Central Banking
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Supply Shocks Plus Inflation Bind the Fed’s Hands
Energy-driven inflation and slowing growth have put the Fed in a difficult position. A look at monetary policy rules shows why holding rates steady may be the most prudent response.
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Congress Keeps Choosing Inflation
By constantly spending and generating new debt, Congress effectively forces prices to rise and purchasing power to fall, year after year.
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Taxing, Borrowing, and Printing: Three Ways America Pays for Government
Tax bills are only the beginning. Borrowing and inflation also finance federal spending — in ways that are easier to ignore but harder to escape.
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Headline Inflation Surged in March, but Core Remained Muted
March’s inflation spike looks alarming, but it’s driven entirely by energy shocks. Strip that out and the trend looks largely unchanged.
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Redefining Inflation to Obscure Its Origins
By redefining inflation as consumer prices, we distort how we interpret policy, inequality, and markets.
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Congress Is Moving the Goalposts on Fiscal Responsibility
Is targeting three percent of GDP a turning point, or another empty promise?
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April Fools for America First? Higher Prices and New War
The President returned to office on promises to lower costs at home and restore our reputation abroad. Americans got the opposite.
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Could a Rule-Bound Fed Constrain Congressional Spending?
The Fed’s lack of clear rules makes it vulnerable to outside pressure. A commitment to price stability could force Congress to confront its own excesses.
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Not 2008, But Still Dangerous: Private Credit’s Squeeze
Private credit is emerging as a key force tightening financial conditions. That feedback loop amplifies macro headwinds.
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The Fed Sees Higher Inflation Coming — and May Cut Rates Anyway
Inflation is well above two percent, but rate paths haven’t moved. The disconnect suggests a shift in how much inflation the Fed is willing to tolerate.
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•
Supply Shocks Plus Inflation Bind the Fed’s Hands
Energy-driven inflation and slowing growth have put the Fed in a difficult position. A look at monetary policy rules shows why holding rates steady may be the most prudent response.
-
•
Congress Keeps Choosing Inflation
By constantly spending and generating new debt, Congress effectively forces prices to rise and purchasing power to fall, year after year.
-
•
Taxing, Borrowing, and Printing: Three Ways America Pays for Government
Tax bills are only the beginning. Borrowing and inflation also finance federal spending — in ways that are easier to ignore but harder to escape.
-
•
Headline Inflation Surged in March, but Core Remained Muted
March’s inflation spike looks alarming, but it’s driven entirely by energy shocks. Strip that out and the trend looks largely unchanged.
-
•
Redefining Inflation to Obscure Its Origins
By redefining inflation as consumer prices, we distort how we interpret policy, inequality, and markets.
-
•
Congress Is Moving the Goalposts on Fiscal Responsibility
Is targeting three percent of GDP a turning point, or another empty promise?
-
•
April Fools for America First? Higher Prices and New War
The President returned to office on promises to lower costs at home and restore our reputation abroad. Americans got the opposite.
-
•
Could a Rule-Bound Fed Constrain Congressional Spending?
The Fed’s lack of clear rules makes it vulnerable to outside pressure. A commitment to price stability could force Congress to confront its own excesses.
-
•
Not 2008, But Still Dangerous: Private Credit’s Squeeze
Private credit is emerging as a key force tightening financial conditions. That feedback loop amplifies macro headwinds.
-
•
The Fed Sees Higher Inflation Coming — and May Cut Rates Anyway
Inflation is well above two percent, but rate paths haven’t moved. The disconnect suggests a shift in how much inflation the Fed is willing to tolerate.