Here's each G7 country's cumulative increase in real GDP per capita, since just before the pandemic: 🇺🇸 +11.3% 🇮🇹 +7.7% 🇯🇵 +3.7% 🇫🇷 +3.2% 🇬🇧 +0.8% 🇨🇦 +0.5% 🇩🇪 -1.7%

New from UC-Irving eocnomists: #OpportunityZones increased job creation among businesses in targeted areas, but large share of new jobs in zones is offset by declines in nearby low-income tracts. A thread nber.org/papers/w34589

A new dataset made available on the Federal Reserve Bank of New York’s public website contains time-consistent balance sheets and income statements for commercial banks in the United States from 1959 to 2025. libertystreeteconomics.newyorkfed.org/2025/12/a-ne...

While criticiizing the Fed for the size of its balance sheet, Trump admin is swelling those of Fannie and Freddie www.bloomberg.com/news/article...

Quote of the day: “You can detest Chavismo with every reason,” said Blanca Vera Azaf, an economic commentator. “But from there to turning into a traitorous hyena shows that you sold your soul to Hades.” www.nytimes.com/2025/12/17/w...

CNBC says Waller had a "strong interview" with Trump at the White House for the Fed chair post tho CNBC cautions not to see him as the favorite. "The Apprentice" continues. Says Rieder will be interviewed before year-end in Mar-a-Lago. Bowman not a contender. www.cnbc.com/2025/12/19/w...

Mitt Romney: On the tax front, it’s time for rich people like me to pay more. Also, means test Social Security and Medicare www.nytimes.com/2025/12/19/o...

VIDEO Pressure on Zelenskyy and prospects for peace. Great conversation with Fiona Hill, Tom Wright, Mariana Budjeryn. Moderated by Anton Troianovski. @brookings.edu #ukraine www.brookings.edu/events/ukrai...

The White House claims the vote to rename the Kennedy Center was “unanimous.” That is false. I was muted on the call and denied the opportunity to speak or register my opposition. That is not consensus. That is censorship.

Ed Glaeser and Samantha Silverberg explain how screwed up the federal government's approach to subsidizing muni transit system's procurement of buses is -- and what to do about it. Short video. via @brookings.edu youtu.be/XLTGu8HFvuQ?...

Why is the independence of the Fed so important? Former Fed chairs Ben Bernanke & Janet Yellen answer in a short @brookings.edu video. youtu.be/xeIAlIEzlI8?...

Bessent

Brookings’ Hutchins Center forms task force on reducing impact of extreme weather on insurance costs and availability    www.brookings.edu/news/brookin... @brookings.edu

Shout out to the 1.1mn men who took paternity leave so far in 2025, up from 843k last year with one month to go in the year. Some good things are happening too! h/t @laurarosner.bsky.social

In a short video, Ben Bernanke and Janet Yellen explain why maintaining the independence of the Fed is so important to U.S. prosperity. Via @brookings.edu www.youtube.com/watch?v=xeIA...

Trump to interview Chris Waller for the Fed job too. It's like The Apprentice. www.wsj.com/economy/cent...

And since it's all on tape, Wiles can no longer deny she said what she said. She just has to say that "significant context was disregarded." Because if there's one thing her boss is known for, it's making sure everything he says includes significant context. 4/

Susie Wiles tells Vanity Fair Trump “has an alcoholic’s personality.” Vance’s conversion from Never Trumper has been “sort of political” and the VP has been “a conspiracy theorist for a decade.” Russell Vought is “a right-wing absolute zealot.”

At 4.6%, the unemployment rate in November is six-tenths higher than it was in January 2025 and at the highest level since September 2021. www.bls.gov/charts/emplo...

Susie Wile trashes nearly everyone in the Trump orbit (including Trump) in Vanity Fair interviews. Shades of David Stockman? www.nytimes.com/2025/12/16/u...

Looney & Patel: Work Opportunity Tax Credit was supposed to encourage employers to hire disadvantaged veterans, people with felony records, and recipients of certain safety net programs. It costs $2 billion a year. It isn't working. It shouldn't be extended. www.brookings.edu/articles/the...

Confess I had not thought through the implications of no data collection in Oct. for Nov.'s jobs report until I read BLS's FAQ. 1)CPS is a panel. No collection in Oct means no new respondents initiated into the survey, and so many more need to be added in Nov. 2)above clearly has implications for

Boston Fed's Susan Collins explains why she voted to cut rates in December, says she'd want "greater clarity about the inflation picture" before voting for any further rate cuts. www.linkedin.com/feed/update/...

There is so much for which to remember Rob Reiner. In my family, we have long treasured this one bit he did with Carroll O'Connor on "All in the Family." It has always made me laugh, no matter how many times I've watched it. And we all could use a good laugh these days

Ira Stoll: Robert J. Samuelson, 79, Independent-Minded Columnist open.substack.com/pub/smartert...

Chart of the morning: German imports from (up) and exports to (down) China. Via www.wsj.com/world/europe...

St. Paul imposed rent control and housing construction stalled.. Minneapolis, across the river, didn't and more housing was built. via Rebecca Picciotto of @wsj.com www.wsj.com/real-estate/...

RIP Robert J (Bob) Samuelson, long-time Washington Post columnist.

Extraordinary courage from Ahmed al Ahmed, a Muslim, 43-year-old father of two, who bravely risked his life to save his neighbors celebrating Hanukkah. Praying for his full & speedy recovery. And so deeply inspired by his example.

At least two students who were on Brown’s campus last night have survived shootings before — in high school. “People always think, well, it’ll never be me. .. And until I was shot in my school, I also thought the same thing.” @camillebaker.bsky.social www.nytimes.com/2025/12/13/u...

Masked men wearing ICE vests—but who refused to present a warrant or identify themselves—roped off a construction site, trapping two men on a roof for hours in subzero temps. Protesters gathered. Masked men eventually left, and one man on the roof was taken away by ambulance kstp.com/kstp-news/to...

If you are looking for a reliable source, refresh this page periodically from the Brown Daily Herald. They are posting periodic live updates at the moment. www.browndailyherald.com/article/2025...

Lunch with FT is often a fun read, sometimes enlightening, and then there are times like this week when you meet someone new giftarticle.ft.com/giftarticle/...

WSJ says Trump suggests the Fed choice is down to Hassett and Warsh

Crypto can only survive long-term if it gets access to the publicly backed banking system. In one fell swoop, the OCC—the regulator for national banks—just approved five (5) bank charter applications by crypto companies. www.occ.gov/news-issuanc...

Hammack, Logan, Kashkari are voter 2026 👀

BPI's Bill Nelson uses Fed bank discount-rate requests to identify who is behind the six dots that opposed Dec rate cut . Voters Goolsbee, Schmid are obvious. He thinks Hammack, Logan, Kashkari also favored no cut. The remaining no-cut dot, he figures, is Collins, who was persuaded not to dissent.

Federal Reserve Board renews the terms of 11 of the 12 Federal Reserve bank presidents for another five years. (Atlanta Fed's Bostic said he would resign effective end of February.) www.federalreserve.gov/newsevents/p...

Former Fed Vice Chair (and current @brookings.edu Hutchins Center fellow) Don Kohn’s testifies on why the Fed should be allowed to continue to pay interest on bank reserves www.brookings.edu/articles/don...

Fiona Hill & Tom Wright on latest developments in the negotiations to end the Russia-Ukraine war www.brookings.edu/articles/beh... podcast w/transcript @brookings.edu

We now learn that Fifa had a very specific "ask" in exchange for its "Peace Award" to Trump, with loads of gold trinkets, and that was dismissal of a criminal corruption case against senior Fifa officials. And Trump granted it. Another corrupt bargain, barely noticed (and ignored by US media).

Fact o morning: Overseas investors hold around one third of UK commercial real estate; private equity funds own 8% after post-pandemic growth. via @bankofengland.bsky.social bankunderground.co.uk/2025/12/11/w...

Bob Zoellick argues J.D. Vance is the author of the new (Teddy Roosevelt is baack!) national security strategy -- and views it as a dangerous turn in US policy toward the rest of the world. www.wsj.com/opinion/whit...

My @brookings.edu colleagues on Trump’s 2025 National Security Strategy www.brookings.edu/articles/bre...

JUST PLEASE DON'T CALL IT QE OK

Comparing the dots (six showed no cut today in their projections for optimal policy) and the committee vote, Powell seems to have persuaded some FOMC members who didn't favor a 1/4 cut to vote for it. Vote was 9-3. www.wsj.com/economy/cent...

The number of FOMC participants who see downside risks to GDP growth has come down a lot since September www.federalreserve.gov/monetarypoli...

This comes right from the dopey biz leaders of the @washingtonpost.com — making another dumb “high concept” thing no subscriber or subscriber to be ever asked for (or wants).

The national total of state sales tax revenue from sports betting rose from $190 million in Q3 2021 (when data collection began) to $917 million in Q2 2025, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Tax Revenue www.census.gov/library/stor...