US external accounts adjust to the liquidity needs of the global economy
Household net worth in the United States has increased USD25 trillion since end-2019, or nearly 115% of GDP
Money growth alone does not map into inflation. That is a myth and markets have learnt that. But joint monetary and fiscal expansion is a different…
The pandemic has exposed radical differences in the conduct of monetary policy between China and the rest of the world. This is only the start of the…
As a narrative and in the hard money flow things are evolving fast
Taylor's Rule and variants have largely been forgotten. But why?
Stimulus is driving imports higher, and it may matter more for the dollar in this cycle than in the past
After exceptional policy support during the pandemic, there are early signs that DM central bank balance sheet expansion is slowing; but what happens…
Saving-investment balances in the great reflation
Central Bank Digital Currency (CBDC) could replace cash transactions in coming years, but also has the potential to reshape the process of credit and…
Some observations on "stealth intervention," bank net open FX positions and the mysterious recent surge in Chinese banks' FX reverse repo activity
Monetary policy update—April