The further rise in the long-term costs of QE means that a smaller improvement in the economic data than before may be needed to prompt the Fed to slow the pace of its asset purchases. At the margin...

The rise in income inequality may not be morally defensible or socially desirable but, for now at least, it doesn't appear to be restraining economic growth.

Lowering the unemployment rate threshold would appear to be a neat way for the Fed to commit to leaving interest rates at near-zero for longer and perhaps offset any tightening in financial conditions...

The Fed's latest Senior Loan Officer Survey shows that even though banks are still prepared to increase the supply of credit, the recent surge in long-term borrowing costs has undermined the demand...