Rand Paul is named after Ayn Rand
It's a nice play on words. The English word rant means something like hate tirade. Kentucky Senator Rand Paul caused a stir on Friday. He wanted to block the nomination of Janet Yellen as the next head of the central bank. Oh no, don't
It's a nice play on words. The English word rant means something like hate tirade. Kentucky Senator Rand Paul caused a stir on Friday. He wants to block the nomination of Janet Yellen as the next head of the central bank. Oh no, not another political skirmish, it was said on Wall Street. Paul's father Ron named his offspring after Ayn Rand, a representative of radical capitalism. No matter how crazy the ideas of father and son Paul may be, the approach is not entirely absurd. Yellen is one of the architects who constructed the unique flood of money over the past few years. The stock markets have benefited. But the central bank's aggressive policy has had a manageable impact on the real economy. Since the money has been flowing in streams, investors have put it on autopilot, which has given stock markets worldwide records almost on the assembly line. Of course Wall Street wants Yellen because the policy of the central bank shouldn't change that way. But is that also good for the economy? Next Wednesday the Fed will meet for the penultimate time this year. Since insufficient economic data are available after the shutdown in Washington, the monetary policy course is unlikely to change this year.
This week, Byron Wien from the private equity firm Blackstone spoke critically. He doesn't like the fact that almost all investors are betting on the rally to continue. In addition, according to Vienna, bubbles easily form with such a flood of money. For the time being, nobody took notice of the words of warning. In Germany, the DAX rose over 9,000 points for the first time in history. In the USA, the Dow Jones index gained 170 points on a weekly basis. Blue chips gained almost 500 points in the last three weeks. It is only 0.68% short of a new all-time high.
About two weeks late, the labor market data for September were submitted last Tuesday. Because of the shutdown in Washington, the data could not be published in time. With 148,000 jobs, significantly fewer new jobs were created than the expected 180,000. Investors promptly rated this positively because the weaker labor market makes a change in monetary policy less likely. Other economic data do not suggest rapid growth either. The latest consumer sentiment data fell to its lowest level since January.
In the course of the week there were a number of large corporations whose quarterly figures are better than expected. These included above all Amazon, Microsoft, Boeing, Ford and Harley-Davidson. In the coming week the annual reports of companies like Apple, Pfizer, Facebook, Exxon Mobil as well as Visa and Mastercard will appear.
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