We weren’t surprised by the Fed’s decision to begin tapering its monthly asset purchases, but we didn’t anticipate that it might not halt those purchases completely until late next year. As the...

Our non-consensus view that the Fed would begin to wind down its monthly asset purchases without further delay in December was proved correct. As we suggested, at the conclusion of the two-day FOMC...

Broad money growth continues to slow very gradually but, with the annual growth rate of our M3 measure still at a healthy 5.8% in November, there is no reason for concern, particularly not when...

Last week we learned that business inventories and sales both posted sizeable gains in October, while the retail sales figures showed another decent gain in November. As a result, we now expect fourth...