Secretary Mnuchin Shifting Funds From Its $500B ESF Appropriation Into The Treasury’s General Fund Likely Violates The CARES Act
Given Mnuchin’s stated intent to act in violation of the CARES Act, Chair Powell should reconsider his decision to transfer the funds back to Treasury, or at least clarify that they are for the sole purpose of being returned to the Exchange Stabilization Fund.
The Shock and The Slog
While The Shock may have ended, labor market indicators suggest that we still need to respond appropriately to The Slog if we are to avoid a repeat of the lackluster “jobless recovery” following the 2008 crisis.
The Fed’s Forward Guidance: Prioritizing Labor Markets to Ensure a Robust Recovery For All
The Fed’s recent forward guidance on its zero interest rate policy was a welcome sign that the Fed’s monetary policy strategy is giving appropriate emphasis to the achievement of sustainably tight labor markets. We highlight four welcome takeaways worth celebrating and building upon.
How The Fed Jammed In A Penalty Rate Requirement For All Emergency Lending When It Didn’t Have To
By Skanda Amarnath, Alex Williams, and Arnab Datta Executive Summary This piece provides an overview of how the Federal Reserve (“Fed”) decided to require all emergency lending authorized...
By Doubling Down On Inflation Targeting, The Fed Is At Risk of Forgetting Lessons From 2008 & 2011
The Fed has chosen to double down on an inflation-oriented framework for setting monetary policy. While there are some advantages in the current environment to an “average inflation...
