Federal Reserve Governor Lisa Cook has sued the Trump administration in an effort to overturn the president’s attempt to fire her, launching an unprecedented legal battle that could significantly reshape the Fed’s longstanding political independence. https://to.pbs.org/4lLn4iL

This is a monumental case for American democracy and the health of our country’s economy. The courts must rule in favor of Federal Reserve independence and against Trump’s authoritarian instincts. www.nbcnews.com/business/eco...

#CollectiveCourage: Hundreds of economists from across the country have signed an open letter calling on Congress to uphold Federal Reserve independence. If you’re an economist, you can still sign on: https://docs.google.com/document/d/1oGrUv-_CoeulsLZDt_lyNTPbm9wYCAfiTLm7KMiwgzA/edit?tab=t.0

I reported this week's Money Talks podcast from the mountain, lake and lodge at Jackson Hole. Featuring Kristin Forbes, @jonsteinsson.bsky.social ‬, Barry Eichengreen and - at 10,000ft - @laura-veldkamp.bsky.social Listen to my Jackson Hole audio diary: www.economist.com/podcasts/202...

Teaching grad econ/finance this fall? Looking for rigorous + current material that excites students? The Data Economy: Inspect copy www.ingramacademic.com/978069125672... or buy now www.amazon.com/Data-Economy... Email @isaacbaley.bsky.social (from univ acct + course URL) for slides + answer keys.

Straub @JacksonHole2025: Looming debt crisis bc fewer workers, more retirees drive debt to 5xGDP. We can cut retirement, hike taxes. But we can also allow legal, young immigrants. The benefits of immigration are typically overlooked, but are worth years of Americans' income. #econsky

Emi Nakamura at Jackson Hole: Analyzing Taylor rule performance, she emphasizes -- Federal reserve reputation has been a powerful too for keeping inflation in check. "Reputation takes a long time to build up and is quick to destroy." An important warning in modern times. #econtwitter #JacksonHole

@Jackson Hole, Linda Tesar says: Americans moving from state-to-state is declining. But it's not unwillingness to move. Rather, the mix of jobs across states is becoming more similar. We don't move as much because other places don't have much better or worse labor markets. Homogenization. #Econsky

From Jackson Hole, Claudia Goldin says to gov't: If you want more American-born kids, then fund child care, don't deport the nannies and most of all, support gender equality. When men share the burdens, women have more babies. #JacksonHole #EconSky

Historic and well-crafted talk at a critical time in monetary policy history. The feeling in the room reflected the weight of the moment.

Chair Powell just signaled a willingness to cut rates. Bond markets responding strongly now. His argument is that tariffs represent only a one-time price increase, not a real threat of ongoing inflation. Time will tell. #JacksonHole #EconSky

Sitting in Jackson Hole this morning, curious about what Powell will say. The tension is palpable. #JacksonHole #EconSky

Politics and the Federal Reserve do not mix! It's not just bad for the Fed's reputation, it's also bad for the economy. Investors will be less willing to buy US assets if they can't trust the Federal Reserve to do its job without political interference.

NEW: I spoke to a dozen current and formers about low morale at ICE amid the Trump admin's relentless push for more and more arrests. Officers and agents aren't complaining or looking for sympathy but they're facing public anger & political pressure from above www.theatlantic.com/politics/arc...

Please consider supporting an exciting philanthropic venture by my son Paul and a schoolmate Rylan at the Bronx High School of Science that will bring AI education to Africa this summer: aiworldleaders.up.railway.app

The word "fringe" is very unfortunate. This short video clarifies why lives depend on these indirect costs cut from government health grants. zuckermaninstitute.columbia.edu/what-are-ind...

When I feel powerless amidst all the crazy, it's helpful to me to just do something. My something was taking the time to talk to NPR about why we should not cut federal data collection. I realize it won't change many minds. But it was something: www.marketplace.org/episode/2025... #econsky #dataecon

Similarly, uncertainty-related terms surged in April as well. Lots of mentions of pulling back on investment plans due to the uncertainty, highlighting the "business planning recession" idea @conorsen.bsky.social coined here: www.nytimes.com/2025/04/20/o...

We have a few spots left: If you are interested in learning how to do research on the data economy, check out our online summer course: sites.google.com/view/data-ec... #econsky @isaacbaley.bsky.social #Finance #AI

Striking stat from @kellycnbc.bsky.social on this: The rise in treasury yields since Trump’s tariffs were announced leads to an increase in US debt interest payments that is larger than all the DOGE savings.

Finally some good news! ... Congratulations to Stefanie Stantcheva on the 2025 John Bates Clark award for best economist under 40! I'm humbled to have been part of her selection and inspired by what she has accomplished. #econsky @s-stantcheva.bsky.social www.aeaweb.org/about-aea/ho...

Thank you Steve Kerr! A reminder that we can all stand up in our own way to preserve the institutions we treasure.

Pat Bajari was one of the most influential economists of the past 30 years, and an amazing person cla.umn.edu/economics/ne...

How can one person have so much power that their tariff obsession can crash the global economy? How did checks and balances fail so catastrophically?

Tourism tanks, recession risk rises. #econsky

Market chaos: uncertainty cranked to #econsky

The lesson of the "China shock" isn't actually about trade. It's about how hard it is for workers and communities to adapt to rapid economic changes. Now Trump is trying to reshape the global economy overnight, with potentially devastating consequences. #EconSky www.nytimes.com/2025/04/11/b...

Foreigners are afraid to come to America, for fear they’ll be locked up in secret jails. This is going to cripple the U.S. tourism industry #EconSky

Pessimistic consumers cut back on spending. #EconSky #Recession

A thoughtful and inspirational article. A quick read and well worth it.

From the University of Michigan survey: Consumer expectations of future economic conditions among Republicans have dropped notably (though are above year-earlier levels). Independents are back to the low point of the Biden presidency.

Worst Yelp review ever. 🤡 #UMich (via Michael McDonough)

Tools from #macroeconomics and #finance to incorporate the central role that data plays in the economy. @isaacbaley.bsky.social and Laura L. Veldkamp's The Data Economy is out now. Read a free sample: press.princeton.edu/books/hardco...

Interested in learning more about data markets? "Data Sales and Data Dilution," with @profsongma.bsky.social and Ernest Liu. JFE just made our article free to download for the next 7 weeks. Enjoy! authors.elsevier.com/c/1kuRM,6wzy... #econsky #dataeconomy

UBS takes a crack at how much tariffs will add to the price of an iPhone, an AppleWatch, a server, etc: $AAPL

Don’t be overwhelmed Just do #OneThing each day to Build community Stand up against evil Love your neighbor Serve the oppressed Show compassion Advance justice Defend democracy Spread joy Today=not one but two art parties

Stop using the term trade deficit. Importing more than we export means that we get more stuff from the rest of the world than we give. We could do this because they love holding the dollars we print and the dollar assets that used to be stable. Use "global surplus" or "dollar privilege"? #econsky

NYC HANDS OFF PROTEST💙

Happy to see people willing to cross historical boundaries to stand up for freedom. Also very relieved they didn't do it at Columbia. Let's create turmoil and direct negative attention at his place, not ours.

BREAKING: Hundreds of Jews and allies have taken over Trump Tower chanting “We want justice, you say how. Bring Mahmoud home now!” and “Fight Nazis, not students.” The civil disobedience is spawned by the ICE arrest of Palestinian student Mahmoud Khalil.

Uh-oh. #EconSky

At least some good news on gun control? I'll take what I can get these days...

Wow, consumer expectations at a 12-year low. This is in recession territory. www.conference-board.org/topics/consu...

Effects of Trade Policy Uncertainty - work done by @IMF. “The drag is stronger on investment than on consumption…” but hits both That little blip before now…the onset of the pandemic. Stunning.

The pace of crazy is so hard to keep up with. Under different circumstances, this would take all my focus to figure out what the heck is going on. www.washingtonpost.com/business/202...

Is uncertainty starting to affect the labor market? Indeed's daily index of job postings thru Mar 14 points to ongoing cooling in listings w/ largest declines in DC/Md but also Illinois & Wash & every state + national index below early Oct levels--no crash here outside DC but some loss of momentum

“Dudek also said the changes, happening so fast and with little public understanding, will create opportunities for scammers” What on earth are we doing here??

Strong words from my brilliant colleague @anuhazramd.bsky.social concerning the NIH HIV cuts. Read the whole article here #SaveHIVFunding #HIVSky #IDSky @hivma.bsky.social www.cnn.com/2025/03/25/h...

When scholars of authoritarianism and fascism leave U.S. universities because of the deteriorating political situation here, we should really worry.