Broad money growth has remained largely unchanged over the past six months, even after the Fed restarted its quantitative easing. The annual growth rate of our M3 measure picked up slightly to 6.4% in...

The fall in the stock of credit card debt in March tells us almost nothing about the outlook for consumption. More useful are other signs that credit card lending will rise over the next year. At the...

The evidence is far from conclusive, but the recent decline in average weekly hours worked, particularly in the retail sector, may be partly explained by employers cutting hours to avoid paying the...

The Fed's latest Senior Loan Officer Survey indicates that commercial banks have further loosened lending standards, particularly on loans to businesses. The net percentage of banks reporting in the...