Fed close to pulling off the elusive economic soft landing in 2024 after great September jobs report.
Where is the landing?
Bank of America, UBS, JPMorgan, this author and others, say that the economy and the markets, including the stock markets, are in a hot air balloon. This ballon is still sky high. So where is the landing (let alone the soft)?
So there is a question of logic, linguistics and technology here. How do you land the balloon and transit the passengers and the cargo safely, from the balloon to a modern jet engine aircraft, to continue voyages to their destinations of business, economy or investment choice and desire.
There is also an issue of authority, legitimacy and competence. The Federal Reserve System is the Central Bank of the U.S. Therefore the Fed is the issuer of the U.S. currency. Accordingly the Fed is the guardian of the currency’s exchange value, via the monetary policy. Economic policy in all matters, including employment, is the exclusive realm of the U.S. Department of Treasury and the U.S. Government. All this is legislated, regulated and supervised by the U.S. Congress and the executive administration. Violations and abuses of rights and authorities, especially systematic and excessive, are legally, constitutionally and institutionally, delinquent or derelict.
Returning to semantics (information, communication, conception in economics, physics, metaphysics, epistemology etc) and to aircraft technology and transport.
It is true that the economic and monetary balloon is inflated (economic and monetary value), the balloon is sky high and the basket with passengers and cargo, is at risk. So before we get to the transformative and engineering part (of monetary and economic policy), we need to level the aircraft.
So, who is the pilot here?
P.S. The jobs report is not gravity defying or economy gratifying. Read it again. Further literature for reference, is available upon request. Meanwhile check the instruments, the weather reports and the sandbags.
