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From lifeline to lifestyle: How quantitative easing became the Fed’s default setting
The nomination of Kevin Warsh has renewed scrutiny of the Federal Reserve’s expanding role in the economy. One of the most consequential shifts in US…
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Dual mandate, dual headache: Why the Fed should focus on price stability
With Kevin Warsh set to appear before the Senate for his Fed confirmation hearing, the question of his monetary priorities is taking center stage. Warsh…
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Questions Kevin Warsh needs to answer if he is to become the next Fed Chair
A new CEI paper out today by John Berlau, Ryan Young, and myself offers some questions that Federal Reserve Chair nominee Kevin Warsh should…
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What Is Core Inflation?
The new inflation numbers are out, and they aren’t pretty. The Consumer Price Index (CPI) went up 0.3 percent during April, and is up…
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Biden’s Inflation Speech: Top Domestic Priority
President Biden gave remarks on Tuesday declaring inflation his top domestic priority. Like many people, he seems not to understand that inflation is a…
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Fed Hikes Interest Rate: Bigger News on Bond Portfolio Mostly Neglected
The Fed this week announced a half percentage point hike in its federal funds rate. This is the right thing to do, but it…
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GDP Shrinks: The Good and the Bad
The advance estimate for 2022’s first quarter gross domestic product (GDP) is in, and the news is not good. Adjusting for inflation, GDP shrank…
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Inflation Rises to 8.5 Percent: Straining for Optimism
High inflation will likely be with us for a while, which means I’ll be writing a lot of posts like this. So, for the sake…
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Inflation and the Biden Budget
It is good that the Biden administration is beginning to take inflation seriously. Unfortunately, however, there isn’t much that the president and Congress can…