Central Banking
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Fed Holds Steady as Tariff Storm Looms
The Fed seems confident it can hold inflation near two percent, but the full impact of tariffs on prices and employment remains unknowable.
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Termination Day at the Fed? Probably Not
Any attempt to unseat the chair or compromise the Fed’s independence would publicly weaken the institution.
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Credit Markets on Edge as Tariff Pressure Builds
Tariffs rocked corporate earnings expectations, raising credit default risks. Even safe havens provide little relief from the chaos to come.
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Consumer Prices Fall in March
Both headline and core inflation are heading in the right direction. But the Fed shouldn’t overcorrect after a single month of falling prices.
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The Dollar Milkshake Theory, Explained
A popular economic theory claims that excess currency liquidity is sucked up into US assets, but incorrectly assumes that central banking policy, and global power balances, will never change.
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What a Trumped-up Fed Means for the Global Economy
While the Fed’s core duties remain off-limits to Trump’s regulatory overhaul, the administration clearly wants to subordinate the central bank to its political objectives.
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Despite Uncertainty, Fed Holds Rates Steady
The Federal Reserve’s monetary policy committee held target rates steady as inflation remains stubbornly above two percent.
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Price Growth Slows in February
The money supply is growing about as fast as money demand. But there’s no reason to settle for 3.0 percent inflation.
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The Fed’s Triple Mandate Problem: It’s Time to End the Confusion
Central banking as a matter of law conflicts with central banking as a matter of policy.
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December Inflation Meets Expectations
Headline inflation rates will almost certainly decline in the coming months, as seasonal distortions fade and monetary policy remains tight.
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•
Fed Holds Steady as Tariff Storm Looms
The Fed seems confident it can hold inflation near two percent, but the full impact of tariffs on prices and employment remains unknowable.
-
•
Termination Day at the Fed? Probably Not
Any attempt to unseat the chair or compromise the Fed’s independence would publicly weaken the institution.
-
•
Credit Markets on Edge as Tariff Pressure Builds
Tariffs rocked corporate earnings expectations, raising credit default risks. Even safe havens provide little relief from the chaos to come.
-
•
Consumer Prices Fall in March
Both headline and core inflation are heading in the right direction. But the Fed shouldn’t overcorrect after a single month of falling prices.
-
•
The Dollar Milkshake Theory, Explained
A popular economic theory claims that excess currency liquidity is sucked up into US assets, but incorrectly assumes that central banking policy, and global power balances, will never change.
-
•
What a Trumped-up Fed Means for the Global Economy
While the Fed’s core duties remain off-limits to Trump’s regulatory overhaul, the administration clearly wants to subordinate the central bank to its political objectives.
-
•
Despite Uncertainty, Fed Holds Rates Steady
The Federal Reserve’s monetary policy committee held target rates steady as inflation remains stubbornly above two percent.
-
•
Price Growth Slows in February
The money supply is growing about as fast as money demand. But there’s no reason to settle for 3.0 percent inflation.
-
•
The Fed’s Triple Mandate Problem: It’s Time to End the Confusion
Central banking as a matter of law conflicts with central banking as a matter of policy.
-
•
December Inflation Meets Expectations
Headline inflation rates will almost certainly decline in the coming months, as seasonal distortions fade and monetary policy remains tight.