Monday Morning Notes, 5/18/26 If You Don’t Have Time This Morning A new era begins with the Fed facing an inflation problem at least partly of its own making. Kevin
Updates: Hawkish Fedspeak, Inflation Data, Retail Sales Hawkish Fedspeak While a growing chorus of policymakers see above-target inflation as a greater risk they have yet to call for a rate
Monday Morning Notes, 5/11/26 If You Don’t Have Time This Morning The Fed is on an indefinite hold. Even if incoming Fed Chair Kevin Warsh wants to cut rates, it’s
Market participants are in the waning days of the Powell Fed. Fed Chair Jerome Powell will gift his successor Kevin Warsh a notably more hawkish FOMC than when President Donald
Powell Does Not Go Quietly Into the Night As we expected, the Federal Reserve held rates steady at its April FOMC meeting, leaving the statement little changed, including guidance indicating
Final Thoughts Ahead of the FOMC We have been anticipating that the Fed will not update the FOMC statement language tomorrow to eliminate the suggestion that the next move is
Monday Morning Notes, 4/27/26 If You Don’t Have Time This Morning The FOMC will hold rates steady this week and signal that policy is likely on hold for the foreseeable
Monday Morning Notes, 4/20/26 If You Don’t Have Time This Morning The Fed is set to hold policy steady at next week’s FOMC meeting. There was no pressing case for
Quick Update: Bessent, Trump, and the Fed In interviews this week, US Treasury Secretary Scott Bessent has offered his implicit support of steady monetary policy, at least for the time
Inflation Updates To date the Federal Reserve has held a bottom-up view of inflation betting on a three-leg parlay – goods prices slow as tariff impacts fade, housing disinflation continues,
Monday Morning Notes, 4/13/26 If You Don’t Have Time This Morning The Iran conflict continues this week, and with it continued upward pressure on energy prices. With labor markets largely
Monday Morning Notes, 4/6/26 If You Don’t Have Time This Morning It looks like the Federal Reserve has both underestimated the persistence of inflation and overestimated potential growth, ironically following
Updated Federal Reserve Probabilities Updated Probabilities Our updated probabilities continue to point to a patient Fed navigating tension on both sides of its dual mandate, at least until the data
Monday Morning Notes, 3/23/26 If You Don’t Have Time This Morning The Iran conflict and associated energy shock have intensified the tension between the two sides of the Fed’s mandate.
Monday Morning Notes, 3/16/26 If You Don’t Have Time This Morning The challenge for the Fed this week, particularly its most dovish participants, is that three consecutive hot core PCE
Monday Morning Notes, 3/9/26 If You Don’t Have Time This Morning Depending on the duration and magnitude of the war in Iran and coming energy shock, Fed Chair Jerome Powell
Ahead of the Employment Report Friday’s employment report will help set the tone for the March FOMC meeting. At this point with Fed doves holding firm to their expectation that all
Monday Morning Notes, 3/2/26 If You Don’t Have Time This Morning The US and Israel dominated the news over the weekend as they launched an attack on Iran, killing key
AI, Warsh, and the Search for Neutral Key Points Discussion and Analysis The Federal Reserve is wrestling with how AI and higher productivity more broadly could affect the economic and
Labor Market Update: Openings, AI, and Wage Growth While market participants focus on the potential impact of AI on white-collar jobs, AI-impacted job openings appear to be firming as well
