Activity is booming, with employment up by more than 200,000 again in June and second-quarter GDP growth apparently close to 4% annualised. But, alongside the recently imposed tariffs, strong activity...

Applying tariffs on auto imports would represent the biggest escalation of protectionism so far. Even though the direct impact would be small, boosting the price level by 1% point or so and triggering...

The monetary data reveal a sharp slowdown in M1 growth in May, to its weakest pace since early 2016. But this isn’t a serious concern. Our measure of M3 broad money continued to expand at a decent...

Concerns over trade policy weighed on the markets this week, with only a brief respite from President Donald Trump’s last-minute decision to cancel the planned announcement of new investment...