A broad macroeconomic thinker and keen Fed watcher, Jim Bianco returns as a guest on the Sherman Show. In this episode, recorded April 16, 2019, the president of Chicago-based Bianco Research shares with DoubleLine’s Jeffrey Sherman and Sam Lau his views on the state of the global economy, the market divergence of the sovereign bonds from stocks, credit and commodities, and a glimpse behind the scenes at the Federal Reserve. The latter topic includes why the Fed clings to dubious Phillips Curve theory as its basis for interest-rate policy, the dilemma for central bankers of the near disappearance of the fed funds futures market and “Powell ping pong.” Messrs. Bianco and Sherman also lift the veil, a bit, on Mr. Bianco’s and DoubleLine’s own conversations with people, respectively, at the Federal Reserve Banks of Chicago and New York.
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