Sound Money Project
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The Fed’s Unlawful Floor System Pays Banks Billions to Sit on Reserves
To prevent emergency lending from depreciating the dollar, the Fed broke the law by deliberately paying a premium rate on reserves.
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A Rare Split at the Fed — and Why It Makes Sense
Both hawks and doves cite major rules to justify their stance. But the division inside the Fed isn’t dysfunction — it’s a sign of officials taking both mandates seriously.
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The Fed Doesn’t Determine the Price of Credit. Markets Do
The repo market reveals the limits of Fed intervention, showing how short-term credit conditions are ultimately determined by banks, borrowers, and market forces — not central planners.
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Slower Inflation But Rising Uncertainty in September
Modest cooling in consumer prices masks deeper pressures from tariffs and energy costs. The Fed must weigh short-term relief against the risk of tightening too late.
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Why the Erosion of Central Bank Independence Matters
The lesson from around the world is clear: countries that politicize their central banks pay a steep price.
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Will Bitcoin Strengthen or Weaken US Dollar Dominance?
Bitcoin’s rise is likely to reshape the global role of the dollar.
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Inflation Still Over Target in August
Inflation has exceeded the Fed’s two-percent target for 54 consecutive months, with prices up 25 percent since March 2020.
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Miran Follows a Long Tradition of Political Appointees at the Fed
From Eccles to Greenspan to Yellen, history suggests politically seasoned Fed officials are the rule rather than the exception.
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Inflation Heats Up in August
Inflation is rising compared to its year-over-year pace, nudged along by tariff effects. But Fed officials are expected to cut rates next week, anyway.
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The Fed’s Mission Creep Under Jerome Powell
Former Fed officials are right to worry about the central bank’s independence. But they should not be surprised. Under Powell’s leadership, the Fed has drifted into the political arena.
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•
The Fed’s Unlawful Floor System Pays Banks Billions to Sit on Reserves
To prevent emergency lending from depreciating the dollar, the Fed broke the law by deliberately paying a premium rate on reserves.
-
•
A Rare Split at the Fed — and Why It Makes Sense
Both hawks and doves cite major rules to justify their stance. But the division inside the Fed isn’t dysfunction — it’s a sign of officials taking both mandates seriously.
-
•
The Fed Doesn’t Determine the Price of Credit. Markets Do
The repo market reveals the limits of Fed intervention, showing how short-term credit conditions are ultimately determined by banks, borrowers, and market forces — not central planners.
-
•
Slower Inflation But Rising Uncertainty in September
Modest cooling in consumer prices masks deeper pressures from tariffs and energy costs. The Fed must weigh short-term relief against the risk of tightening too late.
-
•
Why the Erosion of Central Bank Independence Matters
The lesson from around the world is clear: countries that politicize their central banks pay a steep price.
-
•
Will Bitcoin Strengthen or Weaken US Dollar Dominance?
Bitcoin’s rise is likely to reshape the global role of the dollar.
-
•
Inflation Still Over Target in August
Inflation has exceeded the Fed’s two-percent target for 54 consecutive months, with prices up 25 percent since March 2020.
-
•
Miran Follows a Long Tradition of Political Appointees at the Fed
From Eccles to Greenspan to Yellen, history suggests politically seasoned Fed officials are the rule rather than the exception.
-
•
Inflation Heats Up in August
Inflation is rising compared to its year-over-year pace, nudged along by tariff effects. But Fed officials are expected to cut rates next week, anyway.
-
•
The Fed’s Mission Creep Under Jerome Powell
Former Fed officials are right to worry about the central bank’s independence. But they should not be surprised. Under Powell’s leadership, the Fed has drifted into the political arena.