The renewed turmoil in global financial markets together with the downward revisions to estimates of fourth-quarter GDP growth in the US have prompted claims that the Fed made a serious policy error...

The growth rate of our M3 broad money measure slowed to a three-and-a-half year low of 4.1% in December, but the slightly narrower M2 measure increased by a solid 6.0% last year, while bank loans...

Our calculations indicate that fourth-quarter GDP growth slowed to only 1.0% annualised, largely thanks to a more modest 2.0% gain in consumption. The latter is hard to square with the continued...

Our key theme for this year, that the two big deflationary shocks of 2015 - the slump in energy prices and the surge in the dollar - will fade, leaving rising domestic price pressures to generate a...