IMF Tells the Fed to Hold Off on The Interest Rate Hike That Was Never Going to Happen


Just in case the economic masterminds over at the Fed needed another reason to continue dragging their heels on an interest rate hike, the far more insidious economic masterminds at the IMF have kindly requested the Fed hold off just a little longer.

MarketWatch:
Hiking interest rates too soon could stall the U.S. economy, the International Monetary Fund said Tuesday, embellishing a prior call for the Federal Reserve to hold steady until early next year.

The Fed should wait to move until it sees “clear signs of wage and price inflation,” the IMF said, which is “benign” at the moment. The IMF comments came from its annual report on the U.S. economy and an ensuing press conference.

“We feel there is space for them to wait,” said Nigel Chalk, the IMF’s U.S. mission chief, noting that inflation is far from the Fed’s 2% annual rate target. As measured by the personal consumption expenditure price index, the annual growth in inflation was just 0.2% in May.

The market has its money (no pun) on a rate hike in December of this year, which just goes to show how clueless the market can be.

Once again, we're back to the challenge of heating up the economy without setting that bitch on fire and burning it to the ground. What a conundrum for our friends at the Fed!

From the IMF:

Inflation pressures remain muted. In May headline and core personal consumption expenditure (PCE) inflation declined to 0.2 and 1.2 percent year on year, respectively. Long-term unemployment and high levels of part-time work both point to remaining employment slack, and wage indicators on the whole have shown only tepid growth. When combined with the dollar appreciation and cheaper energy costs, inflation is expected to rise slowly staring later in the year, reaching the Federal Reserve’s 2 percent medium-term objective by mid 2017.
This is the second time in as many months that the IMF has warned the Fed to cool it on a possible rate hike, which seems alarmist considering the Fed's inaction thus far. And by "thus far" I mean "for the last 7 fucking years."

Calm your tits, IMF, it's not happening this year.


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Has Anyone Seen the FDIC's Chief Information Officer? He's Missing



Last month, the FDIC put Chief Information Officer Barry West -- who only took the position in November of the year previous -- on leave. As it turns out, he's still MIA.

The Business of Federal Technology (FCW) reports:

Nearly a month after FCW reported that Barry West was not in the office on June 4, the Federal Deposit Insurance Corporation’s CIO was still missing from duty.


FDIC spokeswoman Barbara Hagenbaugh confirmed that West had not returned to work as of July 1, and it remains unclear exactly when and why he first went on leave.


Multiple sources in government and industry have told FCW that West is facing an investigation over alleged misconduct in a previous government position. West served as CIO at the National Weather Service, FEMA and the Commerce Department between 2002 and 2007 before leaving federal service on Jan. 1, 2008.

Oh Barry, where are you? Just let us know you're OK dude. Are you at least microchipped so in case if someone finds you running around DC circles as a stray they can scan you and find your way home?

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TSA Spokesperson Tweets Passenger's Totally Legal Cash-Filled Bag Because Reasons



When traveling within the domestic United States, I expect my stuff to get rifled through by the TSA. I am prepared for a young TSO to pull out my adult novelties and whip them in the air asking "what is this?!" and I'm prepared for additional screening when below the neck piercings set off certain "what exactly is that you're packing ma'am" alarms.

What I don't expect is for a TSA spokesperson -- whose salary is paid by the very people she so easily mocks via tweet -- to put my shit all over blast on Twitter.

Her bio reads "TSA Public Affairs spokesperson Lisa Farbstein shares transportation security information and tidbits," which I guess includes the private financial situation of any air traveler unfortunate enough to end up on the wrong side of TSA procedures.
There is absolutely nothing illegal about carrying around $75,000 in cash in an airport as long as you are flying domestically. Nothing. Not one thing. Sure, maybe it is sketchy but so is packing a vibrator next to your laptop, what business is that of the TSA's?

According to the Washington Post, Farbstein said "the carry-on bag of the passenger alarmed because of the large unknown bulk in his carry-on bag. When TSA officers opened the bag to determine what had caused the alarm, the money was sitting inside. Quite unusual. TSA alerted the airport police, who were investigating."

OK. That doesn't explain why you thought it was within your jurisdiction to tweet it out to the entire world, lady.

Now, it's worth noting the cash was seized by an unnamed federal agency, though Richmond International spokesperson Troy Bell told WaPo "I don't believe the person was issued a summons or a citation."

Word to the wise: it might be legal to carry that much cash into the airport but unless you want TSA blasting your business on Twitter and then calling in the authorities to steal it from you, you should probably leave that kind of dough at home.

Thank you, TSA, for your continued diligence in keeping me safe. Can you imagine if that $75,000 had made it onto the plane? Scary.

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