael Kantrowitz, Piper Sandler, Societe Generale's Albert Edwards, Edwards Organizations: JPMorgan, Federal Reserve Bank of St, National Federation of Independent, Fed, Bank of America, Societe Generale's, Generale, Edwards . Societe Generale Locations: lockstep, Edwards .

At the same time, in a panel discussion at the International Monetary Fund, Powell did not rule out another rate hike to help reduce inflation to the Fed's 2% target level. “We are not confident," he said, that the Fed’s benchmark rate is high enough to steadily reduce inflation to its 2% target. Political Cartoons View All 1237 ImagesPowell said that "if it becomes appropriate” to raise rates further, “we will not hesitate to do so” but said that for now it isn’t ”appropriate” to increase the Fed's benchmark rate. The central bank's benchmark short-term rate, now about 5.4%, is at its highest level in 22 years. O’Neill Paese said “it would be unwise to suggest that further rate hikes are off the table.”But she added that the Fed’s benchmark rate is “exerting modest downward pressure on inflation,” so officials “can afford to await further data before concluding” that more rate hikes might be needed.

Persons: Jerome Powell, Powell, ”, Powell’s, Tom Barkin, ” Barkin, ” Kathleen O’Neill Paese, Louis, O’Neill Paese Organizations: WASHINGTON, —, International Monetary Fund, Fed, Federal Reserve Bank of Richmond, Federal Reserve Bank of St Locations: United States

☆ A CIO managing $40 million warns most stock-market investors are in danger of losses as high interest rates begin to stifle the economy and risk-free Treasury yields offer 5%
▼ + stars: | 2023-11-04 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Treasury rates are now elevated across the board as the yield curve begins to flatten out with longer-term rates continuing to rise. Here's the current equity-risk premium, which is how much the S&P 500 is expected to return annually over the next decade in excess of the 10-year Treasury note. As for downward pressure on the economy, Mulholland said the effects of higher interest rates would continue to show up in several ways. Businesses will be more hesitant to borrow money to expand as much amid higher rates, Mulholland said, and banks will be less likely to lend money. "Investors who make regular withdrawals or have large liquidity needs on the horizon would be smart to reduce stock market exposure now," Mulholland said.

Persons: Stephen Mulholland, it's, Mulholland, Rosenberg, Stocks, Louis Organizations: Mulholland, Federal Reserve, Rosenberg Research, US Treasury Bills, Federal Reserve Bank of St, of Labor Statistics, Conference Locations: Fed's, American

☆ Most American men see their earnings plateau after 35 — but not the top 2%, says an economist
▼ + stars: | 2023-10-17 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Top-earning US men experience an "astonishing surge in earnings" between the ages of 35 and 45. The top 2% average around $400,000 a year across their working lives, while median earners earn $50,000 annually, per the post. AdvertisementAdvertisementTop-earning American men experience an "astonishing surge in earnings" between the ages of 35 and 45 while other men see their incomes plateau, according to an analysis by economist Serdar Ozkan published Monday. The difference in wage growth is starker earlier in life. From ages 25 to 35, top earners experience a 435% rise in earnings, compared to a 65% increase for median earners.

Persons: Serdar Ozkan, —, Ozkan, Louis Organizations: Service, Federal Reserve Bank of St, Internal Revenue, Institute, National Bureau of Economic Research, Federal Reserve Bank of Atlanta Locations: Washington

☆ 5 ways to reduce credit card debt ahead of the holiday shopping season
▼ + stars: | 2023-10-12 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +6 min

But it's also important to consider the rising cost of carrying credit card debt. Overall, credit card debt in the U.S. has reached a staggering record high of $1.03 trillion, according to the Federal Reserve Bank of New York. The average consumer carries about $6,000 in credit card debt — a 10-year high. While the free credit reports on annualcreditreport.com will not include your credit score, many credit card companies offer their customers a free look at their credit scores. Work with your card issuerIf you don't qualify for a 0% card or personal loan, contact your card issuer and ask for a lower credit card rate.

Persons: Bankrate, Ted Rossman, they're, it's, Matt Schulz, Louis, —, Schultz, Rod Griffin, Oleksandra, Griffin Organizations: Federal Reserve Bank of New, Federal Reserve Bank of St Locations: U.S, Federal Reserve Bank of New York, annualcreditreport.com

Economists already utilize machine learning, a branch of AI, to analyze data and develop economic projections. Korinek expects it to “revolutionize research,” according to a paper he wrote that was accepted for publication by the Journal of Economic Literature. Impact on employmentSo what could be the impact of genAI’s advancement on employment in economics? Jobs site Indeed conducted a recent study gauging the level of exposure of certain jobs to genAI based on the skills needed to perform them. Economists use a lot of technology to do their jobs, which are tasks that genAI could also perform, especially as it becomes more and more refined.

Persons: CNN — Anton Korinek, ”, “, ” Korinek, GenAI isn’t, Louis, Bing, Google’s Bard, Anthropic’s Claude, GenAI, Claude 2, Korinek, It’s, Tyler Cowen, Alex Tabarrok, “ ChatGPT, ” Cowen, Tabarrok, GPT, genAI, Louis Fed, Svenja, ” Gudell Organizations: CNN, University of Virginia, Korinek, Journal, Economic, George Mason University, Federal Reserve Bank of St, St, Professional Locations: genAI

☆ A 32-year market vet warns a recession is still on the way as the Fed's jumbo rate hikes continue to work their way into the economy — and shares 3 reasons why stocks are overvalued by 35%
▼ + stars: | 2023-09-30 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The hikes scared investors into thinking a recession would be on the way. But today, the labor market remains strong and inflation is under 4%, prompting rosier outlooks about the fate of the US economy. Rate hikes take time to work their way into the economy. But their main adversary going forward is going to be the Fed, with inflation still elevated. The Consumer Price Index is at 3.7% year-over-year, and core inflation, which the Fed watches closely, is even higher at 4.3%.

Persons: Michael Pento, Piper Sandler, Pento, Louis, LEI, Greg Boutle, Morgan Stanley's Mike Wilson, Piper Sandler's Michael Kantrowitz, Jeremy Grantham, Merrill Lynch, Gary Shilling, Jerome Powell Organizations: Federal Reserve, Federal Reserve Bank of St, National Federation of Independent Businesses, Conference, Stock, Robeco, Nasdaq, BNP, Fed

☆ A 31-year market vet shares 2 signals that show a recession is still on the way — and warns the S&P 500 still has 48% downside as valuations remain near the richest levels in history
▼ + stars: | 2023-09-23 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

One is that the Institute for Supply Management's Purchasing Managers' Index continues to show signs of slowing economic growth. "Real GDI has never fallen three quarters in a row without the economy being in a recession," Wolfenbarger said. This partially informs his call for the S&P 500 to fall to around 2,250, which would represent 48% downside from current levels. When it comes to Wolfenbarger's 48% sell-off call, it's well outside the mainstream of where strategists see stocks going. With valuations high, a meaningful recession could make that three times, as Wolfenbarger is warning.

Persons: Jon Wolfenbarger, Merrill Lynch, Wolfenbarger, Costa, Louis, Warren Buffett Organizations: JPMorgan, Bull, Institute for Supply Management's, Crescat, Federal Reserve Bank of St, downturns . Federal Reserve Bank of St Locations: downturns .

☆ A legendary economist who called the 2008 recession says another downturn is knocking on the door — and warns stocks will end up falling 40% by the end of this market cycle
▼ + stars: | 2023-09-16 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Legendary economist Gary Shilling says the US economy is headed toward a recession — that is, if we're not already in one. "The Fed wants to make sure they've killed inflation," Shilling said. Shilling, who called the 2008 recession, pointed out that recessions sometimes don't start until the Fed has already begun to cut rates. The Federal Reserve Bank of St. LouisTrusted recession indicators are also signaling that a downturn is coming, Shilling said. The Conference BoardAs a result of the recession, Shilling expects stocks to fall significantly.

Persons: Gary Shilling, we're, It's, Shilling, Merrill Lynch, David Rosenberg, Louis, they're, Jeremy Grantham, John Hussman, Albert Edwards, Edwards Organizations: Federal Reserve, Fed, Federal Reserve Bank of St, Conference, Societe Generale Locations: there's

☆ Americans Are Losing Faith in the Value of College. Whose Fault Is That?
▼ + stars: | 2023-09-05 | by ( Paul Tough | ) www.nytimes.com time to read: +2 min

Economists have a term for the gap that exists between the incomes of college graduates and high school graduates: the college wage premium. When employers want more college graduates, the premium goes up; when there is a surplus of college grads, the premium goes down. In theory, today’s sky-high college wage premium should mean a surge of young people onto college campuses, not the opposite. But as a measure of the true value of higher education, the college wage premium has one important limitation. Unlike the college wage premium, the college wealth premium looks at all your assets and all your debts: what you’ve got in the bank, whether you own a house, your student-loan balance.

Persons: Bill, Louis, you’ve, Louis — Lowell Ricketts, William Emmons, Ana Hernández Kent — Organizations: Federal Reserve Bank of St Locations: St

☆ 'The vast bulk of companies are in big trouble': A renowned bear who called the dot-com bubble warns a recession is still on the way as bankruptcies rise — threatening to sink even the mega-cap stocks
▼ + stars: | 2023-09-02 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

While big firms have survived high rates, Edwards said a recession would eventually hurt them too. Here are the effective interest rates for a few cohorts of the S&P 1500. The Federal Reserve's Senior Loan Officer Opinion Survey shows 49% of banks are tightening lending standards for small companies. They weren't able to lock into long-term loans at almost zero interest rates and pile it high in the money markets at variable rates," Edwards said. "In our view, the current savings rate is unsustainably low, and the main downside risk to growth is that the savings rate will suddenly move higher."

Persons: Societe Generale's Albert Edwards, Edwards, haven't, Louis, that's, we'll, Brian Rose, Rose, Piper Sandler, it's Organizations: Societe Generale's, Societe Generale, American Bankruptcy Institute, Generale, Federal, Federal Reserve Bank of St, Institute, Supply Management's, UBS Americas, UBS Companies

☆ Here's why some economists are concerned student loans may cause the next big bubble
▼ + stars: | 2023-08-31 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

Billions of dollars worth of student loans are packed and sold as assets known as student loan asset-backed securities to some of the biggest investors in America. But as student loans continue to balloon, experts have expressed growing concerns surrounding the SLABS market. She continued, "I think one of the key ways to uncover the similarities between student loans and mortgages is to look at the affordability issue." But the Consumer Financial Protection Bureau estimates that one in five student loan borrowers have risk factors that could cause them to struggle when federal student loan payments resume in October. Watch the video to learn more about why experts are concerned about the state of the SLABS market.

Persons: Louis, Allison Pyburn, Eleanor Xu, Elen Callahan, Xu Organizations: U.S, Federal Reserve Bank of St, U.S . Department of Education, Financial, Seton Hall University, Structured Finance Locations: America

☆ Heloc vs Home Equity Loan: When Are They a Good Idea?
▼ + stars: | 2023-08-18 | by ( Aly J. Yale | ) www.wsj.com time to read: +10 min

And might a home-equity loan or Heloc work for your financial needs? How home-equity loans and Helocs workHome-equity loans and Helocs—home equity lines of credit—are tools for borrowing from your home equity, or the portion of your property you actually own. To use a home-equity loan or Heloc, you need to start with a good amount of equity. Lenders generally require that you maintain at least 20% equity in the home after taking out a home-equity loan or Heloc. “With a home-equity loan or Heloc—depending on the amount of equity you have in the home—much higher amounts are available.”Home-equity loan or Heloc?

Persons: Aly J, Jeff Levinsohn, Helocs, “ We’ve, ”, Susan Waite, don’t, Zillow, Alex Madonna, Louis, ” Levinsohn, Kyle Enright, ” Madonna Organizations: Yale, Point Breeze Credit Union, Center for Joint Housing Studies, Mortgage, Association, New, ”, Federal Reserve Bank of St, “ Locations: Hunt Valley, Md, “

☆ A former BlackRock stock chief shares 3 indicators that tell him it's too early to abandon his recession call despite the economy's strength — and warns the stock market's rally is doomed for a revers
▼ + stars: | 2023-08-12 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The inverted yield curve and The Conference Board's LEI are two indicators that inform his view. Instead, investors should be paying attention to indicators like the Treasury yield curve, The Conference Board's Leading Economic Index, and money growth. Here's the yield curve. And the start of a recession typically comes a bunch of of months after the yield curve inverts. The yield curve didn't invert until less than a year ago.

Persons: Bob Doll, LEI, Doll, Wall, — Bank of America's Michael Gapen, Michael Feroli —, we're, Louis, It's, Rosenberg Research's David Rosenberg, Piper Sandler's Michael Kantrowitz, Greg Boutle, Tom Lee Organizations: Federal Reserve, — Bank of America's, Crossmark Global Investments, BlackRock, Conference, Federal Reserve Bank of St, Fed, Louis Investors, Deutsche Bank, Bloomberg, BNP, Institute for Supply, Institute for Supply Management, of Labor Statistics Locations: Wells

There are multiple types of index funds, including:Broad market index funds: Index funds that try to track the overall performance of an entire asset class throughout the entire stock market. Fixed-income and debt index funds: Index funds that track bond indices for low expense ratios. International index funds: Index fund that invests funds in assets outside of the US. Sector-based index funds: Index funds that invest funds in a specific sector of the market, such as technology or even certain company services. Socially responsible index funds: Similar to sector-based index funds, socially responsible index funds invest specifically in companies that focus on environmental, social, and governance (ESG) services.

Persons: Warren Buffett, It's, Julian Schubach, Louis, Ameritrade, Charles Schwab, you've, Schwab Organizations: Service, Independence, US, Rutgers, Nasdaq, Nasdaq Stock Market Dow, NYSE, New York Stock Exchange, U.S, Federal Reserve Bank of St, Market, Fidelity, Vanguard, Chevron Locations: Wall, Silicon, Chevron

☆ If you want to know where the economy is headed, don't watch the Fed. Track this interest rate instead. Anything above 4% is bad.
▼ + stars: | 2023-08-03 | by ( Alistair Barr | ) www.businessinsider.com time to read: +4 min

I watch the 10-year Treasury yield every weekday morning. If the 10-year Treasury bond yield stays around 4.1%, the cost of these mortgages could rise in coming days and set new 20-year highs. The 10-year Treasury bond yield is a common way to do this discounting. If the 10-year Treasury yield is 4%, that $10 billion is suddenly worth a whole lot less in today's money. This is often why tech stocks fall when the 10-year Treasury bond yield spikes.

Persons: that's, it's, United States FRED, Louis Organizations: Treasury, Service, Federal Reserve, Auto, Federal Reserve Bank of St, Stock, Nasdaq Locations: Wall, Silicon, United States

☆ Miami's home prices have people fleeing for the first time since the '70s
▼ + stars: | 2023-08-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Miami-Dade County's population shrank between 2019 and 2022 — its first population loss since 1970. Between 2020 and 2022, almost 80,000 people left Miami-Dade county for other areas. Despite Florida's boom, which helped it become the fastest-growing state between 2021 and 2022, Miami-Dade County has been losing more residents than it's been gaining in recent years. Home prices in Miami have surged 53% since June 2020, the Journal reported, citing data from Zillow. The median home value for Miami-Dade County as a whole is now close to $490,000, up around 7% over the past year, according to Zillow.

Persons: it's, Louis Organizations: Miami, Dade, Service, Street Journal, Federal Reserve Bank of St, Brookings Institution, Census, Joint Center for Housing Studies, Harvard University, U.S . Census Bureau, Journal, Jacksonville — Locations: Miami, Wall, Silicon, Dade County, Florida, U.S, Ocala, Orlando, Tampa, Atlanta, Zillow

☆ Miami's population declined for the first time since the 1970s. Home prices are up 53% in the past three years.
▼ + stars: | 2023-08-01 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

☆ Famed economist David Rosenberg says the Fed's research team laughed at him in late 2007 when he warned them a recession was coming. He says the central bank is now on the verge of sparking another do
▼ + stars: | 2023-07-31 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Economist David Rosenberg told Insider that Fed employees laughed at his recession call in 2007. On October 9, 2007, shortly before the global economy plunged into recession, David Rosenberg delivered a presentation to economists and members of the research team at the Federal Reserve detailing why a downturn was coming. The Treasury yield curve is near its most inverted levels since the early 1980s. Here's the spread between the 3-month and 10-year Treasury yields. Then there's The Conference Board's Leading Economic Index, which is in recessionary territory, marked by the red lines below.

Persons: David Rosenberg, Rosenberg, Merrill Lynch, Mr, Louis Organizations: Federal Reserve, North, Conference, Fed, Federal, Rosenberg Research, Treasury, Federal Reserve Bank of St Locations: North American

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