It is encouraging that only a small part of the recent acceleration in consumption growth is due to the release of Apple’s iPhone 5 and that the recovery in the housing market is gathering pace. But...

The US economy appears to be developing a split personality. Households, seemingly oblivious to the scheduled jump in marginal tax rates that will reduce their after-tax income next year, are...

While the annual growth rates of the slightly narrower M1 and M2 monetary aggregates have slowed in recent months, the growth rate of our broader M3 measure has accelerated. Moreover, there is a good...

The initial reaction to the Fed's QE3 announcement in mid-September was fairly encouraging. Unfortunately, only a few weeks later, things don't look quite as promising. Agency MBS yields have...