The Fed’s Great Reset
Only a few weeks ago, markets were obsessed with one question. When would the Federal Reserve start cutting rates again? Today, they are asking a...
Category: Monetary policy
Japan Joins the Global Tightening Club
For nearly three decades, Japan occupied a unique place in global finance. While the rest of the world worried about inflation, Japan worried about deflation....
Europe Chooses Inflation Over Illusion
The European Central Bank has finally accepted what markets have been slowly discovering for months. The inflation shock is no longer an energy story. It...
The American Consumer Is Losing the Inflation War
For months, investors searched desperately for signs that inflation was finally under control. They may have been looking in the wrong place. The latest US...
Europe’s Inflation Trap Returns
For months, central bankers tried to convince themselves that inflation was dying peacefully. The post-pandemic shock was supposedly fading. Supply chains were normalising. Energy prices...
Europe’s Inflation Mirage Is Breaking Apart
For nearly two years, Europe comforted itself with a reassuring narrative. Inflation, we were told, was under control. The energy shock belonged to the past....
America Discovers the Cost of War
For nearly two decades, the United States lived under a comforting illusion. Inflation belonged to history books, energy shocks belonged to the 1970s, and supply...
The Most Dangerous Chair in the World
Kevin Warsh arrives at the Federal Reserve at the precise moment when the institution is losing the luxury of ambiguity. For more than a decade,...
America’s Debt Empire Meets the Reality of Inflation
For years, the United States benefited from a privilege so enormous that most investors eventually stopped questioning it. Washington could borrow endlessly. Deficits no longer...