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Smith's Chief Economist Expects Fed to Hike Rates

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Smith's Chief Economist Expects Fed to Hike Rates

We believe the Fed is likely to raise rates by 25 bps at its June meeting. Inflation remains well above the central bank's target (2%), real GDP growth is for Q2 is tracking close to 3.0%, unemployment remains low, and corporate earnings and services PMI remains comfortably above what are considered recessionary levels. The equity market has been wrong on the Fed pause through most 2023 and is likely to be wrong in June. — Scott B. MacDonald, Ph.D.

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FOMB Commits to No Cuts to Public Pensions

A letter sent by the Financial Oversight and Management Board for Puerto Rico to the Governor and the Legislature, commits to no cuts to public pensions.

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Clean Energy Needs Reliability Requirement

Clean energy needs to include reliability requirement as new technology advances. Transformation of the energy mix used in electricity generation globally has been focused on development of renewable sources of energy such as wind and solar, but the major stumbling block has remained reliability.

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Treasury Secretary to Close COVID-19 Lending Facilities

On Thursday, November 19, Treasury Secretary Mnuchin sent a letter to Fed Chair Powell indicating that he would be allowing most of the Fed's 13(3) emergency lending facilities to expire at year-end, and requesting that the Fed "return unused funds to the Treasury" in order for Congress to "re-appropriate $455 billion, consisting of $429 billion in excess Treasury funds for the Federal Reserve facilities and $26 billion in unused Treasury direct loan funds."

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