Monetary Policy
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Fed Holds Rates Steady Amid Political Pressure
The Federal Open Market Committee resisted calls from President Trump and others to cut rates, apparently satisfied with employment levels and the pace of growth.
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When Doing Nothing Is Doing Harm: Powell’s Misstep on Tariffs and the Neutral Rate
The Fed’s passive tightening could have active economic consequences. Trade uncertainty is dragging down the neutral rate.
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Trump’s Trade War Undermines the Dollar’s Global Reserve Status
The president wants foreigners to hold investment dollars, and to spend those very same dollars buying US exports. It can’t be done.
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DC’s GENIUS Plan: Use Stablecoins to Soak Up Its Own Debt
The GENIUS Act requires that stablecoin issuers hold their assets in cash, short-term US Treasury securities, or as balances at the Fed. That increased demand for debt will keep borrowing costs down.
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Inflated Worries: Don’t Sweat June’s Hot Prices
June’s inflation is a seasonal housing spike in disguise. Data suggest monetary policy is slightly tight.
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No Bailouts: Milei Serious About Federalism
Argentina’s constitution allows provinces to issue their own currencies, so long as they also shoulder the fiscal consequences.
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Are Tariffs Really Inflationary?
Tariffs can be inflationary if they reduce real economic output, but the size of the effect matters.
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The Penny Problem Has a Third Option: Buy Them Back (With Interest)
The Fed could buy back 114 billion pennies already floating around in drawers and couch cushions across America — and for a fraction of the cost of making new ones.
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Fed’s Bowman on the Risks of ‘Set It and Forget It’ Regulatory Culture
Old rules don’t always fit new risks, Michelle Bowman warns — and ignoring that could have real consequences.
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Chairman Powell’s Curious Case for Abundant Reserves
An abundant reserves system gives Fed officials a lever to influence markets and steer capital—at the expense of taxpayers.
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•
Fed Holds Rates Steady Amid Political Pressure
The Federal Open Market Committee resisted calls from President Trump and others to cut rates, apparently satisfied with employment levels and the pace of growth.
-
•
When Doing Nothing Is Doing Harm: Powell’s Misstep on Tariffs and the Neutral Rate
The Fed’s passive tightening could have active economic consequences. Trade uncertainty is dragging down the neutral rate.
-
•
Trump’s Trade War Undermines the Dollar’s Global Reserve Status
The president wants foreigners to hold investment dollars, and to spend those very same dollars buying US exports. It can’t be done.
-
•
DC’s GENIUS Plan: Use Stablecoins to Soak Up Its Own Debt
The GENIUS Act requires that stablecoin issuers hold their assets in cash, short-term US Treasury securities, or as balances at the Fed. That increased demand for debt will keep borrowing costs down.
-
•
Inflated Worries: Don’t Sweat June’s Hot Prices
June’s inflation is a seasonal housing spike in disguise. Data suggest monetary policy is slightly tight.
-
•
No Bailouts: Milei Serious About Federalism
Argentina’s constitution allows provinces to issue their own currencies, so long as they also shoulder the fiscal consequences.
-
•
Are Tariffs Really Inflationary?
Tariffs can be inflationary if they reduce real economic output, but the size of the effect matters.
-
•
The Penny Problem Has a Third Option: Buy Them Back (With Interest)
The Fed could buy back 114 billion pennies already floating around in drawers and couch cushions across America — and for a fraction of the cost of making new ones.
-
•
Fed’s Bowman on the Risks of ‘Set It and Forget It’ Regulatory Culture
Old rules don’t always fit new risks, Michelle Bowman warns — and ignoring that could have real consequences.
-
•
Chairman Powell’s Curious Case for Abundant Reserves
An abundant reserves system gives Fed officials a lever to influence markets and steer capital—at the expense of taxpayers.