The Fed acknowledged in its statement today that the economy was again growing at a "moderate" pace and FOMC participants revised their forecasts for the unemployment rate slightly lower for 2014 and...

The growth rates of broad money, including our own measure of M3, have slowed recently, even as the Fed has expanded its quantitative easing. We suspect this decline reflects a fall in the...

In addition to the direct boost to GDP from homebuilding, the housing recovery has started to provide an indirect boost by supporting both industrial activity and employment. The possibility that the...

The current signs of inflationary pressure in the labour market will probably amount to nothing. Although we are mindful that accelerating earnings growth could be an early indication that...