The annual growth rates of the broad monetary aggregates slowed only marginally in March, with the growth rate of our measure of M3 easing from 6.1% to a still very healthy 5.8% last month.

The rebound in tax receipts means that, for the first time in three years, State and local governments might soon be in a position to boost their spending. Over the next couple of years, this may...

The US economy still appears to be headed in the right direction. We admit that economic growth isn't going to be spectacular this year, probably around 2.0%. Nevertheless, there would appear to be...

Even a larger and longer-lasting rise in 10-year Treasury yields than the one seen in recent weeks is unlikely to derail the economic recovery. Just as tight credit conditions meant that the previous...