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August 15, 2024

Monetary Policy
What Is the U.S. Federal Reserve?

Over the past decade, the Fed kept interest rates low while it deployed trillions of dollars in stimulus and expanded its regulatory oversight. Now, the central bank is back in the spotlight for its …

A stone bald eagle perches on the Federal Reserve building in Washington, DC.

September 6, 2024

United States
C. Peter McColough Series on International Economics With John C. Williams

John C. Williams of the Federal Reserve Bank of New York discusses monetary policy and the economic outlook for the year ahead. The C. Peter McColough Series on International Economics brings the …

Play John C. Williams, President and CEO of the Federal Reserve Bank of San Francisco, speaks at a conference in California, U.S.

June 11, 2024

Russia
Estimating Future Interest Income From Russia’s Frozen Reserves

Outright seizure of the Russian Central Bank’s hundreds of billions in frozen assets is currently off the table, but it is still possible to obtain large sums for Ukraine from the interest income on …

Estimating Future Interest Income From Russia’s Frozen Reserves

March 27, 2024

United States
Modernizing the Federal Student Loan Experience

President Biden wants to modernize the federal student loan system. The U.S. Postal Service and Affordable Care Act can show him how.

Education

June 15, 2023

United States
The History and Future of the Federal Reserve’s 2 Percent Target Rate of Inflation

The Federal Reserve’s 2 percent target rate of inflation is not strictly empirically derived. Should it modify this target moving forward?

Chair of the Board of Governors of the Federal Reserve Jerome H. Powell participates in a panel during the Central Bank Symposium in Stockholm, Sweden.

February 1, 2024

Russia
Mobilizing Russia’s Immobilized Reserves

A quick note on the debate over the use of Russia’s frozen reserves.

Euro banknotes at a money exchange office.

September 2, 2024

China
Chinese State Investors Do Not Seem to Profit From Higher U.S. Interest Rates

Given the size and composition of its external lending, China should be clearing far more interest income on its reserves and policy lending than SAFE reports.

Chinese State Investors Do Not Seem to Profit From Higher U.S. Interest Rates