This is a follow-up to a series of posts I wrote last year on companies that are consistent cash creators. Given we are potentially at a market turning point, I decided to run my Consistent Cash Creators screen again. Before I jump into the screen results, let me explain how I run this screen. I first [...]

Here's a question I hear a lot (most recently during the Q&A portion of a speech delivered yesterday by my boss, Atlanta Fed president Dennis Lockhart): Has monetary policy become so expansive that the central bank's mandate to maintain price stability has been fundamentally compromised? Is the increase in the scale of the Federal Reserve's balance sheet inherently inflationary? Jim Hamilton covered much of the territory implied by these questions in a very extensive Econbrowser post not too long ago, but the distinction between money creation and Fed balance sheet expansion continues to be confounded. Here, for example, is a passage from the[More...]

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