FED

  The nomination of Kevin Warsh to replace Jerome Powell as Federal Reserve Chair has many people wondering: What makes a good Fed chair? The answer, it turns out, depends on the environment in which the chair will operate. The characteristics that matter most for running an independent central bank differ from those for a […]

  Central bank independence isn’t just wonky economic theory. It’s a stabilizing force in fiat money-using economies. When shortsighted politicians control monetary policy, the public suffers. Consider that with a 10 percent inflation rate, a $50,000 salary loses $5,000 in purchasing power annually—that’s a month’s rent, a year of groceries, or your child’s college savings evaporating. […]

  Introduction Since returning to office in January 2025, President Donald Trump has made the Federal Reserve a central target of his presidency. At first, there were hints of serious reform, including talk of a Fed audit with Elon Musk and even considering former Congressman Ron Paul—long a critic of the Fed as an institution and of […]

  Federal Reserve Governor Christopher Waller recently offered his perspective on the Fed’s balance sheet, which still stands at over $6.6 trillion. According to Waller, the issue facing the central bank is not the size of the Fed’s balance sheet but the structure of its assets — especially their duration. It’s a compelling case, and it deserves a […]