A COVID-driven recession with temporary inflation is now followed by a strong recovery that follows no standard models.
Federal Reserve
Posted inEconomic Policy
Banks: The Weak Spot in a Strong Recovery
The larger problem is feeble and captured regulation, resulting in multiple intra–executive branch fights.
Posted inEconomic Policy
Jay Powell’s Federal Reserve: Protection for Bankers, Pain for Everyone Else
Continuing interest rate hikes as the Black unemployment rate starts to tick up reveal a misunderstanding of monetary policy history.
Posted inTAP
Ambassador Yellen
Today on TAP: Her trip to China softened rhetoric but changed nothing.
Posted inTAP
A Great Jobs Report and a Vindication of Bidenomics
Today on TAP: Now, the Federal Reserve should just leave well enough alone.
Posted inEconomic Policy
Intra-Administration Fight on Bank Mergers Breaks Open
The Justice Department’s antitrust chief signaled that he would override banking regulators if necessary if a proposed merger harmed the public.
Posted inEconomic Policy
How to Judge the New Industrial Policy
A focus solely on near-term GDP overlooks what’s being attempted.
Posted inTAP
Memo to Jay Powell: Quit While You Are Ahead
Today on TAP: The May inflation report was sublime. Time to start cutting interest rates.
Posted inTAP
More Reasons for the Fed to Relent
Today on TAP: But don’t bet the farm on a saner monetary policy.
Posted inTAP
The Silver Lining in the Latest Bank Panic
Today on TAP: The run on regional bank stocks will bring tighter regulation and lower interest rates.