The man who conquered inflation dies Paul Volcker has died of cancer at 92, the New York Times reports. Volcker led the Fed from 1979-1987 in a particularly difficult time characterized by runaway inflation and currency instability. He began working at the Treasury Department under JFK and was chairman of Obama’s Economic Recovery Advisory Board.
In contrast to the New York Fed which lowered their estimate for fourth-quarter GDP to 0.6%, the Atlanta Fed has raised their estimate to 2.0% from 1.5% (released yesterday). The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2019 is 2.0 percent on December 6, up from 1.5 percent