Monetary Policy
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June Inflation Slowed as Energy Prices Fell
Markets sharply reduced the odds of a July rate increase after June CPI showed broad-based moderation in prices.
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The Fed Needs Independence, Not Immunity
Monetary policy deserves insulation from politics, but regulation and emergency lending powers may not. Can Congress and the Courts differentiate?
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Trump v. Cook Carve-Out Leaves the Fed Above the Law
The Roberts Court restored presidential authority over executive agencies while shielding the Federal Reserve from the same rule.
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Trump v. Cook Won’t Settle the Fed’s Independence Problem
Political pressure has made it harder to distinguish sound monetary policy from strategic posturing. Congress, not SCOTUS, is empowered to change that.
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Markets Bet on Warsh to Fight Inflation. Will the Fed Deliver?
Traders expect the Fed’s new chair to respond to accelerating inflation with higher rates. Credibility requires policy match the tough talk.
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Why Is the Federal Reserve Paying Banks Billions in Interest?
The Fed pays banks billions more in interest than it earns on assets. Could a floor system save the central bank from future losses?
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Alan Greenspan’s Complicated Monetary Legacy
Sound money needs rules, not a maestro, a tension embodied in Alan Greenspan’s long tenure at the Fed.
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Warsh Remakes the Fed as Inflation Runs Hot
Kevin Warsh’s debut Fed meeting brought no rate change but plenty of institutional change. The new chairman appears eager to rethink how the Fed operates.
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Nearly All Monetary Rules Say the Fed Should Raise Rates
Continued inflation, hawkish regional bank presidents, and 11 of 12 monetary policy rules suggest the Fed should raise rates. The price of the Fed’s “patience” could be paid economy wide.
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Independence or Accountability: The Fed Cannot Have Both
The Federal Reserve’s independence is often defended as essential to sound monetary policy, but it comes at the cost of meaningful democratic accountability.
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•
June Inflation Slowed as Energy Prices Fell
Markets sharply reduced the odds of a July rate increase after June CPI showed broad-based moderation in prices.
-
•
The Fed Needs Independence, Not Immunity
Monetary policy deserves insulation from politics, but regulation and emergency lending powers may not. Can Congress and the Courts differentiate?
-
•
Trump v. Cook Carve-Out Leaves the Fed Above the Law
The Roberts Court restored presidential authority over executive agencies while shielding the Federal Reserve from the same rule.
-
•
Trump v. Cook Won’t Settle the Fed’s Independence Problem
Political pressure has made it harder to distinguish sound monetary policy from strategic posturing. Congress, not SCOTUS, is empowered to change that.
-
•
Markets Bet on Warsh to Fight Inflation. Will the Fed Deliver?
Traders expect the Fed’s new chair to respond to accelerating inflation with higher rates. Credibility requires policy match the tough talk.
-
•
Why Is the Federal Reserve Paying Banks Billions in Interest?
The Fed pays banks billions more in interest than it earns on assets. Could a floor system save the central bank from future losses?
-
•
Alan Greenspan’s Complicated Monetary Legacy
Sound money needs rules, not a maestro, a tension embodied in Alan Greenspan’s long tenure at the Fed.
-
•
Warsh Remakes the Fed as Inflation Runs Hot
Kevin Warsh’s debut Fed meeting brought no rate change but plenty of institutional change. The new chairman appears eager to rethink how the Fed operates.
-
•
Nearly All Monetary Rules Say the Fed Should Raise Rates
Continued inflation, hawkish regional bank presidents, and 11 of 12 monetary policy rules suggest the Fed should raise rates. The price of the Fed’s “patience” could be paid economy wide.
-
•
Independence or Accountability: The Fed Cannot Have Both
The Federal Reserve’s independence is often defended as essential to sound monetary policy, but it comes at the cost of meaningful democratic accountability.