The Fed Pauses. Politics Looms
Jerome Powell has two formal opportunities left to move interest rates before the end of his term at the helm of the Federal Reserve. He...
Category: Monetary policy
The Inflation Mirage: When the Numbers Behave but the Empire Still Burns
US core inflation slowed more than expected in December, offering Washington a rare moment of numerical relief at the end of a year disfigured by...
When the White House Puts a Gun on Monetary Policy
As the Trump administration prepared to anoint the next chair of the US Federal Reserve, it chose instead to fire a warning shot at the...
New pressures on FED independence
The line that once separated monetary authority from political power has finally been crossed — not with a speech, nor with a reform bill, but...
Europe Calls Time on Rate Cuts
Markets are quietly, but decisively, signalling that Europe’s great rate-cutting adventure is already drawing to a close. Across the continent, investors are converging on the...
The Fed’s 2026 Reckoning: When Data Meets Debt and Illusion
The long-simmering argument in the US Treasury market over what the Federal Reserve will dare to do in 2026 is about to turn openly confrontational,...
The Fed Cuts Again: a new piece of theatre
The Federal Reserve, ever anxious to appear both decisive and contemplative, has delivered its third consecutive rate cut, trimming another 25 basis points from the...
The ECB’s 2% Illusion
Consumer prices rose 2.2% in November compared with a year earlier, up from 2.1% in October and slightly above the median forecast of economists surveyed...
When the Fed Loses the Plot
Investor certainty over a December rate cut, a confidence the Federal Reserve had itself so carefully stage-managed, has evaporated with theatrical brutality. US Treasuries endured...