Opinion Headlines
- Fed LTE Fed’s Aggressiveness Has Saved Us 6-30-14
- Fed “How to Spark Another ‘Great Moderation’ by John Taylor 7-16-2014
- Fed “Investors Heed the Fed at Their Peril” by Marc Sumerlin/Phillip Swagel 7-17-2014
- Fed. LTE. “Yes, the Fed Got Some Things Right, but Look Ahead.” 8-30-14
- Federal Reserve. “An Unnecessary Fix for the Fed.” By Alan Blinder 7-18-14
- Federal Reserve. “How Would the Fed Raise Rates?” by George Melloan 8-26-14
- Federal Reserve. “The Fed’s Systemic-Risk Balancing Act.” By Martin Feldstein. 8-12-14
- Federal Reserve. LTE “Should the Federal Reserve Follow Some Policy Rule?” [by 2 U.S. Reps] 7-25-14
- Federal Reserve. LTE. “Note: Pride Goes Before Destruction.” […re. Too loose, Too long] 8-5-14
- Federal Reserve. “Federal Reserve’s Risky Reverse Repurchase Scheme,” by Sheila Bair [… exacerbate liquidity…] 7-25-14
- Federal Reserve. “Downgrading Growth Again.” 6-19-14
- Federal Reserve. “The Fed Needs to Return to Monetary rules.” [vs play by ear] 6-27-14
- Federal Reserve. “A Few Things the Fed Has Done Right” by John Cochrane. 8-22-14
- Federal Reserve. LTE. “Why Put So Much Trust in the Fed?” 8-27-14
- Federal Reserve: “Paul Volker: Back to the Woods” piece by Seth Lipsky 6-12-14
- Federal Reserve: LTE: “The Jobs from the Fed are Expensive.” 8-11-14
- Fed Is Looking Like a Sovereign Wealth Fund. By David Malpass. 9-8-14
- Fed. “The Federal Reserve’s Too Cozy Relations With Banks.” By Stephen Haber et. al. 9-10-14
- Fed. LTE. “Sovereign Wealth Fund or Not, the Fed Has Some Issues.” 9-13-14
- Fed. “Yellen’s Discretion.” [Soon the Bernanke autopilot expires. Then the gun begins.] 9-18-14
- Fed. “Behind the Fed’s Dovish Turn on Rates.” [After sending hawkish signals in July, the Federal Open Market Committee has softened its tone.] by Alan Blinder 9-23-14
- Fed. “The Fed’s Mortgage Favoritism.” By Jeffrey M. Lacker et. al. [When the central bank buys private assets, it distorts markets and undermines its claim t independence.] 10-8-2014
- Fed. LTE. “The Fed Should Think Less About Itself.” 10-13-14
- Fed. “Growth Management Isn’t the Fed’s Forte.” by David Malpass. [The stock-market turmoil is fresh evidence that the central bank must return to market-based monetary policy.] 10-16-14
- Fed. LTE. “Despite All Its Virtues, the Fed Isn’t Promoting Growth.” 10-24-14
- Fed. “The Fed Rate Hike May Be a Mirage.” [Despite the central bank’s vows to increase interest rates, a variety of forces are working against the move.] 10-27-14
- Fed. “The QE Record.” [The end of Fed bond buying is not the end of monetary easing.] “Silicon Valley’s Reform Breakthrough.” [A pension reformer wins in San Jose against the union machine.] 10-30-14
- Fed. “Does the Fed Read the Election Returns?” by Holman Jenkins, Jr. [If Janet Yellen keeps talking, we may never get pro-growth reform or a real recovery.] 11-8-14
- Fed. LTE “Taking Another Look at the Fed’s Incomplete QE Record.” 11-11-14
- Fed. LTE: “Inequality Is Not the Fed’s Mission.” 11-15-2014
- Fed. “The Fed Needs Governors Who Aren’t Wall Street Insiders.” By Elizabeth Warren, et. al. [With two vacancies to fill, Obama should pick nominees who will look out for Main Street, not the big banks.] 11-18-14
- Fed. “A Central Bank for the Beltway.” [Progressives don’t like independent regional Fed presidents.] 11-19-14
- Fed. “Raise Interest Rates, Make Grandma Smile.” By Charles R. Schwab. [With the Red’s near-zero policy, households headed by someone 75 or older have lost $2,700 annually in interest income.] 11-20-14
- Fed. “The Fed Needs More Than an Audit.” By Peter J. Wallison. [The central bank’s expansive regulatory powers should be subject to congressional and executive branch oversight.] 11-28-14
- Fed Hawks Ignore Reality of Stagnant Wages, No Jobs. LTE. 11-28-14Fed. “A Monetary Gadfly in an Age of Fiat Money.” By Seth Lipsky. [Bernard von NotHaus may go to prison for making Liberty Dollars, but he has raised serious currency questions.] 12-2-14
- Fed. LTE. “The High Costs of the Fed’s War on Seniors and Savers.” 12-4-14
- Fed. LTE. “Auditing the Mighty Fed and Overseeing the Overseer.” 12-6-14
- Fed. “The Fed’s Needless Flirtation With Danger.” By Martin Feldstein. [Well-designed tax rules are a safe and effective alternative to quantitative easing.] 12-26-14
- Fed. “The Fed Cash Machine.” [The central bank kicked in $98.7 billion to the Treasury last year.] 1-12-15
- Fed. “Dear Red, Please Be Late To the Rate-Raising Party.” By Robert Greifeld. [Moving too quickly amid signs of global economic trouble could damage growth and send stock and bond markets into turmoil.] 1-12-15
- Fed. LTE. “Timing the Rise in Interest Rates, Getting the Rate Right.” 1-16-15
- Federal Reserve. “Beware of Woolly-Minded Attacks on the Fed.” By Alan S. Blinder. [The biggest threat may come from proposals to limit the central bank’s ability to act as a lender of last resort.] 1-28-15
- Fed. LTE. “Fed Does Help Treasury Make Money.” 1-30-15
- Fed. LTE. “Helicopter Money, the Red and the End of Monetarism.” 1-30-15
- Fed. LTE. “The Non-Woolly-Minded Fed Critics Make Some Points.” 2-5-15
- Fed. “Why the Alarms About a Slight Rate Hike?” by Omid Malekan. [The near-zero policy has had modest results while depriving savers of gains. A change is in order.] 2-18-15
- Fed. “A Muddle of Mixed Messages From the Fed.” By Charles W. Calomiris et.al. [Markets don’t seem to believe the central bank will follow through on its midyear rate hike.] 2-19-15
- Fed. “The Search for a Monetary-Policy Wizard and Political Moral Hazard.” By Robert Rubin. [Relying on central bankers to solve the world’s economic woes reduces public pressure on elected officials to act.] 2-24-15
- Fed. “A Financial System Still Dangerously Vulnerable to a Panic.” By Glenn Hubbard et.al. [The Federal Reserve’s powers to act as leader of last resort need to be restored and strengthened.] 3-2-15
- Fed. “No, Don’t ‘Audit the Fed.’” By Ernie Patrikis. [What backers of the plan want is influence over monetary policy.] 3-18-15
- Fed. “The Patience of Janet.” [A modest rate increase would not mean the return of ‘tight money.’] 3-19-15
- Fed. “How Foreigners Became America’s Financial Regulators.” By Peter J. Wallison et.al. [The Fed and Treasury are answering to a board of the G-20 without admitting it to the American people.] 3-20-15
- Fed. “It’s High Time to ‘Audit’ the Federal Reserve.” By Alex J. Pollock. [Since 2008 the Fed has run vast, and risky, economic experiments without effective congressional oversight.] 3-23-15
- Fed. LTE. “Congress Can Audit the Federal Reserve, but Should it?” 3-24-15
- Fed. LTE. “Patient Janet Outperforms the European Central Bank.” 3-26-15
- Fed. “The Fed Needs to Step Up Its Pace of Rate Increases.” By Martin Feldstein. [Unemployment is now 5.5%, historically the lowest rate that can be sustained without starting an inflation spiral.] 3-31-15
- Fed. LTE. “Should the Fed Be More Accountable or Independent? 4-1-15
- Fed. LTE. “Fed Must consider the World and All U.S. Employment.” 4-9-15
- Fed. “The Fed Can Be Patient About Raising Interest Rates.” By Alan S. Blinder. [Core inflation has been stuck between 1.3% and 1.7% since mid-2012, and isn’t forecast to reach 2% until 2017.] 4-13-15
- Fed. “The Fed’s Faulty 1937 Excuse.” By Christian Broda and Stanley Druckenmiller. [Central bankers aren’t likely to observe financial excesses until it’s too late.] 4-16-15
- Fed. “Roadkill in the Fed’s Race to Regulate Shadow Banking.” By Peter J. Wallison. [GE Capital saw the writing on the wall: Opportunities to innovate and compete would be smothered over time.] 4-20-15
- Fed. LTE “The Fed Must Increase Rates, but There Will Be Costs.” 4-23-15
- Fed. “The Slow-Growth Fed.” [table: “The Fed vs. Reality.] 4-30-15
- Fed. “Bernanke’s Rebuttal.” [He credits the Fed for lower unemployment but not for slow growth.] 5-1-2015.
- Fed. “The Federal Reserve Asset Bubble Machine. “ by Ruchir Sharma. [Easy money is driving up the price of stocks, bonds, houses, and other assets in an era without historical precedent.] 5-12-15
- Fed. LTE. “Bernanke’s Tenure and What Government is Able to Do.” 5-11-15
- Fed. LTE. “The Fed, Proliferating Regulations and Slow Growth.” 5-7-15
- Fed. “A Liberal Speech Cop Targets Alan Greenspan.” By Seth Lipsky. [The former Fed chairman drops out of a monetary conference after he’s assailed by Paul Krugman.] 5-15-15
- Fed. “Janet Yellen Is No Stock Market Sage.” By Burton G. Malkiel. [If you sold your biotech stock based on the Fed chair’s assessment of the market in July, you’d be sorry now.] 6-2-15
- Fed. “How the Red’s East Coast Tilt Warps Monetary Policy.” By Kevin Brady. [Since 2000, real adjusted operating expenses of the New York bank and Board of Governors have climbed 61%] 6-5-15
- Fed. “Misreading the Fed on a Rate Increase.” By Benn Steil. [Ignore the Federal Open Market Committee. The smaller, more dovish Board of Governors will decide.] 6-9-15
- Fed. LTE. “East-Coast Fed Bias And a Lack of Dissent.” [“…the dramatic shift of power and resources from the Federal Reserve banks to the board of governors…”] 6-11-15
- Fed. “Memo to the Fed: First, Do No Harm.” By Jim Kudlinski. [Our central bankers should strive to limit or mitigate the collateral damage caused by their monetary policy.] 6-15-15
- Fed. LTE. “The Fed, Regulation and Preventing the Fire Next Time.” 6-15-15
- Fed. “The Long Way Back from 2008.” [“…The bailout was foremostly the act of a political class saving itself…”] 6-17-15
- Fed. “Washington’s Illegal Bailout.” [Hank Greenberg wins an historic victory against the Fed seizure of AIG.] 6-16-15
- Fed. “Will Congress Now Rein in the Fed?” by Seth Lipsky. [A federal judge says the government’s AIG bailout broke the law. Time for the legislature to step in.] 6-16-15
- Fed. “Falling Fed Forecast.” [The central bank again revises down its growth estimate for 2015.] 6-18-15
- Fed. LTE. “Fed Broke the Law With AIG but May Keep the Profits.” 6-22-15
- Fed. “Fixing the Fed’s Liquidity Mess.” By Lawrence Goodman and Stephen Dizard. [Quantitative easing and a near-zero interest rate have produced lopsided positions that risk another crisis.] 7-21-15
- Fed. “Why the Fed Needs to Get Off the Dime.” By Richard W. Nelson. [“…the best course for the Fed is to begin raising rates very soon, if cautiously.”] 7-25-15
- Fed. LTE. “Bringing U.S. Productivity Data Out of the Shadows.” 7-25-15
- Fed. LTE. “The Fed’s Liquidity Mess, Part Deux.” 8-6-15
- Fed. “Overselling the Importance of When the Interest-Rate Rise Begins.” By Alan S. Blinder. [September? December? Next year? That doesn’t matter as much as how swiftly rates increase after the first hike.] 8-13-15
- Fed. “Raising Rates Now Would Be a Mistake.” By Narayana Kocherlakota. [With inflation so low, higher rates will push the economy away from the Red’s price and employment goals.] 8-19-15
- Fed. LTE. “’Slowly’: No Term of Policy Precision.” 8-21-15
- Fed. “A Fine Fed Mess.” [Are financial assets falling to match the slowing real economy? Chart: “The Fed vs. Reality:” …projections of real GDP growth by Federal Reserve governors and bank presidents compared to actual GDP…] 8-22-15
- Fed. “The Fed Flirts With the Right Move at the Wrong Time.” By Gerald P. O’Driscoll Jr. [The central bank waited too long to raise interest rates. Now, with global markets in turmoil, it should hold off.] 8-24-15
- Fed. LTE. “Fed Should Raise Interest Rates Now Rather Than Later.” 8-25-15
- Fed. “The Fed’s Stock-Price Correction.” By Martin Feldstein. [The equity-market downturn is the inevitable result of the central bank’s policies. The unwinding will likely continue for months.] 8-25-15
- Fed. “’Inflation Dynamics’ With Fed as Ringmaster.” By Seth Lipsky. [Watching the Jackson Hole meeting for signs of an interest-rate increase – and pressing for other changes.] 8-27-15
- Fed. “Emerging Market Rip Tide.” [The Fed encouraged malinvestment that is hurting global growth.] 8-28-15
- Fed. “‘Chimerica’ and the Rule of Central Bankers.” By Niall Ferguson. [The past week has shown us that the world economy is dominated more than ever by the symbiotic relationship of China and America .] 8-28-15
- Fed. LTE. “Feldstein, the Fed, the Stock Market and Interest Rates.” 8-31-15
- Fed. LTE. “Poor Fed Monetary Policy Led to Disappointing Results.” 9-4-15
- Fed. “The Fed Needn’t Rush to ‘Normalize’” By John H. Cochrane. [Unemployment is 5.1%, inflation is low, and near-zero interest rates have proved innocuous.] 9-17-15
- Fed. “Stuck on Zero.” [The Fed finds more reasons not to raise interest rates.] 9-18-15
- Fed. “The Federal Reserve Pulls Lucy.” By David Malpass. [So the economy isn’t ready to withstand a quarter-point rate hike even after seven years of stimulus?] 9-18-15
- Fed. “How the Fed Saved the Economy.” By Ben L. Bernanke. [Full employment without inflation is in sight. The central bank did its job. What about everyone else?] 10-5-15
- Fed. “Pro-Growth Tools for the Frozen Fed.” By David Malpass. [The central bank needs to try something different – and has serious options to get median income rising.] 10-7-15
- Fed. LTE. “Fed Policy Contributed to Recession It Ended.” 10-12-12
- Fed. “The Federal Reserve’s Accountability Deficit.” By Phil Gramm and Thomas R. Saving. [Every member of the Fed’s Board of Governors is an Obama appointee. That wasn’t supposed to happen.] 10-15-15
- Fed. LTE. “It’s Time to Address the Red’s Mission Creep.” 10-21-15
- Fed. “Bernanke and Lehman, Revisited.” By Homan W. Jenkins, Jr. [Had the politicians wanted Lehman Brothers saved, would the Fed have refused because of a legalism?” 10-24-15
- Fed. “The Fed Has Hurt Business Investment.” By Michael Spence and Kevin Warsh. [QE is partly to blame for record share buybacks and meager capital spending.] 10-27-15
- Fed. “Much Ado About the Fed’s Nothing.” [Tune in next time for another episode of ‘As the Fed Turns,’ or not.] 10-29-15
- Fed. “Competition for the Red’s Money Monopoly.” By Sean Fieler. [Bitgold transactions would make the central bank defend its market share.] 11-2-15
- Fed. “Bernanke and the Slow-Growth Crew.” By Peter J. Wallison. [The former Fed chairman’s memoir helps explain why this economic recovery has been so disappointing.] 11-5-15
- Fed. LTE. “The Courage to Act, but Often Suboptimally.” [“Regarding Peter Walliston’s “Bernanke and the Slow-Growth Crew” (op-ed, Nov. 5, 2015
- Fed. “The Red’s Inconsistent Capital Rules.” [Regulators think long-term debt will prevent bank failures. Oh-oh.] 11-16-15
- Fed. “How the Fed Has Warped the 401(k).” by Michael Thompson. [Older workers seeking returns have piled into stocks. When interest rates finally rise, watch out.] 11-17-15
- Fed. “Reining In a Sprawling Federal Reserve.” By Jeb Hensaring. [The Fed’s greater powers increase the need for close scrutiny of its activities.] 11-20-15
- Fed. “Don’t Blame the Fed for Low Rates.” By William Poole. [Mr. Poole…retired as president and CEO of the Federal Reserve Bank of St. Louis in March 2008] 11-25-15
- Fed. “The Fed Is Stressed Out.” [What if a bank had the same problem the regulators have?] 11-27-15
- Fed. “The Red’s Unwarranted Skittishness.” By Mickey D. Levy. [History shows that fears of slowing the economy with an interest-rate increase are overblown.] 11-30-15
- Fed. LTE. “Regulatory Policy and Its Inflationary Effect.” 12-1-15
- Fed. “The Fed’s Lift-Off: Keep Calm and Carry On.” By Alan S. Blinder. [Some bond traders were teenagers the last time the Fed increased interest rates.] 12-1-15
- Fed. LTE. “The Fed Will Be Prudent – If It Has a Chance.” 12-5-15
- Fed. “The Fed’s Faustian Bargain.” Book review by Edward Chancellor: “Between Debt and the Devil. By Adair Turner.” [Excessive credit growth and bubbles – the consequence of over-easy monetary policies – are more dangerous than the threat of deflation.] 12-7-15
- Fed. “The Veneer of Consensus at the Fed.” By Charles I. Plosser. [An urge to show a united front can mask wide disagreements, misleading markets and the public.] 12-10-15
- Fed. “The Fed at the Brink.” [After seven years of near-zero, financial markets are nervous.] 12-15-15
- Fed. “The Fed’s Uncertain Leap Forward.” By Gerald P. O’Driscoll Jr. [Using forward guidance instead of a monetary rule once again leaves financial markets unsettled.] 12-17-15
- Fed. “As the Fed Moves, It Needs a Road Map.” By Glenn Hubbard. [A clear strategy should include how monetary policy ideally would fit with fiscal policy.] 1-4-16
- Fed. “A Federal Reserve Oblivious to Its Effect on Financial Markets.” By Martin Feldstein. [The Federal Open Market Committee last month didn’t even mention risk from persistent low rates.] 1-14-16
- Fed. LTE. “The Fed Needs Humility About Margin Rules.” 1-19-16
- Fed. “The Fed’s Mismeasure of Inflation.” By Robert F. Stauffer. [The 2% target rate has been reached in services, but monetary policy will do little to raise goods prices.] 2-5-16
- Fed. “Don’t Blame the Fed’s Interest-Rate Baby Step.” By David Malpass. [The stage was set for the 2016 market slide well before the Fed’s long overdue rate increase.] 2-11-16
- Fed. “Yellen and the Markets.” [She looks at the jobless rate, investors watch everything else.] 2-12-16
- Fed. LTE. “Deflationary Fears, Bad Government Policy.” 3-15-16
- Fed. LTE. “Forget the Pictures, Think About Real Value.” 5-13-16
- Fed. “Ending the Fed’s Inflation Fixation.” By Martin Feldstein. [The focus is misplaced – and because ot delays an overdue interest-rate rise, it is also dangerous.] 5-18-16
- Fed. “The High Cost of Ultralow Interest Rates.” By Paul H. Kupiec. 5-23-16
- Fed. “The Fed surrenders.” [The central bank underscores the slow-growth reality.] 6-16-16
- Fed. LTE “’Natural’ Interest Rate isn’t a Great Mystery.” 7-1-16
- Fed. “Where the Fed Will Be When the Next Downturn Comes.” By Martin Feldstein. [The easy-money policy may bump inflation over 3% in the next few years, setting up interest-rate increases.] 7-6-16
- Fed. “Those Money-Laden Helicopters Hovering on the Horizon.” By Alan S. Blinder. [Why is Milton Friedman’s thought experiment taking flight again? It’s not what this economy needs.] 7-7-16
- Fed. LTE. “Fed’s Easy Money Can’t Control Price Level.” 7-15-16
- Fed. “The Fed Missed Its Chance. Now What? By Edward P. Lazear. [The business cycle is peaking, with no interest-rate increase. The central bank has blown it. Still, better late than never.] 7-22-16
- Fed. “The Dollar – and the Fed – Still Rule.” By Ruchir Sharma. [Americans may think the U.S. is in hock to China, but Beijing’s economic fate lies in Washington’s hands.] 7-29-16
- Fed. LE “Fed’s Inability to Invoke an Ineffective Policy Is No Loss.” 8-2-16
- Fed. LTE. “An Independent Fed Would Act More Independently.” 8-6-16
- Fed. LTE. “Cashless Society Is a Temptation for Tyrants.” 8-11-16
- Fed. LTE. “Uneasy Is the Head With the Crown of Dollars.” 8-13-16 (See #139 here.)
- FED. LTE. “No Surprise: Negative Rates Mean less Income, Spending.” 8-16-16
- Fed. “The Federal Reserve Needs New Thinking. “ by Kevin Warsh. [It’s models are unreliable, its policies erratic and its guidance confusing. It is also politically vulnerable.] 8-25-16
- Fed. “The Federal Reserve’s Politicians.” [Interest groups now lobby the central bank as if it’s a legislature.] 8-29-16
- Fed. LTE. “Mr. Warsh Is Right: The Fed Needs the Basics.” 8-29-16
- Fed. “More Fed bond Purchases Are the Wrong Answer.” By David Malpass. [The Jackson Hole meeting defended the status quo, despite slow growth and meager wage gains.] 8-30-16
- Fed. LTE. “Lobbyists Know the Fed Has Political Power.” 9-6-16
- Fed. “Hard Truths About Easy Money.” By Edmund Phelps. [The Fed’s reluctance to raise interest rates is eerily similar to its precrisis policies a decade ago.] 9-9-16
- Fed. LTE. “Fed is Wrong, but What Choice Does It Have?” 9-15-16
- Fed. “The Fed’s Stress Tests Need to Be Transparent.” By Hal Scott and John Gulliver. [Banks are being judged by secret models, in violation of the law that governs agency rule-making.] 9-17-16
- Fed. “A Legal Barrier to Higher Interest Rates.” By George Selgin. [“…But if the Fed chooses to tighten, it should at least do it legally.”] 9-28-16
- Fed. “Why the Fed Should Raise Rates Now.” By Martin Feldstein. [Unemployment is low, inflation is on the rise and asset prices are through the roof.] 10-7-16
- Fed. “The Fed, Not the Market, is Stifling Growth.” By Mary Anastasia O’Grady. [Trump and Clinton blame economic woes on immigration and trade. They’re wrong.] 10-24-16
- Fed. LTE. “The Fed Should Be Accountable for Its Results.” 11-28-16
- Fed. “The Fed and Donald Trump.” [The central bank seems to think new policies won’t affect growth.] 12-15-16
- Fed. “At Long Last, the Fed Faces Reality.” By Gerald P. O’Driscoll Jr. [Unconventional monetary policy – including years of ultralow interest rates – simply hasn’t delivered.] 12-15-16
- Fed. “A computer Can’t Do the Fed’s Job.” By Neel Kashkari. [Mechanically following the Taylor rule would limit the central bank’s policy tools and harm the economy.” 12-19-16
- Fed. “The Case for a Rules-Based Fed.” By John B. Taylor. [Neel Kashkari is wrong. My proposed rules-based reform of the Fed would not be run by a computer.] 12-21-16
- Fed. LTE. “Enduring Mystery of Fed-Driven Economy.” 12-29-16
- Fed. “American Needs a Steady, Strategic Fed.” By Kevin Warsh. [When central banders react to short-term data, they confuse the immediate with the important.] 1-31-17
- Fed. “The Most Powerful Man in Washington You’ve Never Heard of.” By Peter Conti-Brown. [The Fed’s general counsel, sometimes called the ‘eighth governor,’ should be a political appointment.] 2-16-17
- Fed. “Yellen gives Conservatives Something to Cheer.” By Donald Luskin. [ With Three Trump appointees, the Fed is likely to move toward rules-based policy.] 2-17-17
- Fed. “What Should the Fed Do Next? Follow the Leader.” By Jason Furman. [On Janet Yellen’s watch the central bank has achieved its employment and inflation goals.] 3-9-17
- Fed. “The Fed’s Era of Contentment.” [A dovish tone despite another interest-rate increase.] 3-16-17
- Fed. “A 21st-Century Federal Reserve.” By Todd G. Buchholz. [Redraw the map, measure new currencies, and pay attention to how politics distorts the economy.] 3-16-17
- Fed. LTE. “Fed’s Sole Policy Should Be a Stable Dollar.” 3-18-17
- Fed. “Yellen’s Labor Forces” [The Fed Chair elevates a good cause beyond interest rates.] 3-29-17
- Fed. “The Fed Could Use Less Book Learning and More Street Smarts.” By Joe Ricketts. [Academic economists are fine, but business leaders and bankers would bring an important perspective.] 4-11-17
- Fed. “The Fed Moves Up.” [The central bank is taking its bond self very slowly.] 6-15-17
- Fed. “How to Keep the Red From Following Its Models off a Cliff.” By Glenn Hubbard. [For one thing, governors should have varied life experiences to broaden the perspectives in the room.] 6-15-17
- Fed. “Our Political Central Bankers.” [Fed officials defend regulation that’s great for Goldman Sachs.] 8-29-17
- Fed. “The Fed Should Stop Worrying and Learn to Love Low Inflation.” By Wm. M. Isaac and Richard M. Kovacevich. [America’s central bankers ought to be focused on revving the economy and adding jobs – period.] 9-18-17
- Fed. “The Fed’s Long March to Normal.” [Why the central bank needs to unwind its balance sheet.] 9-19-17
- Fed. “The Slow and Steady Fed.” [A rate increase in December looks increasingly likely.] 9-21-17
- Fed. “Trump and the Fed.” [Will he embrace the monetary policy that campaigned against?] 10-4-17
- Fed. “Too Many Empty Chairs at the Federal Reserve.” By Peter Conti-Brown. [Chronic vacancies on the Board of Governors are bad for the banking system and public accountability.] 10-5-17
- Fed. “Bullying the Bank.” (Bookshelf by Roger Lowenstein) “The Myth of Independence” by Sarah Binder and Mark Spindel. [After each financial disaster, Congress off-loads blame on the Fed, threatening stricter controls and fuller accountability.] 10-10-17
- Fed. “Woodpeckers for Sound Money.” By Judy Shelton. [The fed doesn’t need a ‘hawk’ or a ‘dove,’ but someone to hammer away for the dollar’s integrity.] 10-12-17
- Fed. “The Fed Chief America Needs.” By George F. Shultz and John F. Cogan. [The president should pick someone who understands that the economy can grow more than 2% a year.] 10-19-17
- Fed. “A Fed for a Growth Economy.” [Trump needs a leader at the central bank who supports faster growth.] 10-20-17
- Fed. “The Case for Keeping Janet Yellen.” By Alan S. Blinder. [The Fed can’t fix every economic ailment. But macroeconomically, the U.S. is terrific right now.] 10-26-17
- Fed. “Mnuchin gets His Man.” [The Senate needs to do some vetting of Fed nominee Powell.] 11-3-17
- Fed. “New Priorities for a New Fed Regime.” By Martin Feldstein. [Incoming leadership should make maintaining financial stability one of the central bank’s goals.] 11-30-17
- Fed. “A Goodfriend for the Fed.” [Trump nominates an experienced monetary hand for the central bank.] 12-1-17
- Fed. “Yellen’s Fed Farewell.” 12-14-17
- Fed. “The Return to Normal Risk.” [Equity markets welcome Jay Powell as Federal Reserve Chairman.] 2-6-18
- Fed. “The Fed Gets Optimistic – for the Fed.” [A bump in the growth forecast and labor market potential.] 3-22-18
- Fed. “What the Fed Could Learn From Bitcoin.” By Max Raskin. [The cryptocurrency is committed to passive monetary policy.] 3-30-18
- Fed. “The Fed’s Capital Mistake.” [Regulators give in to the bank lobby’s wish for more leverage.] 4-20-18
- Fed. “The Quarles Quarrel Hurts the Fed.” By Peter Conti-Brown. [Until he’s confronted, he can’t function as an independent central banker.] 4-24-18
- Fed. “How the Unfettered Fed Flattened the Phillips Curve.” By Neel Kashkari. [Insulating the central bank from politics made it possible to keep inflation and unemployment low.] 5-22-18
- Fed. “The Fed Can’t Save Jobs From AI And Robots.” By Martin Feldstein. [The central bank’s employment mandate can’t be squared with coming tech disruption.] 6-11-18.
- Fed. “Powell Doesn’t Get High.” [The Fed stays gradual even as wholesale prices rise above its 2% target.] 6-14-18
- Fed. “When the Bailouts Stopped.” (Bookshelf by George Melloan) “The Fed and Lehman Brothers. By Laurence M. Ball. [The collapse of Lehman Brothers shocked global markets. It could have been prevented, but politics won out over prudence.] 7-2-18
- Fed. “The Fed’s Job Isn’t to Make Trump Happy.” By Peter Conti-Brown. [The president crossed a line in commenting on interest rates. The central bank needs to redraw it.] 7-23-18
- Fed. “Save Low Interest for a Rainy Day.” By Martin Feldstein. [President Trump chided the Fed for raising rates, but the move creates space to spur the economy later on.] 7-27-18
- Fed. “The Fed Should Raise Rates, but Not the Ones You’re Thinking.” By Jason Furman. [Lift capital standards while the sun is shining, and then they can be cut once the rain arrives.] 8-21-18
- Fed. “The Myth of the All-Powerful Federal Reserve.” By David Ranson. [The central bank used to have a decisive role in determining growth. But the economy has moved. On.] 8-22-18
- Fed. “A Return to Normalcy Will Be the Fed’s Biggest Test.” By Alan S. Blinder. [Once interest rates reach the target level next year, monetary hawks and doves will fight over the future.] 9-11-18
- Fed. “Narrow Odds for Narrow Banks.” [The Fed’s disparate treatment of TNB hurts depositors.] 9-13-18
- Fed. “The Fed Gets Optimistic.” [Its September estimates are the fourth upward growth revision in a row.] 9-27-18
- Fed. “Ben Bernanke’s End Game.” [As ‘financial repression’ ends, risk assets are likely to get riskier.] 10-11-18
- Fed. “The Fed Is Anything but Crazy.” By Alan S. Blinder. [President Trump’s ranting aside, the central bank isn’t tight, and steady rate increases are prudent.] 10-18-18
- Fed. “The Fed Finally Unties Its Own Hands.” By Benn Steil and Benjamin Della Rocca. [It recently signaled that it may cease publicizing long-term plans, allowing itself much-needed flexibility.] 10-23-18
- Fed. “Trump Flunks Fed Politics.” [Bashing Jay Powell makes it harder to keep interest rates low.] 10-25-18
- Fed. “Congress Should Set the Fed’s Inflation Target – Ideally at Zero.” By Amar Bhide. [There’s no evidence that aiming for 2% does any good, and it could do real economic harm.] 11-7-18
- Fed. “The Last Monetary Hero.” (Bookshelf by James Grant.) “Keeping At It.” By Paul Volker. [The Fed under Ben Bernanke opened the monetary spigots; the Fed under Paul Volcker shut them off – and ended an inflation crisis.] 11-26-18
- Fed. “Raise Rates Today to Fight Recession Tomorrow.” By Martin Feldstein. [A downturn is inevitable as asset prices fall. The fed can prepare by continuing to raise rates now.] 11-27-18
- Fed. “The Fed’s Welcome Rethink.” [And Donald Trump did not make Powell and Clarida say it.] 11-29-18
- Fed. “Can Trump Fire Jerome Powell? It’s a Political Question.” By Peter Conti-Brown. [The justice Department told SBJ in 1965 he didn’t have that power. The law has since evolved.] 12-11-18
- Fed. “Fed Tightening? Not Now.” By Stanley F. Druckenmiller and Kevin Warsh. [The central bank should pause its double-barreled blitz of higher interest rates and tighter liquidity.] 12-17-18
- Fed. “Time for a Fed Pause.” [Inflation and other economic signals justify interest-rate caution.] 12-18-18
- Fed. “Powell to Markets: Take That.” [The Fed says more rate increases are coming, so get used to it.] 12-20-18
- Fed. “Overconfidence at the Fed.” [Stocks are down more than 8% since last week’s monetary move.] 12-26-18
- Fed. “The Fed’s Obama-Era Hangover.” By Phil Gramm and Thomas B. Saving. [By paying banks not to lend, the central bank diminished its ability to control interest rates.] 1-2-19
- Fed. “Why the Fed Should Heed the Market.” By Edward P. Lazar. [Stock trends are the best predictor of growth. Recent volatility should give the central bank pause.] 1-10-19
- Fed. “An Independent Fed Isn’t ‘Loco,’ It’s Effective.” By Alan S. Blinder. [Unelected technocrats are exactly the type of people you should wat making monetary-policy decision.] 1-24-19 ((Blinder was an adviser to Al Gore and John Kerry during their respective presidential campaigns in 2000 and 2004)
- Fed. “The Fed Apologizes.” [Powell continues his rehabilitation tour, and markets applaud.” 1-31-19
- Fed. “The Fed Is a Threat to Growth.” by Stephen Moore and Louis Woodhill. [The real economy is ready to reignite, but Powell’s tight-money policy is acting like a wet blanket.] 3-14-19
- Fed. “Patience Is Now a Fed Virtue.” [The central bankers now expect no rate increases in 2019.] 3-21-19
- Fed. “Steve Moore for the Fed.” [If making wrong forecasts is a problem, he has lots of company.] 3-29-19
- Fed. “The Fed and the Professor Standard.” By Herman Cain. [The central bank needs new voices that will speak up for a stable dollar, which leads to prosperity.] 4-18-19
- Fed. “The Herman Cain Lesson for Trump.” [The President’s Fed bashing isn’t helping his nominees.] 4-23-19
- Fed. “A Professor For Stephen Moore.” By Jermey J. Siegel.” [I don’t always agree with him, but he’d help solve the Federal Reserve’s groupthink problem.] 4-29-19
- Fed. “The Fed Is Flying Blind on Inflation.” By Andy Kessler. [Even Alan Greenspan, erstwhile maestro, now acknowledges ‘bias in the statistics.’] 5-13-19
- Fed. “Notable & Quotable: Fed Line.” […If the Fred becomes a general purpose agency of economic policy, it will lose its special monetary prerogatives…] 5-13-19
- Fed. “High Interest Rates Are Hobbling Growth.” By Andy Puzder and Jon Hartley. [The Fed strengthened the dollar when U.S. growth and global stagnation were already boosting its value.] 5-30-19
- Fed. “Trump wants to Cut Interest Rates. Powell Should Do It Anyway.´ by Donald L. Luskin. [The chairman made the case last year for easing if the yield curve inverts as it did in March.] 6-4-19
- Fed. “The Fed Can’t Bail Trump Out.” By George Melloan. [‘Monetary stimulation’ didn’t help Obama and won’t now counter reckless spending and trade wars.] 6-6-19
- Fed. “Has the Federal Reserve Lost Its Mojo?” by Phil Gramm and Thomas R. Saving. [The central bank has less control over market interest rates today than at any time in its history.] 6-18-19
- Fed. “A Split Fed Decision.” [The Fed can’t save the economy from bad trade policy.] 6-20-19
- Fed. “A British Warning for the Rump Fed.” By Joseph C. Sternberg. [Monetary policy is a poor substitute for the supply-side reforms the president can’t or won’t undertake.] 6-21-19
- Fed. “Trump, the Fed, and Interest Rates.” (The Weekend Interview with Judy Shelton by Tunku Varadarajan.) [A leading candidate for the central bank’s board offers philosophical support for the president’s impulses on monetary policy.] 6-29-19
- Fed. “The Trump Fed 2.0.” [Two nominations inject some much-needed intellectual diversity.] 7-5-19
- Fed. “The Fed Could use a golden Rule.” By James Grant. [Abandon the Ph.D. standard, which brought the era of government bailouts and too big to fail.] 7-12-19
- Fed. “A New Tactic in Trump’s War on the Fed.” By Alan S. Blinder. [He can’t fire Powell, so he’s sending over dreadful nominees to make the chairman’s job harder.] 7-16-19 (Blinder was an adviser to Al Gore and John Kerry during their respective presidential campaigns in 2000 and 2004)
- Fed. “Forget the Gold Standard and Make the Dollar Stable Again.” By John H. Cochrane. [Precious metals no longer make sense as a store of value. Instead, peg money to goods and services.] 7-18-19
- Fed. “Cryptocurrency to the Rescue.” [Facebook’s Libra could help the poor who lost credit after Dodd-Frank.] 7-19-19
- Fed. “The Confusing Federal Reserve.” [The second-quarter GDP report did not make the case for easing.] 7-30-19
- Fed. “A Fed Reversal Will Store Up Trouble.” By Danny Yong and Nikhil Srinivasan. [The central bank may cut interest rates when asset prices are high and unemployment low. Why?] 7-30-19
- Fed. “The Fed Buys ‘Insurance.’” [Monetary policy isn’t a job with Jay Powell. It’s an adventure.] 8-1-19
- Fed. “Maybe We’re All Gold Bugs Now. By Joseph C. Sternberg. [Standard monetary wisdom on exchange rate doesn’t quite work in the increasingly global system.] 8-2-19
- Fed. “Jay Powell’s Public Option.” [The Fed may elbow out a private real-time payments system.] 8-3-19
- Fed. “The Very Political Fed.” [The central bank looks to dominate the real-time payments market.] 8-6-19
- Fed. “America Needs an Independent Fed.” By Paul Volker, Alan Greenspan, Ben Bernanke and Janet Yellen. [The economy functions best when the central bank is free of short-term political pressures.] 8-6-19
- Fed. “Trump Is Right – the Fed Is Still Tightening.” By Donald L. Luskin. [Sure, the size of the balance sheet is holding steady, but leaving riskier assets in the market will slow growth.] 8-13-19
- Fed. “Central Bankers in Glass Houses.” By Charles W. Calomiris. [The Fed was politicized long before Donald Trump got to the White House of even started tweeting.] 8-16-19
- Fed. “The Federal Reserve Resistance.” [A recent official urges the central bank to help defeat Donald Trump.] 8-28-19
- Fed. “The Fed Can’t See Its Own Shadow.” By Andy Kessler. [Its asset purchases are squeezing nonbank lending and sinking long-term bond rates.] 9-9-19
- Fed. “The Fed’s Mandate Is Up to Congress and the President.” By Judy Shelton. [Lawmakers in the past have broadened the central bank’s goals, directing it to boost U.S. competitiveness.] 9-17-19
- Fed. “Powell Walks the Line.” [A divided Fed cuts rates by 25 points without a clear rationale.] 9-19-19
- Fed. “When President’s Pummel the Fed.” By Alan S. Blinder. [Before Bill Clinton, such browbeating was the norm. Powell has endured Trump’s assaults with dignity.] 9-19-19
- Fed. “To Make Banks Stable, End, Don’t Mend, the Repo Market.” By Amar Bhide. [“…Simple explicit guarantees would reduce the complexity of short-term borrowing by banks…”] 10-2-19
- Fed. “The Fed Needs Trust, Not Tactics.” By Kevin Warsh. [Interest-rate cuts won’t hold off the next downturn. The central bank must assure markets with a plan.] 10-29-19
- Fed. “The Fed Should speak English for a Change.” By Alan s. Blinder. [Its long-awaited policy review, expected this year, should also reconsider the 2% inflation target.] 1-7-20
- Fed. “The Fed Pretends to Listen.” By Donald L. Luskin. [Central Bankers insist on promoting inflation. What we’ve got here is failure to communicate.] 1-29-20
- Fed. “The War on Judy Shelton.” [Mandarins rebel against a Fed pick who doubts their monetary wisdom.] 2-13-20
- Fed. “Why the Economics Establishment Hates Judy Shelton.” by Joseph C. Sternberg. [They fear she may be right about the gold standard and the causes of declining productivity growth.] 2-14-20
- Fed. “The Fed Can’t Wait to Respond to the Coronavirus.” By Kevin Warsh. [The pandemic is a threat to the global economy. U.S. central bankers should lead a global response.] 2-27-20
- Fed. “The Fed’s Market Emollients.” [The central bank has liquidity tools to ease financial conditions.] 3-10-20
- Fed. “The Liquidity Cavalry.” [The Fed aids the Treasury market but in confusing fashion.] 3-13-20
- Fed. “The Fed Returns to 2008.” [“…whether the methods deployed against a financial solvency panic in 2008 will work against a pandemic-caused liquidity panic is far from certain…”] 3-16-20
- Fed. “The High Cost of Low Interest Rates.” By James Grant. [Irresponsible policy from the Federal Reserve made the coronavirus crisis worse than it had to be.] 4-2-20
- Fed. “The Fed’s new Mission To Save the Economy.” By Gary Cohn and Glenn Hutchins. [The central bank’s lending programs will need top-shelf staff and rigorous disclosure.] 4-7-20
- Fed. Coronavirus. “To Boost Liquidity, Expand the definition of Collateral.” By Michael Klowden and Michael Piwowar. [The Fed’s Term Asset-Backed Securities Loan Facility can do more to keep the economy afloat.] 4-9-20
- Fed. “The Fed’s ‘Main Street’ Miracle.” [The central bank’s terms favor Wall Street and take new credit risks.] 4-10-20
- Fed. “The Fed and Main Street.” [The central bank is setting itself up for a political backlash.] 4-17-20
- Fed. “The Main Street Fakeout.” [The Fed’s terms suggest it really doesn’t want to lend to these companies.] 5-1-20
- Fed. “Why the Fed may Not Duck Inflation This Time.” By Phil Gramm and Mike Solon. [Banks’ excess reserves limited the money supply after 2008, but looser rules today might give way.] 5-29-20
- Fed. “Powell Has Become the Fed’s Dr. Feelgood.” By James Grant. [Overprescription of monetary medicine has the economy addled, addicted and searching for a fix.] 6-29-20
- Fed. “Judy Shelton Steps Closer to the Fed.” [In the Federal Reserve’s new activist era, it could use a fresh perspective.] 7-23-20
- Fed. “Jerome Powell’s Price-Fix Is In.” [The Fed flirts with controlling the Treasury debt yield curve.] 7-28-20
- Fed. “Lend Freely at a Subsidized Rate.” [The Fed lends New York’s MTA $451 million at a market discount.] 8-19-20
- Fed. “Low Rates Forever!” [The Federal Reserve takes a leap into the monetary unknown.] 8-28-20
- Fed. “The Fed Puts Its Independence on the Line.” By Kevin Warsh. [The central bank is on a one-way path to a larger role in our government and economy.] 9-8-20
- Fed. “Powell Becomes the Anti-Volker.” [The Fed says it will keep interest rates at near zero through 2023.] 9-17-20
- Fed. “The Fiscal Federal Reserve.” [Powell signs up to monetize trillions in more spending.] 10-8-20
- Fed. “Jerome Powell’s Big Political Gamble.” By Joseph C. Sternberg. [The Fed is independent as a safeguard against fiscal indiscipline. The chairman is shirking that duty.] 10-9-20
- Fed. “Judy Shelton’s Heresy.” [The Fed now agrees with her on interest rates, but the Beltway club objects.] 11-18-20
- Fed. “Steve Mnuchin’s Finest Hour.” [The Treasury chief decides to end Fed programs as intended.] 11-21-20
- Fed. “Shelton and Fed ‘Independence.’” [Lamar Alexander misses the political nature of the current Fed.] 12-3-20
- Fed. “The Fed’s Stimulus Paradox.” [The central bank again revises its growth forecasts upward.] 12-17-20
- Fed. “Hijacking the Fed to Bail Out States.” [Democrats are blocking Covid relief to keep 13(3) pandemic lending alive.] 12-18-20
- Fed. “How the Fed Stifles Lending.” By Andy Kessler. [Quantitative easing hoovers up bonds, leaving less collateral for eager borrowers.] 1-4-21
- Fed. “The Fed’s ‘Racial Equity’ Dilemma.” [“…One lesson …is that the entire effort to racialize monetary policy is misguided…”] 2-12-21
- Fed. “The Money Boom Is Already Here.” By John Greenwood and Steve H. Hanke. [Since February 2020, the M2 supply has increased 26% – the largest one-year jump since 1943.] 2-22-21
- Fed. “Questions for Chairman Powell.” [What does he make of the surge in asset prices and bond yields?” 2-23-21
- Fed. “Powell Says Full Ease Ahead.” [The Fed chief promises Treasury purchases as far as the eye can see.] 2-25-21
- Fed. “Fed Policy Is Smothering Privat Lending.” by Judy Shelton. [Banks, leery of making risky loans in the real economy, do business with the central bank instead.] 3-9-21
- Fed. “Powell Catches the Fiscal Bus.” [congress passed the spending he wanted. Now he has to finance it.] 3-16-21
- Fed. “There’s No Need to Panic About a Little Inflation.” By Alan S Blinder. [A much bigger concern for the Fed is the real human misery caused by slack in the labor market.] 3-16-21 (Blinder was an adviser to Al Gore and John Kerry during their respective presidential campaigns in 2000 and 2004.)
- Fed. “The Fed Has No Worries.” [Growth will boom, inflation will rise, but no monetary tightening.] 3-18-21
- Fed. “End the Fed’s Mission Creep.” By Alexander William Salter and Daniel J. Smith. [The central bank is getting involved in too many things that have nothing to do with monetary policy.] 3-26-21
- Fed. “The Fed’s Real Diversity Problem.” [The central bank’s ‘groupthink’ isn’t about race and gender.] 4-24-21
- Fed. “The Fed in the Sand as Inflation Threatens.” By Mickey D. Levy and Michael D. Bordo. [We aren’t going back to the 1970s, but the central bank isn’t being realistic about the risk of higher prices.] 4-27-21
- Fed. “The Fed Board Agrees Never to Disagree.” By Judy Shelton. [During Yellen’s tenure and Powell’s, no governor has cast a dissenting vote on monetary policy.] 5-5-21
- Fed. “The Fed Is Playing With Fire.” By Christian Broda and Stanley Druckenmiller. [Clinging to an emergency policy after the emergency has passed, Chairman Powell courts asset bubbles.] 5-11-21
- Fed. “Powell Gets His Inflation Wish.” [The Fed Chairman wanted higher prices. Lets hope it’s ‘transitory.’] 5-13-21
- Fed. “Great Inflation Expectations Won’t Save the Fed.” By Joseph C. Sternberg. [Jawbone all you want, both Main Street an Wall Street know price high jinks when they see them.] 5-21-21
- Fed. “The Fed Lacks Precision Inflation Tools.” By Judy Shelton. [The central bank is likely to have trouble taming prices without hurting the real economy.] 5-28-21
- Fed. “Powell’s Dollar, China’s Problem.” 6-4-21
- Fed. “The Fed’s Risky Fill-the-Punch-Bowl Strategy. By Kevin Warsh. [Growth is surging, the housing market is hot, and inflation is on the rise. It’s time to pull back.] 6-8-21
- Fed. “The Fed’s Duty Is to the Economy, Not ‘Equity.’” By Michael T. Belongia and Peter N. Ireland. [Central banks are risking their independence by wading into social agendas outside their purview.] 6-10-21
- Fed. “The Rising Stakes for the Fed.” [The risks to its credibility and independence are growing.] 6-15-21
- Fed. “No Inflation Worries at the Fed.” 6-17-21
- Fed. “Is There a Central Banker in the House?” by Joseph C. Sternberg. [It often feels as if no one is in charge of monetary policy in the word’s largest economy.] 6-18-21
- Fed. “The Fed Is Underestimating the Risk of Inflation.” By Tim Congdon. [The data suggest prices will continue to increase, but the bank is guilty of faulty analysis.] 7-6-21
- Fed. “Powell Gets His Inflation.” [‘Transitory’ price increases are now up 5.4% year-over-year.] 7-14-21
- Fed. “Too Much Money Portends High Inflation.” By John Greenwood and Steve H. Hanke. [The Fed should pay attention to Milton Friedman’s wisdom.] 7-21-21
- Fed. “The Fed’s Big Inflation Miss.” [If you bet on the central bank’s price forecasts, you lost.] 7-29-21
- Fed. “How the Fed Is Hedging Its Inflation Bet.” By Phil Gramm and Thomas R. Saving. [Though few have noticed, the central bank is already slowing the growth of the money supply.] 8-2-21
- Fed. “Lessons for today From the Gold standard.” By William J. Luther and Alexander William Salter. [Though a return to the old system isn’t likely, the Fed’s management of the fiat dollar has been worse.] 8-3-21
- Fed. “Everyone Else Gets Fed Up.” [U.K. inflation leaves policy makers in a bind if the Fed won’t act, too.] 8-6-21
- Fed. “Joe Manchin’s Inflation Risk.” [He warns he Fed, but the Senator’s spending is part of the problem.] 8-9-21
- Fed. “Now It’s Everyone’s Dollar, and Everyone’s Problem.” By Joseph C. Sternberg. [Debate over who should lead the Fed will focus on regulation and politics. What about the currency?] 8-27-21
- Fed. “Powell Takes a Victory Lap.” [The Fed chairman says everything the White House wants to hear.] 8-29-21
- Fed. “Congress Needs to Rein In a Too-Powerful Federal Reserve. By Judy Shelton. [The Fed’s unchecked power has led to measures favoring those who live off portfolios, not paychecks.] 9-2-21
- Fed. “The Fed Follows Misguided ‘forward Guidance.’” By Benn Steil and Benjamin Della Rocca. [The central bank could bind itself to its own forecasts if it were good at predicting the future, but it isn’t.] 9-17-21
- Fed. “Powell’s Reappointment Credential.” [The Fed chairman blew it on inflation, but he’s kept asset prices high.] 9-23-21
- Fed. “More Diversity at the Fed.” [The two regional bank openings are a chance for fresh thinking.] 9-29-21
- Fed. “Does the Fed Have the Will to Fight Inflation?” by Jason De Sena Trennert. [Real tightening could pose risks to the economy and, in turn, to the central bank’s independence.] 10-4-21
- Fed. “Dangers of a Digital Dollar.” By Alexander William Salter. [If widely used, it would give the central bank unprecedented power over the financial system.] 10-6-21
- Fed. “How the Fed Finances U.S. Debt.” By Judy Shelton. [Look behind the federal books to see the ways monetary policy has come to abet runaway spending.] 10-14-21
- Fed. “Don’t Politicize the Fed, Reappoint Chairman Jerome Powell.] by Alan S. Blinder. [Lael Brainard should get the nod in four years and be made vice chairman for supervision now.] 10-25-21
- Fed. “Fed Complacency Feeds Inflation.” By Mickey B. Levy. [The central banks’ strategy is meant to help lower-income earners, but rising prices hit them hardest.] 11-1-21
- Fed. “The Fed Needs to Remove Its Blinkers.” By Judy Shelton. [A monetary mistake based on an outdated paradigm could trigger a recession or even worse inflation.] 11-17-21
- Fed. “Tweedledum and Tweedledee at the Fed.” [Powell and Brainard have both presided over the inflation breakout.] 11-18-21
- Fed. “How the Fed Rigs the Bond Market.” By Lawrence Goodman. [Sales by ‘vigilantes’ used to serve as a warning of inflationary policies. The signal has been muted.] 11-18-21
- Fed. “Biden Signs Up for Powell’s Inflation.” [Republicans are under an obligation to endorse his Fed nominees.] 11-23-21
- Fed. “Sic ‘Transitory’ Gloria.” [“…finally jettisoned the word “transitory” to describe today’s inflation.”] 12-1-21
- Fed. “’No’ on Jerome Powell at the Fed.” By Tom Cotton. [He’s failed in his main mission, to keep the currency sound.] 12-2-21
- Fed. “What Jerome Powell Can’t Say, and Doesn’t Know.” By Joseph C. Sternberg. [The Fed chief sticks to untested new policy tools while inflation transforms the American economy.] 12-3-21
- Fed. “November’s Jobs Message to the Fed.” [The labor market is healthy enough to take higher interest rates.] 12-4-21
- Fed. “The Fed Is the Main Inflation Culprit.” By Kevin Warsh. [The central bank has enabled price increases that may soon pose a risk to financial stability.] 12-13-21
- Fed. “Hawkish Fed Talk, Dovish Action.” [The central bank signals negative real interest rates throughout 2022.” 12-16-21
- Fed. “Jerome Powell, Fiscal Lobbyist.” [The Fed chairman wants us to forget his role as spending cheerleader.] 12-17-21
- Fed. “It’s Time for the Fed to Go Old School.” By Judy Shelton. [No fancy stuff. Raise rates via open-market operations that reduce the size of the balance sheet.] 12-23-21
- Fed. “The Greening of the Federal Reserve.” [Powell endorses bank stress tests to allocate capital for climate policy.] 1-12-22
- Fed. “An Inflated Sense of Ability.” (Bookshelf by Joseph C. Sternberg.) “The Lords of Easy Money.” By Christopher Leonard. [The Federal Reserve’s faith in monetary policy shows how startlingly little it understands about its disconnection form Main Street.] 1-13-22
- Fed. “Biden Plays Capture the Fed.” [Sarah Bloom Raskin wants to politicize bank supervision.] 1-18-22
- Fed. “A politicized Fed Endangers the Economy.” By Jeb Hensarling. [The central bank can’t deliver price stability if it’s distracted by climate change and social justice.] 1-18-22
- Fed. “The Fed’s Fledgling Hawks.” [The central bank talks tougher on inflation but it still isn’t acting like it.] 1-27-22
- Fed. “’No’ on Sarah Bloom Raskin.” By Rim Stewart and Kathleen Sgamma. [Biden’s appointee for Fed vice chairman is intent on destroying fossil fuels, no matter the economic cost.] 2-3-22
- Fed. “The Fed Should Raise Interest Rates, but Gently.” By Alan S. Blinder. [Tightening is obviously necessary, but getting it right calls for caution, flexibility and humility.] 2-7-22
- Fed. “Sarah Bloom Raskin’s Revolving Door.” [How did her fintech firm mysteriously get a Fed master account?] 2-10-22
- Fed. “The Fed Doesn’t Need a Censor.” By Harold Uhlig. [Will researchers speak freely about their findings if the Senate confirms Lisa Cook as a governor?] 2-14-22
- Fed. “Unfit for the Federal Reserve.” [Raskin and Cook are bad choices for such powerful financial posts.] 2-16-22
- Fed. “Powell Is Wrong. Printing Money Causes Inflation.” By Steve H. Hanke and Nicholas Hanlon. [“…The money supply as measured by M2…has been growing at record rates – with 39.9% cumulative growth since February 2020…] 2-24-22
- Fed. “War in Ukraine Complicates the Red’s Inflation Strategy. By Judy Shelton. [The central bank ought to use this moment to reduce its significant footprint in financial markets.] 2-28-22
- Fed. “Sarah Bloom Raskin Belongs at the Fed.” By Alan S. Blinder. (Blinder was an adviser to Al Gore and John Kerry during their respective presidential campaigns in 2000 and 2004) 3-3-22
- Fed. “How Politicized Is the Federal Reserve?” by Emre Kuvvet. [For every Republican economist the system employs, it has more than 10 Democrats.] 3-8-22
- Fed. [The Fed Needs to Put Its Eye on the Money Supply.” By John Greenwood and Steve H. Hanke. [Slowing its growth without triggering a recession is a tricky proposition. Is the central bank up for it?] 3-11-22
- Fed. “The Humbling of the Federal Reserve.” [The central bank faces an inflation mess of its own making.] 3-15-22
- Fed. Let’s Start Getting Interest Rates Up.” By Mickey B. Levy. [The Fed is wrong to say that inflation will moderate. It’s time to normalize monetary policy.] 3-15-22
- Fed. “The Message of Sarah Raskin’s Defeat.” [The Senate is saying it doesn’t want the Fed to allocate capital.] 3-16-22
- Fed. “Jerome Powell, Inflation Fighter?” [Even 11 rate hikes in two years would leave real interest rates negative.] 3-17-22
- Fed. “Wish the Fed Luck as It Seeks a Soft Landing on Inflation.” By Alan S. Blinder. [Powell’s post-pandemic optimism didn’t count on adverse supply shocks from the war in Ukraine.] 4-7-22
- Fed. “The Altimeter for Powell’s Soft Landing.” By John Greenwood and Steve H. Hanke. [Rate hikes alone risk an economic crash. The key is to stabilize the growth of the broad money supply.] 4-11-22
- Fed. “Learning to Believe the Fed.” [Market ructions point to Jerome Powell’s credibility challenge.] 4-23-22
- Fed. “Powell Puts Volker on Hold.” [The Fed pulls back from its more hawkish anti-inflation signals.] 5-5-22
- Fed. “The Fed and Reserve Trust Revisited.” [The central bank reverses its decision on a fintech master account.] 6-10-22
- Fed. “The Fed and Recession Fears.” [As interest rates rise, Biden can help by ending his anti-growth policies.] 6-15-22
- Fed. “Inflation Demands Bold Fed Action.” By Mickey D. Levy and Charles I. Plosser, [An increase in rates tis week is a good start. The process will be painful, but it’s also necessary.] 6-15-22
- Fed. “Volcker, Powell and the Price of Amnesia. “ By Thomas J. Sargent and William L. Silber. [The Fed should have heeded the lessons of 1980s inflation. ] 6-23-22
- Fed. “Jerome Powell Takes a Pounding.” [Elizabeth Warren anticipates the Fed Chair’s political future.] 6-23-22
- Fed. “The Fed Can’t Cure Inflation by Itself.” By John H. Cockrane. [Economic and fiscal reforms are necessary to persuade the world that the U.S. will pay its debts.] 6-28-22
- Fed. “The Fed Ignored the Money Supply, and a Recession Is Coming.” By John Greenwood and Steve H. Hanke. [Jerome Powell said M2 doesn’t have ‘important implication’ as inflation hit a 40-year high.] 7-8-22
- Fed. “The Fed Needs to Act Like the Tortoise, Not the Hare.” By Alan S. Blinder. [The central bank is behind on raising rates, but if it tries to raise too quickly it risks overshooting.] 7-21-22 (Blinder was an adviser to Al Gore and John Kerry during their respective presidential campaigns in 2000 and 2004)
- Fed. “Jerome Powell’s Fed Pursues a Painful and Ineffective Inflation Cure.” By Elizabeth Warren. [More aggressive interest-rate hikes will cost millions of jobs and won’t address the causes of high prices.] 7-25-22
- Fed. “Why the Fed May Soon Need Treasury Help.” By Judy Shelton. [The central bank will be paying much more in interest on reserves to control inflation.] 7-27-22
- Fed. “Investors Love Jerome Powell.” [But is a fed funds rate at 2.5% really ‘neutral’ with inflation at 9%?] 7-28-22
- Fed. “Goodbye Fed Guidance? Let Us Hope.” [Powell takes a half-step toward ending a misguided policy tool.] 7-28-22
- Fed. “Whose Money Is It Anyway?” (Bookshelf by Joseph C Sternberg.) [The Fed Unbound.” By Lev Menand. [There are many good reasons to decentralize the power of money creation. But the Federal Reserve has let things get out of hand.] 8-2-22
- Fed. “What Jerome Powell Can Learn From Arthur Burns.” By Thomas J. Sargent and Wm L. Silber. [The 1970s Fed chairman choked when recession hit, inflation persisted, and then he blamed Congress.] 8-29-22
- Fed. “Biden and Powell Are at Odds on Inflation.” By Judy Shelton. Monetary tightening can’t tame price increases in the face of a spendthrift White House and congress.] 9-2-22
- Fed. “The Fed Can’t Reduce Inflation by Winging It.” By Andrew T. Levin And Mickey D. Levy. [The central bank needs a systematic strategy, such as the Taylor rule, and a focus on real interest rates.] 9-20-22
- Fed. “The Fed’s March Upward.” [The FOMC raises its terminal target rate forecast again – to 4.6%} 9-22-22
- Fed. “The Fed, the Dollar, the Yen and You.” [Dollar gyrations are becoming too wide for the Fed to ignore.] 9-23-22
- Fed. “The Banker and Bailey Circus.” [Britain’s financial turmoil is part of the inevitable monetary correction.] 9-29-22
- Federal Reserve. “Stay the Course, Chairmen Powell.” By Jason Furman. [The arguments for the fed to back off its inflation-fighting path are all unpersuasive.] 10-6-22
- Fed. “Jerome Powell’s Not for Turning – Yet.” [The Federal Reserve stays the course as complaints mount.] 11-3-22
- Fed. “The Fed Has Good Reasons to Slow Rate Increases.” By Alan S. Blinder. [The inflation fight isn’t over, but there’s evidence that the central bank is making progress.] 11-25-22
- Fed. “The Federal Reserve Needs a Hard Look in the Mirror.” By Mickey D. Levy and Charles Plosser. [A strategic review is planned for 2025 at the earliest. Given its mistakes, it needs one now.] 12-12-22
- Fed. “Inflation Isn’t Vanquished Yet.” [Price increases are slowing but the Fed still has work to do.] 12-14–22
- Fed. “Jay Powell’s Finest Hawk Feathers.” [The fed Chairman really, really wants you to believe him on inflation.] 12-15-22
- Fed. “How the Federal Reserve Fed the FTX Meltdown.” By Joseph C Sternberg. [Central bankers said easy money would last forever. Too bad retain investors took them at their word.] 12-16-22
- Fed. “The Fed Makes some Progress.” [Inflation is falling, but real wages have a long way to go to catch up.] 1-13-23
- Fed. “Regrets? The Federal Reserve Has Too Few.” By Joseph C. Sternberg. [If Jerome Powell wants to defend its independence, he’ll have to prove it has learned from its mistakes.] 1-13-23
- Fed. “Jerome Powell Plays by the Rules.” By Jeffrey M. Lacker and Charles I. Plosser. [The Fed’s actions on rates are driven by data. Central bankers could do a better job of explaining this.] 1-30-23
- Fed. “Paul Volcker’s Recipe for Prosperity.” By Judy Shelton. [He endorsed Reagan’s pro-growth objectives while maintaining the Fed’s independence.] 2-1-23
- Fed. “’More Work to Do’ on Inflation.” [Powell says the right things, but markets don’t seem so sure.] 2-2-23
- Fed. “A Digital Dollar would Empower the Fed, Not Americans.” By Sean Fieler. [Anyone who believes in limited government should not support a central bank digital currency.] 2-8-23
- Fed. “The Fed Now Has a Good Chance at a Soft Economic Landing.” By Alan S. Blinder. [Inflation is falling fast. If the monetary hawks aren’t careful, they could fly into a recession.] 2-9-23 (Blinder was an adviser to Al Gore and John Kerry during their respective presidential campaigns in 2000 and 2004.)
- Fed. “Battle of the Inflation Bulge.” [The PE price rebound in January supports the view of the Fed’s hawks.] 2-25-23
- Fed. “Fed Tightening Should Go Faster and Further.” By Jason Furman. [The labor market and wage data call for a 50-basis-point increase and a terminal rate closer to 6%.] 3-3-23
- Fed. “Full Steam Ahead for Jerome Powell.” [The markets tremble, but the Fed Chair knows he can’t let up now.] 3-8-23
- Fed. “The Fed’s Sticky Inflation.” [The February CPI numbers offer little relief for Jerome Powell.] 3-15-23
- Fed. “Fed Action Could Have Prevented SVB’s Collapse.” By Hal Scott. [A central function of the central bank is to act as the lender of last resort. Why did it fail to do so?] 3-17-23
- Fed. “U.S. Needs Economic Regime Change.” By Kevin Warsh. [The cost of stopping inflation would have been lower if the Fed had faced the problem earlier.] 3-20-23
- Fed. “Mistakes the Fed Keeps Making.” By Mickey D. Levy. [A flawed model, had judgment, insufficient diversity of thinking and a lapse in risk management.] 3-21-23
- Fed. “The Fed Tries to Thread the Needle.” [Powell is keeping up the fight against inflation, for now.] 3-23-23
- Fed. “The Fed’s Policies Haunt Financial Markets.” By Judy Shelton. [Paying people not to work is inflationary; paying people to increase supplies of goods and services isn’t.] 3-23-23
- Fed. “For the First Time, the Fed Is Losing Money.” By Paul H. Kupiec and Alex J. Pollock. [Thanks to interest rate risk exposure, the central bank will soon have negative equity capital.] 3-27-23
- Fed. “Turn Off the Fed Bubble Machine: by Andy Kessler. [Trying to ramp up aggregate demand serves no purpose if supply is constrained.] 4-10-23
- Fed. “The Fed’s Climate Studies Are Full of Hot Air.” By David Barker. [One finds a correlation by assigning equal weight to all countries, from China to tiny St. Vincent.] 4-10-23
- Fed. “The Fed Failed but Wants More Power.” [As expected, Michael Barr blames Congress and his predecessor.] 5-1-23
- Fed. “Ramaswamy Takes on the Fed.” [The role of the central bank in our economy is a presidential-level issue.] 5-3-23
- Fed. “Inflation Puts the Fed on Its Heels.” By Mickey D. Levy. [The economy is holding up well, but the central bank needs to get out in front of its biggest challenge.] 6-13-23
- Fed. “No Inflation Reprieve for the Fed.” [New data offer an excuse for a rate pause but not a declaration of victory.] 6-14-23
- Fed. “The Fed’s Monetary Policy Tool Kit Needs an Overhaul.” By Judy Shelton. [Congress has allowed the central bank to become too powerful, too prominent, and too political.] 6-14-23
- Fed. “What to Make of the Fed’s Interest-Rate Pause.” By Alan S. Blinder. [Milton Friedman’s famous monetary policy ‘lags’ are looking longer and more powerful than usual.] 6-16-23
- Fed. “Strong Fed Chairmen Confront Spending.” By Thomas J. Sargent and Wm. L. Silber. [Powell says it isn’t his job. Greenspan and Volcker would differ.] 6-20-23
- Fed. “Team Transitory Had a Point About Inflation.” By Alan S. Blinder. [But we didn’t anticipate the war in Ukraine, and we underestimated the supply-chain bottlenecks.] 7-20-23
- Fed. “’We Need to Get This Done.’” [The Fed resumes its rate increases, despite gripes on Wall Street.] 7-27-23
- Fed. “Fitch Tells the Federal Reserve To Wake Up.” By David Malpass. [The credit downgrade shows the urgency of rethinking regulatory, fiscal and monetary policy.] 8-4-23
- Fed. “The Fed Should Carefully Aim for a Higher Inflation Target.” By Jason Furman. [If it can stick to stabilizing the economy now, then it can start thinking long term in 2025.] 8-21-23 (Mr. Furman, a professor of the practice of economic policy at Harvard, was chairman of the White House Council of Economic Advisors, 2013-17.)
- Fed. “The Fed’s Pro-Inflation Critics Are Off Target.” By Joseph C. Sternberg. [Economists who want the target to rise to 3% ignore the harm it would do on Wall and Main streets.] 8-25-23
- Fed. “Powell’s Very Slightly Hawkish Signal from Jackson Hole.” By Alan S. Blinder. [After preaching urgency in 2022, the chairman says the Fed is ‘in a position to proceed carefully.’”] 9-6-23
- Fed. “Government Policies, Not Low Rates, Are Driving Inflation.” By David Malpass. [The Fed’s bond purchases make matters worse by enabling Washington’s fiscal irresponsibility.] 9-12-23
- Fed. The Federal Reserve’s Dotted Line.” [Powell stands pat on rates but signals tighter money for longer.] 9-21-23
- Fed. “Profits and Losses Don’t Matter at the Federal Reserve.” By Jason Furan. [It doesn’t operate like a regular bank. Its job is to adjust interest rates to meet its dual mandate.] 9-28-23
- Fed. “We’re Still Paying for the Federal Reserve’s blunders.’ By Mickey D. Levy. [Inflation has come down, but prices are still high, and Congress is spending at an unsustainable rate.] 10-26-23
- Fed. “How the Fed Can Boost Growth.” By David Malpass. [Shrink the balance sheet, stabilize the dollar, get capital flowing, and speak out about fiscal profligacy.] 11-14-23
- Fed. “The Federal Reserve Has an $8 Trillion Secret.” By Joseh C. Sternberg. [The balance sheet is one of the Fed’s most potent tools, but officials won’t say how they plan to use it.] 12-8-23
- Fed. “Sun Shines on Fed ‘Doomsday Book.’” By Enre Kuvvet. [Through a single Freedom of Information Act request, I obtained the mysterious document.] 12-11-23
- Foreign Affairs. “Cheer, Cheer for Old Notre-Dame.” By Wm. McGurn. [The cathedral’s spire rises – raising anew questions about French secularism.] 12-11-23
- Foreign Affairs. “How to Fix Section 702 Surveillance.] A house Judiciary draft would gut the tool and leave the U.S. vulnerable.] 12-11-23
- Foreign Affairs. (Canada) “NDP Keeps Justin Trudeau Afloat.” By Micharl Taube. [Canada’s prime minister faces political peril, but his job is safe unless his leftist partner abandons him.] 12-11-23
- Fed. “Jay Powell’s Mixed Price Signals.” [Contrary to Wall Street wishes, the Fed’s inflation work isn’t done.] 12-13-23
- Fed. “Powell Makes His Inflation Pivot.” [Equities and bonds soar as the Fed suggests easier money is coming.] 12-14-23
- Fed. “The Fed Won’t Try to Boost Biden.” By Mickey D. Levy. [The central bank has only once changed its policy to help elect a presidential candidate: Nixon in 1972.] 12-26-23
- Fed. “The Federal Reserve Deserves a Pat on the Back.” By John H. Cochrane. [Paying interest on reserves allows the Red to provide liquidity and maintain financial stability.] 12-27-23
- Federal Reserve. “Inflation Is Down, but It Wasn’t ‘Transitory.’“ By Wm. L. Silber. [The Federal Reserve’s monetary restraint was crucial in slowing the rise of prices.] 1-19-24
- Fed. “Democrats Stumble Onto a Good Point on the Fed.” By Joseph C. Sternberg. [The central bank makes inherently political decisions, yet it has almost no political accountability.] 2-2-24
- Fed. “Stop Fretting About the Federal Reserve’s ‘Soft Landing.’] 2-21-24
- Fed. “The Fed’s Latest Problem: A Strong Economy.” By Mickey D. Levy. [Improving productivity and better-than-expected growth make it risky to cut interest rates too much.] 3-4-24
- Fed. “’Are They More Than Bumps?” [Powell seems unworried by accelerating prices in January and February.] 3-21-24
- Fed. “Maybe Monetary Policy Needs More Politics, Not Less.” By Joseph C. Sternberg. [Voters turn out to be less irresponsible than the technocrats who are supposed to protect them.] 3-22-24
- Federal Reserve. “What if the Federal Reserve Is Wrong?” [Commodity prices introduce a note of caution about rate cuts.] 4-5-24
- Federal Reserve. “Another Cost of cheap Money Comes Into View.” By Joseph C. Sternberg. [Asset selloffs to unwind quantitative easing prove expensive for central bans – and taxpayers.] 4-5-24
- Fed. “Why Is the Federal Reserve Always Surprised by Inflation?” by Joseph C. Sternberg. [The Central Bank owes the public an explanation – and a serious effort to correct its flawed model.] 4-19-24
- Fed. “The Stock Market Could Be Calmer.” By Jerr Yass. [The Fed’s interference creates volatility and raises capital costs.] 5-2-24
- Fed. “Powell Isn’t Too Worried About Inflation.” [The Fed Chairman offers a sunny view about prices and the economy.] 5-2-24
- Fed. “Quantitative Tightening Becomes a Trap for the Federal Reserve.” By Joseph C. Sternberg. [Now that the central bank has transformed the financial system, novel policies are hard to scrap.] 5-10-24
- Fed. “The Fed Is Too Cautious on QT.” by Darell Duffie. 6-4-24
- Fed. “What the Fed Doesn’t Communicate.” By Mickey D. Levy and Charles I. Plosser. [The central bank’s quarterly summary economic projections are easy to misinterpret.] 6-6-24
- Federal Reserve. “Foreign Exchange, the Job the Federal Reserve Won’t Do.” By Joseph C. Sternberg. [We’d all benefit from more policy coordination among central banks to stabilize currency markets.] 6-7-24
- Fed. “Jerome Powell Is a Happy Fed Chief.” [He thinks the Fed’s policy is working, though is it really ‘restrictive’?] 6-13-24
- Fed. “The Fed Can Take Its Time Taming Inflation.” By Jason Furman. [The ‘last mile’ may prove the hardest, validating central bank policymakers’ caution on rate cuts.] 6-17-24
- Fed. “The Fed Should Cut Interest Rates This Week.” By Alan S. Blinder. [If It makes the change soon rather than waiting until September or December, the markets would cheer.] 7-29-24 (Blinder was an adviser to Al Gore and John Kerry during their respective presidential campaigns in 2000 and 2004)
- Fed. “Doctor Jay Is on the Way.” The Federal Reserve seems confident it can cut rates in September.] 8-1-24
- Fed. “The Fed and Monday’s Correction.” By Jason Furman. [Jerome Powell must be wishing he had cut rates last week. He still has time for catch up the market.] 8-6-24
- Fed. “Monetarists Warned of a Recession.” By John Greenwood and Steve R. Hanke. [To get ahead of the curve, the Fed should follow he quantity theory of money.] 8-7-24
- Fed. “Is Inflation Whipped Now?” [Prices are up 2.9%, and other sins vindicate Fed policy.] 8-15-24
- Fed. “Has the Fed Learned Any Lessons?” [The central bank wants to declare victory but hasn’t explained its mistakes.] 9-17-24
- Fed. “The Fed Pivots to Fight Unemployment.” [Powell says the economy is strong but still cuts rates by 50 basis points.] 9-19-24
- Fed. “Why the Fed Cut Sent Stocks Soaring.” By Richard B. McKenzie. [When rates go low, future profits go high. Everyone wants a cut.] 9-20-24
- Fed. “A Fear of Dissent Haunts the Federal Reserve.” By Joseph C. Sternberg. [The FOMC too often speaks with one voice, an oddity in its history and for central banks globally.] 9-20-24
- Fed. “The Fed Thinks Inflation is Vanquished.” [Jerome Powell gambles he won’t have to raise rates in Trump’s term.] 11-8-24
- Fed. “How Inflation Ended Neoliberalism.” By Jennifer Burns. [In the 1970’s, skyrocketing prices purred free-market reforms that promoted economic stability. In the 2020s, they fueled Donald Trump’s comeback.] 11-16-24
- Fed. “Trump Probably Won’t Try to Fire Powell.” By Thomas Hoenig. [But his successor will face pressure to bring interest rates down, as have many previous Fed chairmen.] 11-20-24
- Federal Reserve. “Trump Should Challenge the Fed’s Policies.” By Judy Shelton. 11-29-24
- Fed. “A Question for Jerome Powell.” [Why is the Fed on Track to cut interest rates again this week?] 12-17-24
- Fed. “A Fed Regulator Who Deserves the Boot.” [Trump would send a useful message by removing Michael Barr.] 12-18-24
- Fed. “The Fed Admits an Inflation Mistake.” [The central bank cuts rates again even as it admits prices are sticky.] 12-19-24
- Fed. “Does the Fed Even Know What It’s Trying to Do?” by Joseph C. Sternberg. [The rate cuts are hard to explain alongside the projections officials released Wednesday.] 12-20-24
- Fed. “A New Year’s Resolution for the Fed.” By Jason Furman. ‘It should embrace clear monetary-policy rules and explain its reasoning for departing from them.] 12-26-24
- Fed. “The Fe Gets Its Own Stress Test.” [Under a lawsuit threat, the regulator agrees to change its bank tests.] 12-27-24
- Fed. “Will Trump Respect the Fed’s Independence?] A little jawboning won’t hurt, but firing Powell or designating a ‘shadow chairman’ would.] 12-31-24
- Fed. “Michael Barr Takes a Welcome Walk.” 1-7-25Internet / Big Tech. “Trump Can keep America’s AI Advantage.” By Dario Amodei and Matt Pottinger. [China is trying to catchup. The U.S. needs proactive development efforts and strong export controls.] 1-7-25
- Fed. “Did Someone Say Tight Money?” [The Fed’s premature rate cuts look worse all the time.] 1-11-25
- Fed. “The Fed Can’t Pin Inflation on Trump.” By Kevin Warsh. [The central bank has the power to maintain stable prices, and there is more to his policy than tariffs.] 1-16-25
Issue Headlines
- Fed. Headline: “Fed Regulation Has Insurers on Edge.” [“…The Fed’s foray into overseeing insurers – a power it gained in the 2010 Dodd-Frank financial law – is prompting concern among insurance companies and state regulators, who worry the central bank will enact onerous capital rules and treat insurance firms like banks…”] Wall Street Journal, 4-28-15 p. C1.
Fed. [News] “U.S. Lacks Ammo for Next Crisis.” Wall Street Journal. 8-18-15 p. A1
Fed. Drudgereport.com 8-20-15:
Traders Gird for Worst as Fed Loses Grip on Debt…
- Fed. “Divided Fed Puts Yellen on Hot Seat.” Wall Street Journal, 8-20-15, page A1.
CONTRA NEWS AND VIEWS
If The Fed’s Forecasts Are Always Wrong—–How Can Its Policies Possibly Be Right?
by Cobden Center • August 31, 2015
BY RALPH BENKO at The Cobden Centre
Now comes one of the world’s top monetary reporters, Ylan Q. Mui, to make a delicate observation at the Washington Post’s Wonkblog, in Why nobody believes the Federal Reserve’s forecasts.
<<<<
Wonkblog Why nobody believes the Federal Reserve’s forecasts
By Ylan Q. Mui June 15, 2015
<<<<
Fed. “World to Fed: Get On With It.” Wall Street Journal. 10-12-15 p. A1 [Sub head: Many central bankers prefer certainty over agony of waiting for the U.S. to raise rates.]
<<<<
Fed. End of Federal Reserve’s Independence.
https://mishtalk.com/2017/02/03/end-of-fed-independence/
Fed. “Forecasts By the Fed Are Stuck In the Past.” Wall Street Journal. By James Mackintosh. 3-21-17. P. B1
Fed. Liquidating the financial crisis response portfolio.
Fed. Liquidating the “crisis response” balance sheet. 6-14-17
Fed Lays Out Plan to S L O W L Y Reduce Balance Sheet: How Long Will It Take?
Fed. Drudgereport.com 9-18-17
Fed setting America up for disaster?
http://thehill.com/opinion/finance/351153-the-federal-reserve-is-setting-america-up-for-economic-disaster
Bank Warns Prices Most Elevated In History…
Campaign Consideration
Talking PointS
Fed. The Fed’s Credit Channel Is Broken And Its Bathtub Economics Has Failed by David Stockman •
http://davidstockmanscontracorner.com/the-feds-credit-channel-is-broken-and-its-bathtub-economics-has-failed/?utm_source=wysija&utm_medium=email&utm_campaign=Mailing+List+AM+Wednesday
Fed. Addressing the massive monetary bubble that the Fed has created: <<<<<
http://www.garynorth.com/public/13556.cfm = Citing David Stockman’s works.
Cf. http://davidstockmanscontracorner.com/
Fed. “The Bank That Makes Its Own Rules.” By Kevin A. Hassett. Bookreview: “The Power and Independence of the Federal Reserve,” by Peter Conti-Brown. Wall Street Journal, 3-5-16, p. C5: [“…If you look at the activities that the Federal Reserve engages in these days and compare them with the things it has the authority to do, the difference is mind-boggling…”]
Fed: Liquidating the financial crisis response portfolio. Opinion piece by “Mish”
Fed Lays Out Plan to S L O W L Y Reduce Balance Sheet: How Long Will It Take?