WSJ: President Johnson takes on the Fed Six decades Ago

By SIMON CONSTABLE

Inflation is elevated. Tax cuts have energized the economy. And the president and Federal Reserve chief are locked in battle over interest rates. 

Sound familiar?

While the challenge to the Fed’s independence isn’t an exact analog of today, where President Trump has repeatedly called on Fed Chief Jerome Powell and others to cut interest rates, it's what happened in 1965 as President Lyndon Johnson made an “unusual public expression of disapproval of the board’s action to increase interest rates by 0.5% point to 4.5%.

LBJ called the Fed Chairman and other top economic officials and laid into them. “You’ve got me in a position where you can run a rapier into me,” charged Johnson. 

Many business leaders of the time seemed worried about inflation. “I approve of the increase” because “all signs indicate we are in a spiral of inflation,” one business leader said.  

Others saw the president’s comments as simply political. “This [criticism] is just what you’d expect him to say,” said another business leader. “If the economy turns down, he can blame it on the Fed. If the economy continues doing well, everyone will forget.”

Ultimately, neither the Fed nor inflation backed down. READ MORE HERE.

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WSJ: How Much Do You Know About Black Friday and Cyber Monday? Take Our Quiz.

 

By SIMON CONSTABLE

Black Friday is almost here. But how much do you know about it?

For decades, the day after Thanksgiving has marked the start of the shopping rush for the holiday season. What was once a single-day event has now grown to include Thanksgiving Day, Small Business Saturday and Cyber Monday.

Over the years, Black Friday has been surrounded by little-known details—and common misperceptions. Take our quiz and find out how much you really know.

1 OF 10

When was the term “Black Friday” first coined in reference to the retail industry?

2 OF 10

What company popularized the day after Thanksgiving as the start of the holiday shopping season?

3 OF 10

Shopping on the day after Thanksgiving has become a global event. How much money did people spend globally from Thanksgiving through Cyber Monday last year?

Read more here.

Korn Ferry: Where Did This Bounce Back Come From?

Figures suggest there may be a light at the end of the tunnel for Britain’s manufacturing sector, which has faced years of struggles.

By SIMON CONSTABLE 

It’s a sector that has been blindsided again and again. First, manufacturing firms were hit with COVID-19 lockdowns. Then came a surge in energy prices after Russia invaded Ukraine. Supply chain-issues followed, along with higher interest rates and ultimately inflation. What else could go wrong?

Perhaps the sector has found a way to bounce back. One measure of its health, the Purchasing Managers Index (PMI), has steadily improved over the last 12 months, according to new data. As of October, the PMI was at 49.7, up from around 45 in March. While manufacturing slumped, executives were less willing to invest in new projects, says Ben Frost, a Korn Ferry senior client partner, EMEA. “There hasn’t been a positive outlook for a while,” he says. “But many executives are currently saying we need to activate these plans, and the time is now.”

Part of the turnaround has come from an increase in passenger-vehicle production following an interruption at one UK automaker. Still, experts forecast that the PMI is ripe to surpass 50 before year’s end. A PMI reading of 50+ indicates economic growth in the sector. The UK’s defense and aerospace subsector is also a bright spot, says Rory Singleton, a Korn Ferry senior client partner for the global industrial market. “We have world-leading companies in the subsector that should be seeing investment,” he observes. READ MORE HERE.

Majority of UK entrepreneurs say British government is ‘anti-business,’ new survey shows

 By SIMON CONSTABLE

Britain’s reputation as a country full of get-up-and-go seems to have got up and left the kingdom. Much of the blame for that falls on British Prime Minister Keir Starmer and his colleagues, who led the left-leaning Labor Party to an epic victory in the middle of last year, but the landslide win hasn’t been good for the British economy.

The truth is that Britain’s primary income deficit — the difference between what the government raises from taxpayers compared to what it spends, excluding debt payments — has deteriorated rapidly over the last few years. In this year’s second quarter, the primary deficit totaled 16.8%, more than double the deficit in the fourth quarter of last year and the worst showing since the second quarter of 2023, according to government dat

"The biggest problem is the current British government is remorselessly negative," said Alan Mendoza, executive director of the Henry Jackson Society, a London-based think tank. "That’s not an environment to encourage investment." READ MORE HERE

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Inspire Creative Retreats 2026

 

Inspire Creative Retreats

2026

Art Retreats in Southern France

Hello!

Just to let you know, following the success of my wife's art retreat earlier this year, she's now offering two retreats in Southern France.

Hosted at a luxurious private villa in the medieval town of Cordes-sur-Ciel. You will be treated to a wonderful week of art, gourmet French food, and wine. Check out the retreats and book here: https://www.inspirecreativeretreats.com/2026-retreats

What Made Warren Buffett's Career So Remarkable who could be next as king or queen of investing?

By SIMON CONSTABLE

Warren Buffett, 95, the so-called Oracle of Omaha, is set to step down by year-end as CEO of investment company Berkshire Hathaway. Over 60 years, he and his deputy, Charlie Munger, who died in 2023 at the age of 99, produced outstanding investment returns that made other investors’ returns pale in comparison.

Look at the numbers: From 1965, the year Buffett took over a struggling textile company, through the end of 2024, Berkshire’s shares rose 5,502,284%. That’s an annual compounded return of 19.9%. Over the same six decades, the S&P 500 index rose just 39,054% or 10.4% annually.

“Buffett is the most legendary investor in the history of investing,” says Adam Patti, CEO of exchange-traded fund company VistaShares. “And he has changed the way people invest.” Read more here.

 

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CONTINUED Commodities, AI Demand, and UK Political Turmoil reported on market trends

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