The annual growth rate of our M3* measure of broad money remained at just under 6% in October. In contrast, the growth rates of the narrower M1 and M2 aggregates continue to trend lower.

The push by the Fed to delay tapering its asset purchases and possibly to lower its unemployment rate threshold suggests that officials expect the participation rate to rebound. We're not convinced...

The recent decline in gasoline prices has prompted speculation that it could provide a very timely boost to real income and spending. Gasoline prices normally decline at this time of year, however, so...

At her Senate nomination hearing today, the current Fed Vice Chair Janet Yellen carefully defended the Fed's policy and regulatory actions over the past few years, suggesting that her approach will...