Monetary Policy
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July Inflation Rises, But Weakening Labor Complicates Fed’s Choice
The Fed is caught between cooling labor conditions and persistent demand, as nominal spending growth remains above its pre-pandemic pace.
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AIER Everyday Price Index Posts July Dip as Inflation Pressures Cool
Our price index notes modest deflation as lower fuel costs offset increases elsewhere, strengthening the case for stable Fed rates in September.
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Fed’s Task Force Should Fix What It Targets
A nominal spending target would spare The Fed guessing about the causes of inflation. The Chairman’s new task force could apply a rule instead.
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Japan’s Debt Crisis Is a Global Warning
Japan can watch debt-service costs consume its budget, or suppress rates and risk inflation. Decades of borrowing have eliminated the easy options.
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Warsh Wants the Federal Reserve to Rethink the Rules
The new chairman has long argued the Fed’s own institutional habits undermine sound money. His blueprint suggests key reforms.
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Standing Still as Inflation Runs Hot
Markets, monetary policy rules, and three Fed governors all pointed toward another rate increase. The committee chose to wait instead.
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The Fed Is Expected to Hold Rates. The Rules Say It Shouldn’t
If the Fed leaves rates unchanged this week, the September meeting will take on added importance.
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Why Fascists Admired Keynes’s Economics
Keynes saw centralized economic direction as an improvement on market coordination. This provided cover to later corporatist authoritarians who wanted to control every aspect of life.
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Welcome to Trillionistan. Don’t Get Comfortable.
Not all trillions — debts, valuations, investments — are created equal. Huge nominal numbers often obscure the institutions and incentives that produced them.
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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.
-
•
July Inflation Rises, But Weakening Labor Complicates Fed’s Choice
The Fed is caught between cooling labor conditions and persistent demand, as nominal spending growth remains above its pre-pandemic pace.
-
•
AIER Everyday Price Index Posts July Dip as Inflation Pressures Cool
Our price index notes modest deflation as lower fuel costs offset increases elsewhere, strengthening the case for stable Fed rates in September.
-
•
Fed’s Task Force Should Fix What It Targets
A nominal spending target would spare The Fed guessing about the causes of inflation. The Chairman’s new task force could apply a rule instead.
-
•
Japan’s Debt Crisis Is a Global Warning
Japan can watch debt-service costs consume its budget, or suppress rates and risk inflation. Decades of borrowing have eliminated the easy options.
-
•
Warsh Wants the Federal Reserve to Rethink the Rules
The new chairman has long argued the Fed’s own institutional habits undermine sound money. His blueprint suggests key reforms.
-
•
Standing Still as Inflation Runs Hot
Markets, monetary policy rules, and three Fed governors all pointed toward another rate increase. The committee chose to wait instead.
-
•
The Fed Is Expected to Hold Rates. The Rules Say It Shouldn’t
If the Fed leaves rates unchanged this week, the September meeting will take on added importance.
-
•
Why Fascists Admired Keynes’s Economics
Keynes saw centralized economic direction as an improvement on market coordination. This provided cover to later corporatist authoritarians who wanted to control every aspect of life.
-
•
Welcome to Trillionistan. Don’t Get Comfortable.
Not all trillions — debts, valuations, investments — are created equal. Huge nominal numbers often obscure the institutions and incentives that produced them.
-
•
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.