My chat today with Kaleb Nygaard on the changing borders of the Fed's districts and what it may mean for a politicized Fed today. macroeconomicpolicynexus.substack.com/p/changing-t...

My chat today with Kaleb Nygaard on the changing borders of the Fed's districts and what it may mean for a politicized Fed today. macroeconomicpolicynexus.substack.com/p/changing-t...

Can the Fed’s Board of Governors redraw and recreate its districts? Could this power be abused by the White House? Join Kaleb Nygaard and me as we discuss live at 1 pm ET here: open.substack.com/live-stream/...

How much power does the Fed's Board of Governors have to redraw, eliminate, and create new Fed Districts? macroeconomicpolicynexus.substack.com/p/redrawing-...

Some questions for the aspiring Fed Governor at his Senate hearing this week. substack.com/home/post/p-...

The Fed’s Independence on Trial. The full video and transcript of my livestream with @petercontibrown.bsky.social macroeconomicpolicynexus.substack.com/p/the-feds-i...

Great discussion between @davidbeckworth.bsky.social & @robin-j-brooks.bsky.social on the ways in which stablecoins are likely to increase, rather than undermine, dollar hegemony: bsky.app/profile/davi...

Latest newsletter: macroeconomicpolicynexus.substack.com/p/dollar-dom...

Fed independence is under serious threat. 🚨Tune in next Tuesday at 12pm ET to my Substack Live Stream with @petercontibrown.bsky.social 🚨 We will discuss the firing of Federal Reserve Governor Lisa Cook, the future of Fed independence, and much more. Link: open.substack.com/live-stream/...

Here's this morning's live stream on Stablecoins with @davidbeckworth.bsky.social who runs the Macro Musings podcast at the Mercatus Center at GMU. We debate if Stablecoins can boost demand for Dollars and thus could boost Dollar hegemony still further... robinjbrooks.substack.com/p/live-strea...

Also, per @tracyalloway.bsky.social, the real discussions at Jackson Hole this week will be about Fed independence. Some may invoke independence definitions (1) and (2) below in their conversations, but I think (4) is the real concern as I explain here: shorturl.at/Je7zB (2/2)

New conversation on the importance of relationship building at Jackson Hole and other CB gatherings. When metrics aren't reliable and collateral values uncertain, CB relationships become paramount in financial crisis management, as shown by Aditi Sahasrabuddhe. (1/2) youtube.com/shorts/ZgR1l...

Since it is Jackson Hole week, my outlook and hope for the big reveal of the Fed's new framework. And my hopes for a few other Fed reforms: shorturl.at/tFW9f (1/2)

Since it is Jackson Hole week, my outlook and hope for the big reveal of the Fed's new framework. And my hopes for a few other Fed reforms: shorturl.at/tFW9f (1/2)

Latest newsletter macroeconomicpolicynexus.substack.com/p/the-rise-a...

Yesterday I taped a Macro Musings episode with @davidbeckworth.bsky.social to discuss the global tariff war, why the US backed down against China in April, US reserve currency status plus secondary tariffs and sanctions on Russia’s shadow fleet. Episode will air on August 25. Huge thanks to David…

Delighted to have @rashad-ahmed.bsky.social on the show this week to discuss the macro implications of crypto, including the potential dollarization of Europe via stablecoins, Fed's global role via stablecoins, tbill yields relationship to stablecoins, and more! (1/2) www.youtube.com/shorts/GrNsG...

@davidbeckworth.bsky.social 's interview with Paul Kupiec is really interesting. A major point is the fact that just some of the Regional Fed are losing money, not all

🎙️Think you know Fed's balance sheet issues? Wait to you hear the Paul Kupiec show!🎙️ -Fed losses not shared by all Fed banks. Some still profitable! -Fed can require private member banks to help recapitalize Fed's BS. -The SOMA portfolio gets allocated across Fed banks. youtu.be/Cxbx-mLF8bQ (1/2)

My latest newsletter: macroeconomicpolicynexus.substack.com/p/the-consol...

Latest newsletter on the drift to fiscal dominance in the United States. macroeconomicpolicynexus.substack.com/p/drifting-t...

New BIS Bulletin out! “Retail investors in private credit”, with S Doerr & K Todorov, taking stock of the push pf PC towards retail, with a focus on BDCs & ETFs, & drawing implications www.bis.org/publ/bisbull...

Sen Ted Cruz has brought Fed plumbing into the spotlight. His plan to end IORB won’t save $1T, but it does raise the right question: why is the Fed so central to our financial system? I argue a demand-driven ceiling system brings better balance. macroeconomicpolicynexus.substack.com/p/rising-fro...

Delighted to have @markblyth.bsky.social join me to discuss his new book, 𝑰𝒏𝒇𝒍𝒂𝒕𝒊𝒐𝒏: 𝒂 𝑮𝒖𝒊𝒅𝒆 𝒇𝒐𝒓 𝑳𝒐𝒔𝒆𝒓𝒔 𝒂𝒏𝒅 𝑼𝒔𝒆𝒓𝒔. We had a great conversation on the political economy of inflation. We also had some fun discussing Mark's other hobby: music. (1/2) youtu.be/SX2AEXCRtsc?...

What do powerlifting and economic hysteresis have in common? My latest newsletter explores this connection, building on @petercontibrown.bsky.social Conti-Brown's powerlifting journey and @lucafornaro.bsky.social's hysteresis research. macroeconomicpolicynexus.substack.com/p/let-it-fai...

Super fun show this week with @seanvanatta.bsky.social and @petercontibrown.bsky.social on their new history of bank supervision in the United States. We also cover the recent SCOTUS case on POTUS removing Fed governors, powerlifting, and more! www.mercatus.org/macro-musing... (1/n)

macroeconomicpolicynexus.substack.com/p/what-is-th... Great discussion of when monetary dominance turns into fiscal dominance by @davidbeckworth.bsky.social

Aaaand new paper is out! “Stablecoins and safe asset prices” with the awesome @rashad-ahmed.bsky.social Quantifying the effects pf stablecoin flows on Tsy yields with instrumented linear projections, documenting asymmetric effects of inflows vs outflows www.bis.org/publ/work127...

My introductory remarks on the panel discussion about the future of central bank operating systems at the @AtlantaFed's Financial Markets Conference open.substack.com/pub/macroeco...

My introductory remarks on the panel discussion about the future of central bank operating systems at the @AtlantaFed's Financial Markets Conference open.substack.com/pub/macroeco...

Just realized that something similar was discussed in this Macro musing episode ( @davidbeckworth.bsky.social ) with Bill Nelson, in which they actually called it "demand-driven ceiling system~ clever 😀 www.mercatus.org/macro-musing...

On Macro Musings with @davidbeckworth.bsky.social, ESB expert @skandaamarnath.bsky.social explores the Federal Reserve's decision-making framework—and how it could improve, making the case for targeting nominal income and spending, not just inflation. 🎙️ Listen: www.mercatus.org/macro-musing...

Ran into my favorite @ecb.europa.eu official at the Hoover monetary policy conference! @isabelschnabel.bsky.social

This article is my vague attempt to say that ECB & BoE's demand-driven floor system is actually a much better framing to the Fed's "ample" reserve

My latest newsletter, motivated by my discussion with @skandaamarnath.bsky.social on the podcast, looks at how the FOMC can firm up its inflation target by anchoring it to a stable nominal income growth path. macroeconomicpolicynexus.substack.com/p/a-two-for-...

Very interesting. The Fed famously has legions of economists at its disposal, maybe too many, and certainly more than just about all other central banks make do with. But the governance issues (hierarchy, limited accountability) are probably more serious.

New podcast this week with Andy Levin on his new policy brief and its call for an independent IG at the Fed: www.mercatus.org/macro-musing...

The Fed is caught between political pressure and economic uncertainty. But there’s a simple idea—a safe harbor—that could help in this very moment to preserve the Fed's independence. What is it? See my latest newsletter for the answer! macroeconomicpolicynexus.substack.com/p/a-safe-har...

Delighted to have Paul Blustein join the podcast this week to discuss his new book on the dollar. www.mercatus.org/macro-musing...

One step closer to the "That 70's Show" macroeconomicpolicynexus.substack.com/p/from-liber... @pkrugman.bsky.social

No better way to prepare for "Liberation Day" then to have @scottlincicome.bsky.social help you make sense of the trade war on the pod www.mercatus.org/macro-musing... and then follow up with my newsletter. macroeconomicpolicynexus.substack.com/p/trade-wars...

Many excellent points in this new FT essay on the resiliency of globalization, but the most important IMO are all the data showing, contra the Trump spin, that the world can and will move on without the USA. www.ft.com/content/1efd...

Inflation expectations are not as well anchored as they were before 2020. As a result, they are more susceptible to price shocks from the tariffs. I discuss what this means for the Fed's journey to 2% inflation in my latest newsletter. macroeconomicpolicynexus.substack.com/p/once-bitte...

Inflation expectations are not as well anchored as they were before 2020. As a result, they are more susceptible to price shocks from the tariffs. I discuss what this means for the Fed's journey to 2% inflation in my latest newsletter. macroeconomicpolicynexus.substack.com/p/once-bitte...

𝑷𝒓𝒐𝒏𝒂𝒕𝒂𝒍𝒊𝒔𝒎 𝒂𝒔 𝑴𝒂𝒄𝒓𝒐𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝑷𝒐𝒍𝒊𝒄𝒚? That is the case I make in today's newsletter, including a really 🔥hot take🔥 that Agentic AI will serve as a form of 'digital pronatalism' moving forward. macroeconomicpolicynexus.substack.com/p/pronatalis...

𝑷𝒓𝒐𝒏𝒂𝒕𝒂𝒍𝒊𝒔𝒎 𝒂𝒔 𝑴𝒂𝒄𝒓𝒐𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝑷𝒐𝒍𝒊𝒄𝒚? That is the case I make in today's newsletter, including a really 🔥hot take🔥 that Agentic AI will serve as a form of 'digital pronatalism' moving forward. macroeconomicpolicynexus.substack.com/p/pronatalis...

A plea to the FOMC's framework review: "Don't Throw Out the Makeup Policy Baby with the FAIT Bathwater". Yes, fix FAIT but let's not abandon level targeting altogether.There are good reasons to hang on to some form of it. macroeconomicpolicynexus.substack.com/p/dont-throw... @pkrugman.bsky.social

Imagine if Chair Powell did not have to answer this questions because the Fed was targeting nominal income. Doing so would allow the Fed to see through such supply-shock inflation while still having a credible nominal anchor. Something to think about for the framework review!

The ECB continues it journey to a ‘demand-driven floor system.’ I do wonder, though, if at the end of this journey we could call this operating framework a ‘demand-driven ceiling system’?