Federal Reserve
March 29, 2026 — Scott Johnson
Treasury Secretary Bessent took issue in a big way with a story published by the Financial Times last week (behind the FT paywall). I found his beef of interest: By publishing this explicitly false story, the @FT has officially become tabloid trash for market participants. Despite my direct, on-the-record denial of ever having advocated, explored, or espoused the idea that Chancellor-Bank of England statute serving as a prototype for a
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March 13, 2026 — John Hinderaker
The Department of Justice is investigating whether any criminal conduct was involved in the Federal Reserve Board’s proposed Taj Mahal building renovation. A grand jury issued subpoenas in connection with that investigation, to Fed Chairman Jerome Powell among others. I have no idea whether a crime was committed–by default, I assume not–but from what I know of the insane Fed boondoggle, it is worth looking into. But my opinion is
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January 30, 2026 — John Hinderaker
President Trump announced this morning that he is nominating Kevin Warsh as the next Chairman of the Board of Governors of the Federal Reserve: Stephen Moore and his colleagues at the Committee to Unleash Prosperity greeted Warsh’s appointment enthusiastically: He’s a superb choice and one we’ve been pushing for more than a year. Congrats, Mr. President. You hit the bullseye. Unlike the failed tenure of Jerome Powell, Warsh is not
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November 16, 2025 — John Hinderaker
The conventional wisdom is that higher tariffs mean higher prices. While this is certainly true as to a particular product that is subject to a tariff–coffee, for example, in the current instance–inflation is a monetary phenomenon. Higher prices of a specific product are not inflationary; demand for that product will fall, and that demand will go to substitutes (e.g., in the coffee instance, tea or Diet Coke) or to random,
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September 20, 2025 — John Hinderaker
We hear constantly about the importance of the independence of the Federal Reserve. Fine: but what if the Fed isn’t independent of politics, it is just independent of, and hostile to, the administration that is in power? Some think that is the situation now before us. Stephen Moore comments on Fed Chairman Jerome Powell’s most recent pronouncements: Fed Chairman Jerome Powell was full of doom and gloom yesterday [Wednesday], forecasting
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August 31, 2025 — John Hinderaker
Lisa Cook is, or was, a member of the Board of Governors of the Federal Reserve. President Trump wrote Cook a letter, firing her for cause, i.e., mortgage fraud. He announced the firing on Truth Social: Rather than going quietly, Cook responded by suing Trump and others, alleging that grounds for her firing do not exist and asking for declaratory and injunctive relief to that effect. It alleges that Trump’s
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August 22, 2025 — Bill Glahn
From Reuters, Dow notches record high as Wall Street cheers Powell’s speech. Apparently, Federal Reserve Chairman Jerome Powell’s speech today in Jackson Hole, Wyoming, was widely interpreted as meaning interest rate cuts are coming as soon as next month. The S&P 500 index also surged today but closed just below the record level it set just last week. Reuters adds, Traders boosted bets on a September rate cut after Powell’s
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August 21, 2025 — Scott Johnson
Yesterday Federal Housing Finance Agency director Bill Pulte appeared for an entertaining interview on CNBC. CNBC has posted the related story as “Trump housing regulator Pulte says Fed’s Cook should resign or be fired, alleging mortgage fraud.” I have posted CNBC’s video of the interview at the bottom. Pulte has made a criminal referral of Fed Governor Lisa Cook for mortgage fraud based on loan applications for two primary residences.
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July 24, 2025 — Bill Glahn
At this moment, apparently, Pres. Trump is touring the Federal Reserve headquarters on Constitution Avenue. From The Hill newspaper, Donald Trump on Thursday is taking a tour of the Federal Reserve with Chair Jerome Powell in tow. Powell and Trump walked side-by-side in hard hats. Trump was touring renovations at the facility that the administration has taken issue with. When I last worked there more than 30 years ago, they
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July 22, 2025 — Bill Glahn
Somehow, I completely missed this news today. From The Hill newspaper, Fake Powell resignation letter dupes Trump World: Some Republican commentators and at least one lawmaker fell for a fake resignation letter purportedly penned by Federal Reserve Chair Jerome Powell. Before I knew it had even happened, it was all over. The Hill mentions one legitimate bone of contention. Meanwhile, top White House officials have zeroed in on a $2.5
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July 12, 2025 — Scott Johnson
You don’t need a weatherman to know that the wind is blowing against Fed Chairman Jay Powell. In response to OMB Director Russell Vought’s letter about the Fed’s multibillion dollar office renovation, the Fed has now posted a a rebuttal under the rubric of Frequently Asked Questions. Chairman Powell want it to be known that all is in good order, sort of: What are the goals of the project? The
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July 11, 2025 — Scott Johnson
Office of Management and Budget Director Russell Vought has written a biting letter to Fed Chairman Jay Powell and posted the text on X (below). In his post preceding the letter, Vought writes that “[w]hile continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters. Now up to $2.5 billion, roughly $700 million over
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April 17, 2025 — John Hinderaker
President Trump is irate at Federal Reserve Chairman Jerome Powell: Stephen Moore, in his Unleash Prosperity Hotline, says that Trump has a point: Anyone remember when the Federal Reserve Board was supposed to be politically independent? Well, never mind. Powell’s rant yesterday against Trump and tariffs warning of “higher inflation and lower growth” sent the Dow tumbling by more than 500 points. This was arguably the most partisan tantrum by
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April 10, 2023 — John Hinderaker
For how long has the Federal Reserve been intruding into areas of public policy that it knows nothing about? I don’t know, but in recent years the Fed has been one of many institutions that has put their legitimate powers behind illegitimate political ends. Take, for example, the Earth’s climate. This is a field of science in which the Fed has absolutely no expertise, yet it has thrown its weight
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