Stephen Miran, appointed by DT, to be interim Governor of the Fed Board. He believes that weaker US currency is good, tarrifs are not inflationary b/c they would strengthen the currency.

When JP spoke at the annual Federal Reserve Bank of Kansas City Jackson Hole Economic Symposium, he was met with loud applause because he was supported by his central bank audicence

JP opens door for rate cut next month.

JP first time suggested that the effects of higher goods prices due to tarrifs will be relatively short-lived.

JP has opened the door for rate cut next month.

JP believes tarffis on having effect on consumer prices and will further accumulate in the months ahead but he doesnt know if it will materially raise the risk of inflation.

Throughout the year, the Fed has kept rates steady due to strong labor market and uncertainity over the tarrifs impact on inflation.

JP opened the door for possible rate cuts next month because the possiblity of a sharper slodwn down reduces concerns of tarrifs causing inflation.

Steven Millar replacing Adrianna Kugler as Fed governor due to her resigning has added to the precarious situation that Jerome Powell is facing.

Adrianna Kugler is spanish, known for her economic and labor analysis and first governor to conduct broadcast interviews in spanish.

Kugler's suprise resignation as Fed governor is happening in an opportune time as Jerome Powell is facing pressure from Trump to lower interest rates.

Powell is facing the difficult task in building consensus between policy makers on what they should do with interest rates.

Stephen Millar replaces Adrianna Kugler as Fed governor.

Kugler's departure coincides with a dangerour time when the Fed Chief, Jerome Powell is under extreme pressure from Trump to lwoer interest rates.

Stephen Millar will replace Adrianna Kugler as Fed governor.

It isn't unusual for Fed governors to leave before they term but colleagues were surprised because she had been recently conducting fed business.

Stephen Millar, a Trump loyalist, will replace Adrianna Kugler as Fed Governor. Adrianna unexpectedly resigned.

Kugler will return to the faculty at Georgetown University

Adriana Kugler, an appointee by Biden, didn't give a reason why she resigned.

PRes Trump nominated Stephen Miran to fill an open spot of the Fed because Fed governor Adriana Kugler unexpected resigned 6 months before the end of her term.

combination of inflation, changing travel patterns have caused lower demand and expect nothing to change in the next 18 months.

current environment is marked by less international visitors, slow consumer spending and reduced business capital spenidkng will then have a boost from the tax cuts and less policy uncertaintiy in 26.

2025 and 2026 projections have further been reduced, revpar 2025 -1.1 pts, 2026 revpar -.7 pts

uncertanity, inflation and tough calendar comps and chanigng travel patterns have caused lower demand and expect little change in eocnomic outlook in 18 months

2026 projections were also reduced demand -.5 pts, ADR -.3 pts and RevPAR -.7 pts

Continued underperfomrance and macroeconomic concerns, CoStar and Toursim Economics further downgraded 2025 growth projections

The Quantity Equation no longer worked because the velocity in money supply * velocity = prices * real GDP was not constant.

author states that the federal reserve has various tools to avert banking crisis but has misapplied them.

his QE proposals are based on the author's Quantity Theory of Disaggreated Credit

QE1 and QE2 were policies to help avert bank crisis but Bank of Japan was saying it doesnt work.

BOJ tried using QE2 but on stocks, which disporptionally created credit to the large companies since the stock market is mostly comprised of big companies. Only small banks were lending to small and large companies so buying stocks were not helping them out .

Richard Werner proposes two QE policies to help Japan avert future banking crisis by having central banks buying non-performing assets and then buying assets from non-banks.

Bank of Japan (BOJ) thought his QE policies won't work because CB tried buying govt bonds from banks and wrongly labeling that as QE.

QE1 was a way to avert banking crisis by having the central bank buy nonperforming asset at face value, but this not caused credit creation.

To solve this, QE2 was when central bank buys assets from non-banks, in which the central banks forces the bank to create money in teh sellers account (which teh bank didn't originally have)

Richard Werner meets with Mr Kurado to discuss QE policies to avert potential banking crisis.

QE1 is where teh central bank buys nonperforming assets from the bank at face value, which inejcts liquidity into the system and the central bank takes the non performing asset off the bank's b/s. No inflation becauase the the banking did not inject this money into the economy yet.

QE name derived from Japanese expression which easing means stimulatory or expansionary monetary policy and quantity of money (which is not associated with interest rates because that wasn't important)

Richard met with Mr Kuroda to recommend he implement Quantative Easing, which is bank lending for credit creation, in order to avert a massive banking crisis.