The growth rates of broad money, including our own measure of M3, have slowed recently, even as the Fed has expanded its quantitative easing. We suspect this decline reflects a fall in the...

In addition to the direct boost to GDP from homebuilding, the housing recovery has started to provide an indirect boost by supporting both industrial activity and employment. The possibility that the...

The current signs of inflationary pressure in the labour market will probably amount to nothing. Although we are mindful that accelerating earnings growth could be an early indication that...

The recent strengthening in the labour market is encouraging, but today’s news on the rates at which workers are being hired and are quitting is further evidence that it falls short of the...