WSJ: President Biden faces pandemic politics: https://www.wsj.com/articles/some-democrats-push-biden-to-embrace-normalcy-as-covid-19-cases-ease-11644667202 .
UK decides to fly blind: https://www.theguardian.com/world/2022/feb/11/uk-treasury-pushes-to-end-most-free-covid-testing-despite-experts-warnings .
Norway ends most COVID restrictions: https://www.politico.eu/article/norway-drops-coronavirus-restrictions/ .
Relief to Tonga comes with Omicron: https://www.npr.org/2022/02/10/1079799886/tongas-virus-outbreak-growing-rapidly-with-omicron-confirmed .
Next from the Fed: Quantitative tightening: https://www.msn.com/en-us/money/markets/the-fed-will-soon-start-cutting-back-its-dollar9-trillion-balance-sheet-heres-why-investors-are-scared-about-quantitative-tightening/ar-AATLdV3?li=BBnb7Kz . This does not seem that complicated to me. The Fed is raising interest rates. This hurts organizations that need to borrow – specifically, growth companies. Quantitative easing – the creation of more money – is of course intended to be stimulative. So quantitative tightening amplifies the effect of raising interest rates.
Paul Krugman’s take: https://www.thestreet.com/investing/krugman-fed-too-far-rates . I completely agree with Krugman, as I often do. This is why I’m still at 4 rate increases this year. As readers know, I now believe the Fed should increase 50 basis points at its March meeting. But I would count that as 2 of my 4 rate increases for 2022.
The rule of law at the OJ White House: You’re kidding, right?: https://www.businessinsider.com/stephanie-grisham-trump-rolled-eyes-rules-so-we-did-too-2022-2 . This is hardly surprising. If you think the risk to American democracy is centered on January 6, you’re at least 5 years too late. Remember, OJ came down the escalator. The image was one of Satan arriving to command his minions.
WSJ: Canadian police move to dismantle Freedom Convoy blockade: https://www.wsj.com/articles/canada-police-prepare-to-remove-bridge-protesters-choking-off-u-s-canada-trade-11644676966 . Others report that the bridge blockade truckers are disbursing. However, problems remain with protesters in Ottawa: https://news.sky.com/story/freedom-convoy-protests-blockade-eases-on-vital-us-canada-bridge-but-crowds-swell-in-ottawa-12540761 .