Sound Money Project
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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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One Month of Falling Prices Won’t Restore Price Stability
June’s PCE report showed prices falling as energy prices retreated, but underlying inflation and nominal spending remain too strong.
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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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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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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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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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•
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.
-
•
One Month of Falling Prices Won’t Restore Price Stability
June’s PCE report showed prices falling as energy prices retreated, but underlying inflation and nominal spending remain too strong.
-
•
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.
-
•
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.
-
•
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.
-
•
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.