At the press conference for today’s FOMC meeting, there was a lot of talk about how the 50bps drop was dramatic. That focused on the change, rather than the level…Consider what some measures of the Taylor rule (which refers to the level of the Fed funds rate) indicate.
Category Archives: Federal Reserve
Ten Year Treasury Yields, Dollar Index Down
Apparently some news:
Steve Kamin: “The Fed Is (Nearly) the World’s Most Hawkish Central Bank”
From the article (published 9/10), two key graphs:
JD Vance: “The political leadership of this country should have a greater say on the monetary policy of the United States”
My transcription of JD Vance’s statement re: the Fed, on “State of the Union”, interviewed by Dana Bash today. Might’ve gotten a few words wrong, but got the essence I think.
Fed Funds Path as of Noon ET
From CME:
An Eventful Week – Interest Rates
10 year Treasury yields are down 40 bps over the week.
Will Peter Navarro Be Right on Powell?
As noted earlier, Peter Navarro indicated Jerome Powell would be “gone in a hundred days”. Trump in a Bloomberg interview:
The Market Based SOFR Path
As of 7/15 and month ago:
“Mandate for Leadership” (aka Project 2025) on Monetary Policy
See full document here (couldn’t download from Heritage when I tried). Here’s the text for monetary policy.
Supreme Court Views on Price Stability and Full Employment
In the wake of the SCOTUS decision regarding Chevron deference, I investigate this issue. Here is a summary of academic research on Supreme Court views on these topics, separate from whether fiat money as currently established in the United States as unconstitutional (e.g., see here). I also defer discussion on whether the Federal Reserve is constitutional.