We shouldn’t let debates about who cuts rates and when distract us from the bigger picture. With the European Central Bank and Bank of Canada having cut interest rates this week, attention has now turned to the US Federal Reserve and its keeping rates “higher for longer” stance. But we shouldn’t lose sight of the bigger picture in monetary ...

Industrial policy and subsidies are nothing new and can be useful. But shutting off from the world will have consequences. Beginning with the Trump administration, and accelerating under the Biden administration, U.S. trade and industrial policy has prioritized relocating manufacturing production back to the United States. For all ...

Bank of England will have to raise rates higher than it has forecast and even more than markets have priced in. Sometimes, reality bites. The UK outlook for stagflation of rising prices and slowing economic growth this year and next reflects the realities that Brexit has wrought. Of course, the Covid pandemic, the difficulties of reopening ...

A new consensus has emerged in American politics: that the United States has recklessly pursued international economic openness at the expense of workers and the result has been economic inequality, social pain, and political strife. Both Democrats and Republicans are now advocating "a trade policy for the middle class." In practice, this seems ...