Comment expliquer les tentatives de #Trump de prendre le contrôle de la Federal Reserve et de sa politique monétaire ? J'ai esquissé quelques éléments de réponse sur @franceculture.fr, dans Entendez-vous l'éco ? Merci @alietteh.bsky.social pour l'invitation ! www.radiofrance.fr/francecultur...

Très bonne émission d'Endendez-vous l'Eco et @alietteh.bsky.social aujourd'hui. @adecabanes.bsky.social revient sur la décision récente de J. Powell de ⬇️ les taux après des mois de pression de Trump et sur le débat persistant autour de l’indépendance de la Fed www.radiofrance.fr/francecultur...

Comment expliquer les tentatives de #Trump de prendre le contrôle de la Federal Reserve et de sa politique monétaire ? J'ai esquissé quelques éléments de réponse sur @franceculture.fr, dans Entendez-vous l'éco ? Merci @alietteh.bsky.social pour l'invitation ! www.radiofrance.fr/francecultur...

Décryptage de la saturation récente de l'espace public par la dette. @blast-info.fr @edladecouverte.bsky.social youtu.be/R7oaD5Hy_zw?...

Nice @bloomberg.com graph depicting the evolution of #France sovereign credit rating since the Eurozone crisis. It shows the role of the social & political crisis caused by Macron (2023 pension reform, 2024 snap election and subsequent governmental instability) in the current cycle of downgrading.

Since the start of von der Leyen's second mandate, EU sustainable finance norms face intense dismantling pressures. My new @JEPP article shows this started years ago when the fossil fuel industry “woke up” to the EU Taxonomy. 🧵 #EUTaxonomy #SustainableFinance👇 1/10

🚨 New paper accepted in @JCMS_journal! 🚨 "Central bankers as migrating birds: How inflation shapes the rhetorical strategies of doves and hawks" With Bart Stellinga and Matthias Thiemann Paper: doi.org/10.1111/jcms... Blog: lnkd.in/eNAm9NzA

Fascinating piece by @clemfon.bsky.social on the political struggles surrounding the classification of economic activities as sustainable in the EU Taxonomy. The article explains how the Taxonomy has been watered down by analyzing the conflicts between the Commission & interest groups. A must-read !

I'm really pleased to be featured in @justmoney.bsky.social's current scholarship post. Looking at the Bank of Japan and Fed archives, I argue that QE was always linked to public-sector support, but that effect was deliberately suppressed in central banks' public research and other comms.

Bayrou a bouleversé la rentrée politique en annonçant hier la convocation d’une session extraordinaire du Parlement le 8 septembre, durant laquelle le PM engagera la responsabilité de son gouvernement. Comment lire et interpréter cette décision ? Un thread 🧶 1/23 www.lemonde.fr/politique/ar...

Bayrou a bouleversé la rentrée politique en annonçant hier la convocation d’une session extraordinaire du Parlement le 8 septembre, durant laquelle le PM engagera la responsabilité de son gouvernement. Comment lire et interpréter cette décision ? Un thread 🧶 1/23 www.lemonde.fr/politique/ar...

Just received this statement from Lisa Cook: "President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022."

Trump posts a letter stating that he is removing Fed Governor Lisa Cook

France 10-year sovereign bond yield is at 3.37%, a level that is not worrying per se. However, the comparison with other €-Area countries does not look good: 🇨🇵 10y bond yield is just a bit lower than 🇮🇹 (3.52%) & 🇬🇷 (3.38%) and it is higher than 🇪🇸 (3.26%) & 🇵🇹 (3.11%) 1/3 www.ft.com/content/6ab6...

Let's "The Apprentice but at the Federal Reserve's Board of Governors" season 2 begin ! Season 1 recap : it started pretty well back in 2017, but let's not forget that it ended up with one character (i.e. the Senate) stopping all the action #Goodfriend #Cain #Moore #Shelton

Adriana Kugler, one of the 7 members of the Federal Reserve's Board of Governors have just resigned, effective on August 8th. Even though her term was running until end of January 2026, her resignation vacates a seat at the Fed #Board earlier 1/2 www.federalreserve.gov/newsevents/p...

The @ecb.europa.eu‬ has added a climate factor into its collateral framework to better manage financial risk from climate change. GreenCB.co/40MuH10 @reclaimfinance.org @positivemoneyeu.bsky.social‬

Instructive piece by @alphaville.ft.com on the #repo market, that shows how banks’ intragroup transactions (between commercial & investment arms) explain a substantial part of the rise of negative haircuts in Europe TL;DR => post-2008 ringfencing measures are toothless www.ft.com/content/301b...

Budget 2026 : « Le “bon sens” supposément unanime sur la dette est au service d’une véritable politique de classe »

Dear President Donald J Trump, can you please let me finish writing my doctoral dissertation on the relationship between the Federal Reserve and the US political field & actors, before transforming these relationship in an unprecedented way? Many thanks in advance www.axios.com/2025/07/16/t...

L'offensive de #Trump sur la Federal Reserve et son président, Jerome Powell, franchit un nouveau palier : selon le @nytimes.com, Trump aurait sondé des parlementaires républicains sur la perspective de démettre #Powell (le président de la #Fed) de ses fonctions www.nytimes.com/2025/07/16/u...

----JOB---- Phenomenal World is seeking a Managing Editor to join our team. Please circulate widely, and email [email protected] to apply! www.phenomenalworld.org/events/pw-se...

Ive written about @ecb.europa.eu and @ec.europa.eu push for a Savings and Investment Union: SIU, the new answer to 'how do we pay for' , is a Trojan horse for the American welfare model, increasingly in the hands of (private equity) financiers www.ft.com/content/052e...

🚨New article🚨 The consensus is that contestation pushed central banks to talk 𝘮𝘰𝘳𝘦 about inequality & climate. Our theory: At first, CBs seek to ward off politicization by talking 𝘭𝘦𝘴𝘴 about controversial topics. We tested this 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐬𝐢𝐥𝐞𝐧𝐜𝐞 𝐡𝐲𝐩𝐨𝐭𝐡𝐞𝐬𝐢𝐬.🧵 onlinelibrary.wiley.com/doi/10.1111/...

I find it extraordinary that this @financialtimes.com long read on systemic climate shocks says nothing about central banks' experiments with decarbonising monetary policy, the single most important monetary climate action ever www.ft.com/content/9e5d...

Publication day! @seanvanatta.bsky.social and I are proud of this book and hope you’ll love it. Let us know what you think!

NEW PAPER Oil, shipping, tariffs: We are back in a world of cost shocks. Our AI/LLM analysis of 138,962 corporate earnings calls shows how economy-wide cost shocks let large firms raise prices & increase profits—triggering sellers' inflation. 🧵 Open access: www.sciencedirect.com/science/arti...

9/11 puis guerre en Afghanistan / invasion de l'Irak / référendum sur le TCE / affrontements Hezbollah-Israël de 2006 et premier test nucléaire de la Corée du Nord / explosion de la bulle des subprimes #générationcrises

Welcome to the fantasy world of the #EPP, where the climate crisis will solve all by itself, without the need of any ambitous environmental public policies nor constraining measures on the firms responsible for greenhouse gas emissions 🤬

The Trump administration seeks aggressive financial deregulation, global bubbles are expanding in private credit & cryptos, and now the 🇪🇺 Commission wants to revive the use of #securitization, after postponing Basel III Endgame. What could possibly go wrong? www.politico.eu/article/euro...

Debt, a tool for crushing democracy Thanks to @harrstetler and @jacobin for this interview jacobin.com/2025/05/debt...

We wrote about the US ruling class taking the reins to manage its own decline. What do the Trumpist factions of capital want? Can that be squared with the interests of the MAGA base? Capable state managers could potentially thread the needle, but that's all gone. With @cedricdurand.bsky.social.

Capital's factions clashes in the Trump2 era. "The ambitions of the new Silicon Valley elite is not only to incapacitate the federal bureaucracy, but also to dethrone Wall Street." with @benbraun.bsky.social www.phenomenalworld.org/analysis/ame...

Markets won’t do it alone ❌ @jvtk.bsky.social and @steffenmurau.bsky.social argue that euro internationalisation keeps falling flat without active offshore monetary governance 👇

Sorry, but this stuff drives me absolutely crazy. I’m sorry economists & journalists are just discovering the field of international political economy. But we’ve been studying & publishing about this stuff for 50 years now. There’s no new age of anything & “geoeconomics” has been around forever.

Are central banks turning into research institutes? Happy to share the publication in @finandsoc.bsky.social of an article on the scientization of the @bankofengland.bsky.social, "Not a steamroller, a 3D process", with F. Sergi, F. Claveau & @clemfon.bsky.social www.cambridge.org/core/journal...

Now is the litmus test for the rule of law in the #US : the Trump administration is openly defying a unanimous Supreme Court order. What will the various components of the US state appartus do now ? All US civil servants swore to support & defend the Constitution www.theatlantic.com/politics/arc...

📢 OUT NOW Legitimating #Austerity: The #Politics of Crisis in Southern Europe by @tiagomramalho.bsky.social Focusing on #Greece, #Portugal, and #Spain this book reexamines the politics of austerity during the #EuroCrisis💶 Find out more 👉 bit.ly/4iG2z61 #PoliticalEconomy

This but with the Trump Administration / the Fed / the Treasury market youtu.be/aJCSNIl2Pls?...

La guerre commerciale lancée par #Trump risque déclencher une nouvelle crise financière => comment les annonces des hausses des droits de douane par le Président US se sont transformées en un krach boursier, qui mute actuellement en crise systémique ? Un thread 🧶 www.reuters.com/markets/glob...

The latest Chartbook just dropped! Is a "Treasury market unwind" in progress?

La guerre commerciale lancée par #Trump risque déclencher une nouvelle crise financière => comment les annonces des hausses des droits de douane par le Président US se sont transformées en un krach boursier, qui mute actuellement en crise systémique ? Un thread 🧶 www.reuters.com/markets/glob...

“Everyone is worried about the basis trade” Check this great article in hedge funds by Paul. Among other things it uses an update to our article www.bis.org/publ/qtrpdf/... (check update here: papers.ssrn.com/sol3/papers....), linking MMF to hedge funds’ basis trade through sponsored repo 1/

Ok what’s going on here? Yields are going up which means bond prices are going down. Fewer buyers of the world’s safest asset. Normally when the economy slows, there’s a flight to safety, not away from it. Means the world may be abandoning America. We are flirting with a true crisis.

The reason people are freaking out a little about the spike in Treasury yields today is that it suggests that in the wake of tariff-induced stock market turmoil, investors are *not* increasing their demand for US dollars but seeking to get out of these positions.

In a dollar crisis the US will have good reasons not to offer swap lines: this will force foreign central banks to borrow in foreign exchange markets, dampening potential flight from dollar safe assets

Great @financialtimes.com piece on yesterday Treasury sell-off: the stock market crash caused by #Trump trade war led to 'a dash for cash' among market operators (especially hedge funds) who sold safe assets (Treasuries) to raise cash to deleverage & meet margin calls TBC www.ft.com/content/6239...

"The Fed’s five current standing swap lines ... are not as long-standing as many believe; they are reconstituted annually." Aditi Sahasrabuddhe on the politically imperiled thread by which everything is hanging in the next financial crisis. www.ft.com/content/4ed9...

Big unknown of the day : will something, somewhere break? In other words, will the current shock create (through redemption demands / fire sales / margin calls) a doom-loop between the stock market crash and the most speculative & least regulated segments of financial markets (ie shadow banking) ?