Fed Chair Jerome Powell's language earlier this week prompted some in the markets to claim he had taken a sudden dovish turn, possibly in response to pointed criticism from President Donald Trump. We...

Narrow money growth continues to slow, but that is mainly due to rising interest rates, which have reduced the portfolio demand for money. The stronger pace of growth in both broad money and bank...

Growing concerns about the health of the global economy have prompted speculation that the Fed won’t hike interest rates as aggressively as previously believed. We suspect that the strength of the...

In contrast to other rate-sensitive areas of spending, durable goods consumption has held up well in recent months, boosted by the tax cuts. Nevertheless, as the fiscal stimulus fades and interest...