Some fake news on this fine Saturday:
Jared Bernstein - should they stay or should they go? Bernstein notes that USD strength has done the work that a rate hike would be meant to do. Personally I wouldn't be surprised by a March hike. Firstly: the Fed knows they have a more hawkish administration that wants higher interest rates and doesn't care about screwing workers. Secondly: the US economy has shown some strong underlying data this winter, while previous winters have seen recessionary indications. Thirdly: equity markets are too frothy, and faster rate hikes would reduce the chance of a 2000 bubble.
New Deal Demoncrat - meanwhile, M2. Dude, I really think you're just freaking out because Trump is in power.
IPE Zone - how much tourism will Trump kill? Quote:
Data released this week by travel search engine Kayak reported a 58% decline in searches for flights to Tampa and Orlando from the UK, and a 52% decline in searches for Miami. Searches for San Diego were also down 43%, Las Vegas by 36% and Los Angeles 32%.Seems like foreigners aren't Putting America First anymore.
Though flight prices are holding firm (they usually take weeks rather than days to adjust to consumer trends), Kayak has identified a knock-on effect on average hotel prices. It found prices in Las Vegas are down by 39% and New York City by 32%.
The Nation - after the fumble. A decent long article on how the Democrats screwed themselves by turning their back on workers in favour of upper-class elitist paternalism:
While many Democrats absorbed his analysis of the conservative movement, it appears they ignored another message in Frank’s books: that the Democrats themselves had abandoned heartland voters by ridding the party of its traditional class politics. In Listen, Liberal, Frank poses this challenge directly. He begins the book with an indictment: “There are consequences to excessive hope, just as there are to other forms of intemperance.” While the Republicans are the party of the plutocrats, they succeed only because of the Democratic Party’s stark failures. These failures, Frank says to his fellow Democrats, are “ours,” and “it’s time to own up.”But because it's only working-class smelly white trash like Michael Moore and scary anarchists like Thomas Frank saying this, the Democrats will continue to ignore the truth.