Central Banking/Federal Reserve

Publications

, American Banker
The Fed is technically insolvent. Should anybody care?
Alex J. Pollock

As the new year begins, we find that the Federal Reserve is insolvent on a mark-to-market basis. Should we care? Should the banks that own the stock of the Fed care?

The Fed disclosed in December…

Predicting is hard…
Alex J. Pollock

From Reuters, on June 27, 2017:
U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe there will be another financial crisis for at least as long as she lives.
From…

, The Hill
A way for the Fed and Treasury to ease stock market turmoil
Douglas Carr

The weather on March 9, 2009 was blustery with rain, characteristic for early March in Manhattan. Few filing out of the New York Stock Exchange that evening found their workday any less…

, Financial Times
2 percent inflation is just a central bank fad
Alex J. Pollock

Your interview with Shinzo Abe (“Japanese PM targets big reforms to cement legacy,” Oct. 8) may indicate some momentum in a fundamental shift in ideas — a shift away from the in-retrospect…

Government Debt: A Quiz
Alex J. Pollock

Government debt is a favored investment class all over the world, but it has a colorful history full of financial adventures. Often enough, historically speaking, it has resulted in investors gazing…

, The Hill
Don’t let the Fed scare us into a recession
Douglas Carr

A recent article in The Hill described how, despite current excellent growth rates, a growing number of economists believe the U.S could enter a recession in 2020. As the article points out, such…

Federal Reserve brings the real Fed Funds Rate up to about zero
Alex J. Pollock

As everybody knew it would, the Federal Reserve Board announced today it is bringing its target federal funds rate up to a range of 2 percent to 2.25 percent—in shorter form, to about 2.25 percent….

, The Hill
It’s time for the Fed to be made accountable for its actions
Alex J. Pollock

The U.S. Constitution assigns responsibility for the nature of money to the Congress. As Article I, Section 8 famously says, “Congress shall have Power…To coin Money [and] regulate the Value…

, Politifact
Is the Senate banking bill a big win for Wall Street? Yes and no
Media Coverage

From Politifact:

Phone interview with Alex Pollock, senior fellow with the R Street Institute, March 15, 2018

Subcommittee examines ways to reform the Federal Reserve
Media Coverage

From the House Financial Services Subcommittee on Monetary Policy and Trade:
“The proposals under consideration today are all parts of a timely and fundamental review of America’s central bank….