Sound Money Project
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With Energy Prices Falling, Inflation Has Nowhere to Hide
Spending growth is still outstripping productive capacity, and the Fed can no longer blame high prices on volatile energy markets.
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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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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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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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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 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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•
With Energy Prices Falling, Inflation Has Nowhere to Hide
Spending growth is still outstripping productive capacity, and the Fed can no longer blame high prices on volatile energy markets.
-
•
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.
-
•
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.
-
•
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.
-
•
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 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.