Budget Battles
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Shutdown Averted
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McCarthy’s Plan Fails, All but Guaranteeing a Shutdown
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Lawmakers Eye Border Deal to Help Avert a Shutdown
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Shutdown Odds Soar as McCarthy Rejects Senate Plan
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Senate Leaders Pitch New Plan to Avoid a Shutdown
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Trump Tells Republicans to ‘Shut It Down’
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What’s Next in the Shutdown Showdown
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Will Trump Try to ‘Overrule’ Monetary Policy?
By Mark ThomaHow will the Federal Reserve evolve during Donald Trump’s term as president? Presently, three of the seven positions on the Federal Reserve Board are vacant. These vacancies, along with the...
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Why the Treasury Is Ending a Low-Income Retirement Saving Program
Less than two years after the Obama administration rolled out a myRA, a savings program aimed at helping the millions of Americans without access to a retirement account through work, the Trump...
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Will Janet Yellen Give Wall Street a Scare?
For years, the Federal Reserve has been unable to convince the market it's serious about aggressively tightening policy. Janet Yellen and her cohorts have been guilty of "crying wolf," constantly...
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Is the Fed About to Wage War on the Rich?
For years, stocks have been driven relentlessly higher thanks to a single statement that summarized the aggressive central bank largesse since the eurozone crisis flared up in 2012: Policymakers...
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Is the Fed Fighting the Trump Rally?
The evidence is growing that the Federal Reserve’s policymakers are actively working to lean against the stock market's rise, a dramatic reversal from the years of policy support stock market bulls...
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The Fed’s Big Mistake: Rate Hikes Hurt US Workers
By David DayenProtesters rallied in Washington, New York City and Philadelphia yesterday against an imminent government action that would damage the financial prospects of ordinary workers. And no, it had nothing...
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The Fed, the Reality of Tax Cuts, and Donald Trump
By Mark ThomaFor many years, Republicans argued that tax cuts for the wealthy pay for themselves. Cutting taxes on the wealthy, according to Republicans, allows them to keep a larger share of anything new they...
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Will Unwinding the Fed’s $4.5 Trillion Balance Sheet Kill the Bull Market?
Over the last decade, investors have grown accustomed to a Federal Reserve that constantly coddled them, allayed their fears and did everything possible to support the financial markets and asset...
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The Key to This Market: Here’s What Will Determine if Stocks Rise or Fall
For now, instead of putting pressure on risk assets, the Fed's newfound hawkishness is bolstering the reflation trade by lifting the dollar higher and attracting global capital into U.S. assets. Same...
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Can Wall Street Handle Higher Interest Rates?
The Federal Reserve just raised interest rates for the second time in three months, signaling a dramatic quickening of its prior pace. For the first time in more than a decade, Fed policymakers are...
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Why Market Insiders Are Bracing for Weakness and Volatility
The stock market’s recent exuberance sets the stage for some serious disappointment from higher interest rates, perhaps as soon as two weeks from now.
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Why Trump Shouldn’t Be So Worried About the Trade Deficit
By Rob GarverFolks at the Federal Reserve Bank of St. Louis are trying to help President Trump understand trade deficits.
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If Trump Stacks Its Board, He Politicizes the Fed and Demeans Its Independence
By Mark ThomaDaniel Tarullo announced on Friday that he is resigning from the Federal Reserve Board of Governors in early April, nearly five years before his term expires on January 31, 2022. Governor Tarullo,...
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Trump Has a Chance to Remake the Federal Reserve
By Rob GarverThe Fed’s governing board of seven members tends to turn over relatively slowly, but President Trump took office with two empty seats on the board, and the announcement Friday that Daniel Tarullo is...
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In the Trump Administration, Credibility May be a Problem
By Mark ThomaAs a department chair at a university, you learn that a promise from the Dean or anyone else in the administration is good for about five years. That’s approximately how long Deans last, on average,...