The statement issued after last week's FOMC meeting made it pretty clear that the Fed wouldn't be rushing to tighten policy in response to the recent surge in commodity prices, at least not while core...

Despite the fact that Fed officials now believe the economic recovery is on a "firmer footing" and that surging commodity prices are putting "upward pressure" on headline inflation, it looks like QE2...

Halfway through the Fed's second round of quantitative easing there is still no sign that it is boosting broad money growth. M2 is growing no faster than nominal GDP and our measure of M3, which...

One of the unintentional side effects of the current impasse in Congress over raising the debt ceiling is that it has led to a significant expansion of the monetary base. Indeed, the drop in the...