Growing demand for dollar-denominated stablecoins is going to give the Treasury Department increasing influence over the direction of the U.S. economy, perhaps at the cost of the Federal Reserve, ...

In theory at least, an asset price can be separated into a component determined by underlying economic fundamentals and a nonfundamental bubble component that may reflect price speculation or ...

Monetary policy surprises—changes in various interest rates around central bank communication events—reflect new information in monetary policy actions and communications. For the Federal Reserve, ...

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Central banks in late 2021 kicked off the steepest and most coordinated series of interest rate hikes in four decades to contain the postpandemic inflation outbreak (see Chart 1). Many economists ...