News shocks show markets misprice news, with stronger, longer-lasting return predictability than raw news due to investor underreaction to negative/quantitative information and overreaction to salient, ambiguous topics, from Didisheim, Kelly, Pourmohammadi, and Tian www.nber.org/papers/w35093

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📢 If you’re looking for rigorous training in microeconometrics to build your future in the private sector, our Master’s in Economics with Data Science is for you 🎓📊

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I wrote yesterday about Kevin Warsh, saying what everyone who really follows monetary debates knows: he's a bullshitter who uses big words to make incoherent arguments that always amount to stimulus for Republicans, austerity for Dems 1/ paulkrugman.substack.com/p/a-bad-heir...

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Gets it right.

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1/The Fed has confused the markets by the way it speaks to monetary policy in terms of a fed funds rate range, and by how it sets the interest rates on its reverse repo and standing repo facilities. It's silly to argue that recent developments in overnight markets reflect a need for more reserve...

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