Central Banking
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Revised Inflation Data Don’t Change the Fed’s Job
The BEA’s annual revisions shaved a few tenths off the rate of inflation. But spending levels suggest the Fed’s fight is far from over.
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The Fed Finally Raised Rates. Now Comes the Hard Part.
Inflation has been above target for 65 months. The Fed took a first step, but to restore stability, tightening must continue.
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Good Intentions Paved the Road to the 2008 Financial Crisis
The financial crisis demonstrated how regulations can produce dangerous incentives — and how discretionary intervention can magnify uncertainty. Eighteen years later, policymakers remain tempted by both.
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The Fed’s Mortgage Policy Made Homeownership Cost More
The Fed’s mortgage-market policy rewarded existing homeowners, but raised the price of entry for first-time and future buyers.
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Why CPI Ignores Homes, Stocks, and the Cost of Getting Ahead
Capturing only what households consume, inflation stats miss the assets they hope to own. Recent inflation has rewarded existing owners at the expense of aspiring ones.
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Bond Markets Are Losing Patience — And Putting Governments on Notice
Rising yields are turning sovereign debt from an abstract fiscal problem into an immediate budget constraint.
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How the Dollar Became American
Brendan Greeley’s new book ‘The Almighty Dollar’ traces the dollar’s 500-year journey from a European silver coin to the shaky foundation of American financial power.
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Bessent vs. Druckenmiller: Bond Vigilantes versus Bond Bureaucrats
Investors are testing the Treasury’s pain threshold. By suppressing yield signals, bond bureaucrats may summon the very bond vigilantes they hope to suppress.
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With Energy Prices Falling, Inflation Has Nowhere to Hide
Spending growth is still outstripping productive capacity, and the Fed can no longer blame high prices on volatile energy markets.
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The Price of Fed Silence
When the Fed withholds information, markets don’t stop searching — they simply reward those with privileged access.
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•
Revised Inflation Data Don’t Change the Fed’s Job
The BEA’s annual revisions shaved a few tenths off the rate of inflation. But spending levels suggest the Fed’s fight is far from over.
-
•
The Fed Finally Raised Rates. Now Comes the Hard Part.
Inflation has been above target for 65 months. The Fed took a first step, but to restore stability, tightening must continue.
-
•
Good Intentions Paved the Road to the 2008 Financial Crisis
The financial crisis demonstrated how regulations can produce dangerous incentives — and how discretionary intervention can magnify uncertainty. Eighteen years later, policymakers remain tempted by both.
-
•
The Fed’s Mortgage Policy Made Homeownership Cost More
The Fed’s mortgage-market policy rewarded existing homeowners, but raised the price of entry for first-time and future buyers.
-
•
Why CPI Ignores Homes, Stocks, and the Cost of Getting Ahead
Capturing only what households consume, inflation stats miss the assets they hope to own. Recent inflation has rewarded existing owners at the expense of aspiring ones.
-
•
Bond Markets Are Losing Patience — And Putting Governments on Notice
Rising yields are turning sovereign debt from an abstract fiscal problem into an immediate budget constraint.
-
•
How the Dollar Became American
Brendan Greeley’s new book ‘The Almighty Dollar’ traces the dollar’s 500-year journey from a European silver coin to the shaky foundation of American financial power.
-
•
Bessent vs. Druckenmiller: Bond Vigilantes versus Bond Bureaucrats
Investors are testing the Treasury’s pain threshold. By suppressing yield signals, bond bureaucrats may summon the very bond vigilantes they hope to suppress.
-
•
With Energy Prices Falling, Inflation Has Nowhere to Hide
Spending growth is still outstripping productive capacity, and the Fed can no longer blame high prices on volatile energy markets.
-
•
The Price of Fed Silence
When the Fed withholds information, markets don’t stop searching — they simply reward those with privileged access.