Monetary Economics
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Excess Spending Keeps Inflation Above Target in April
Supply shocks alone cannot explain higher prices. Excessive spending is to blame — and policymakers have failed to connect the dots.
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Warsh Inherits a Fed Caught Between Inflation and Trump
Kevin Warsh enters the Fed chairmanship facing sticky inflation, rising energy costs, and strong consumer demand. Prompt action may help avoid politically explosive rate hikes.
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Headline Inflation Cooled in April, but Core Pressures Picked Up
April inflation data suggest price pressures are becoming broader and more persistent, reinforcing the Federal Reserve’s cautious stance on interest rates.
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Is Housing Less Affordable Than Ever? Sort Of
Home prices and financing costs are still high, but several indicators suggest the market has moved past peak distortion.
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No, AI Won’t Make Money Obsolete
Even in a world of radical abundance, scarcity, tradeoffs, and uncertainty persist — and with them, the essential role of prices.
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Energy Price Hikes Only Exacerbate Persistent Inflation Problem
Oil price spikes matter, but the evidence points to excess nominal spending as the primary source of sustained inflation.
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Powell Exits a Fed Fractured by Inflation Debate
As the Fed prepares for a new chair, the FOMC’s disagreement isn’t the timing of rate changes, but fundamentally different views about what causes inflation.
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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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From Shakespeare to Smith: Why Credit Exists in Every Western Society
Credit is not an artificial construct imposed by financiers or states. It arises because modern commercial life cannot function without it.
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Business Conditions Monthly February 2026
Forward-looking indicators are weakening, coincident data are softening, and only lagging measures still reflect past strength. February’s BCM suggests the economy is losing momentum.
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•
Excess Spending Keeps Inflation Above Target in April
Supply shocks alone cannot explain higher prices. Excessive spending is to blame — and policymakers have failed to connect the dots.
-
•
Warsh Inherits a Fed Caught Between Inflation and Trump
Kevin Warsh enters the Fed chairmanship facing sticky inflation, rising energy costs, and strong consumer demand. Prompt action may help avoid politically explosive rate hikes.
-
•
Headline Inflation Cooled in April, but Core Pressures Picked Up
April inflation data suggest price pressures are becoming broader and more persistent, reinforcing the Federal Reserve’s cautious stance on interest rates.
-
•
Is Housing Less Affordable Than Ever? Sort Of
Home prices and financing costs are still high, but several indicators suggest the market has moved past peak distortion.
-
•
No, AI Won’t Make Money Obsolete
Even in a world of radical abundance, scarcity, tradeoffs, and uncertainty persist — and with them, the essential role of prices.
-
•
Energy Price Hikes Only Exacerbate Persistent Inflation Problem
Oil price spikes matter, but the evidence points to excess nominal spending as the primary source of sustained inflation.
-
•
Powell Exits a Fed Fractured by Inflation Debate
As the Fed prepares for a new chair, the FOMC’s disagreement isn’t the timing of rate changes, but fundamentally different views about what causes inflation.
-
•
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.
-
•
From Shakespeare to Smith: Why Credit Exists in Every Western Society
Credit is not an artificial construct imposed by financiers or states. It arises because modern commercial life cannot function without it.
-
•
Business Conditions Monthly February 2026
Forward-looking indicators are weakening, coincident data are softening, and only lagging measures still reflect past strength. February’s BCM suggests the economy is losing momentum.