Sound Money Project
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One Big, Beautiful Tradeoff for the Fed
Raising the debt ceiling takes the Fed out of the reserve volatility frying pan—but may land it in the debt-monetization fire.
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“You’re Fired” — The President, Lisa Cook, and the Fragility of Fed Autonomy
Both parties have shown themselves willing to play politics with the Fed when it suits their interests. Neither likes it when the other does.
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Fed Goes Back to Basics with Framework Revisions
The Federal Reserve is scrapping its asymmetric average inflation experiment. Will it help calm markets?
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Why is the Fed Revising its Framework?
Chair Powell maintains that the framework “worked just fine” over the past five years, but that changes underway seem to admit to past mistakes.
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Rate of Inflation Cools in July, Case for Rate Cuts Builds
Core inflation rose only modestly, thanks to lower energy costs. Paired with weak job gains, the price trend adds pressure on the Fed to cut rates in September.
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Fed Governor’s Labor Market Warning Validated by BLS Revision
The Fed waited for labor market softening to cut rates. Do BLS data reveal monetary policy is already too tight?
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No Return to the Old Balance Sheet, Fed’s Waller Says
One board member believes a larger balance sheet improves our systemic stability. How much is beyond the Fed’s control?
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Inflation Picked Up in June, as Tariffs Pass Through
June’s uptick is attributable to tariffs on foreign-made goods. The rate of inflation will stabilize, but higher prices are here to stay.
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Fed Holds Rates Steady Amid Political Pressure
The Federal Open Market Committee resisted calls from President Trump and others to cut rates, apparently satisfied with employment levels and the pace of growth.
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•
When Doing Nothing Is Doing Harm: Powell’s Misstep on Tariffs and the Neutral Rate
The Fed’s passive tightening could have active economic consequences. Trade uncertainty is dragging down the neutral rate.
-
•
One Big, Beautiful Tradeoff for the Fed
Raising the debt ceiling takes the Fed out of the reserve volatility frying pan—but may land it in the debt-monetization fire.
-
•
“You’re Fired” — The President, Lisa Cook, and the Fragility of Fed Autonomy
Both parties have shown themselves willing to play politics with the Fed when it suits their interests. Neither likes it when the other does.
-
•
Fed Goes Back to Basics with Framework Revisions
The Federal Reserve is scrapping its asymmetric average inflation experiment. Will it help calm markets?
-
•
Why is the Fed Revising its Framework?
Chair Powell maintains that the framework “worked just fine” over the past five years, but that changes underway seem to admit to past mistakes.
-
•
Rate of Inflation Cools in July, Case for Rate Cuts Builds
Core inflation rose only modestly, thanks to lower energy costs. Paired with weak job gains, the price trend adds pressure on the Fed to cut rates in September.
-
•
Fed Governor’s Labor Market Warning Validated by BLS Revision
The Fed waited for labor market softening to cut rates. Do BLS data reveal monetary policy is already too tight?
-
•
No Return to the Old Balance Sheet, Fed’s Waller Says
One board member believes a larger balance sheet improves our systemic stability. How much is beyond the Fed’s control?
-
•
Inflation Picked Up in June, as Tariffs Pass Through
June’s uptick is attributable to tariffs on foreign-made goods. The rate of inflation will stabilize, but higher prices are here to stay.
-
•
Fed Holds Rates Steady Amid Political Pressure
The Federal Open Market Committee resisted calls from President Trump and others to cut rates, apparently satisfied with employment levels and the pace of growth.
-
•
When Doing Nothing Is Doing Harm: Powell’s Misstep on Tariffs and the Neutral Rate
The Fed’s passive tightening could have active economic consequences. Trade uncertainty is dragging down the neutral rate.