Following the reported decline in first-quarter hospital revenues in the Quarterly Services Survey, we had anticipated that last week's GDP revision would show the economy contracted much more...

We don’t agree with Janet Yellen’s view that the recent rise in inflation is just noise. Instead, it is clear to us that a widespread strengthening in price pressures in areas as diverse as rents...

Despite the contraction in first-quarter GDP, the falling unemployment rate and signs of a pick-up in inflation persuaded the Fed to stick to its existing plan and taper its asset purchases by a...

The annual growth rate of our measure of M3*, which replicates the series discontinued by the Fed, accelerated to an 11-month high of 6.1% in May. This is entirely consistent with the recent rise in...