So sayeth Donald Trump today. From FoxBusiness:
“My biggest threat is the Fed,” Trump said on Tuesday during an interview with FOX Business’ Trish Regan. “Because the Fed is raising rates too fast, and it’s too independent,” he complained.
Ashok Mody at UW: “EuroTragedy: A Drama in Nine Acts”
The effectiveness of large-scale asset purchases
That’s the topic of a piece I put up at VoxEU, which draws on my comments at a recent conference at the Brookings Institution.
N. Dakota “orphan soybeans” at 236 million bushels
That’s from WaPo. In 2017, the US exported 1.2 billion bushels to China: North Dakota’s orphan soybeans today are nearly 1/5 of total sales to China in 2017…
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Guest Contribution: “The New NAFTA”
Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. A shorter version appeared in Project Syndicate.
Trump: “I think the Fed has gone crazy”
Implicitly, Trump is saying John Taylor is crazy, since the original Taylor rule would imply even faster rises in the Fed funds rate (I am inferring from Professor Taylor’s discussion of neutral rates. Below I plot the implied Fed funds rate, assuming no interest rate smoothing, the Laubach-Williams one-sided estimate of the real natural rate, and a target variable of 4 quarter PCE inflation.
I’m Already Tired of Winning: MidWest Ag Trade Edition
A reader alerts me – from CNBC, indications farmers are going to take a hit, as export volume drops off a cliff.
United States tariffs are beginning to take their toll on farmers and the storage, shipping and freight operations they need to move their crops to market.
In North Dakota, soybeans from 2017 are still in storage after China pulled its contracts. Of the 15.9 million bushels left from that year’s crop, 12.1 million bushels are sitting in grain elevators. That is an increase of 68 percent.
More on the International Travel “Trump Slump”
Has spending on international travel to and tourism in the US dropped more than expected based on world GDP and the value of the dollar? Yes.
Guest Contribution: “Bill Nordhaus & Paul Romer, Nobel Prize winners”
Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers.
The Tourist “Trump Slump”
As international tourist arrivals have risen globally, those for the US have declined, as noted here.