Monetary Blog | FOMC Insight Engine

Kevin Warsh, nominated as the next chair of the Federal Reserve, has articulated a four-pillar restorationist program for narrow Fed independence — and the program structurally depends on a fifth pillar it does not name: the dollar's continued attrac... more

The Coordination, published the previous day, set out the four-agency roadmap under which the next chairmanship would attempt to reduce the Federal Reserve's balance sheet by roughly two trillion dollars and deliver materially lower interest rates. T... more

Warsh has committed the next chairmanship under oath to a couple trillion dollars over time in concert with the Treasury Secretary and attached to that commitment a promise of materially lower interest rates. The program the commitment names is not a... more

The Pillars closed by presuming Kevin Warsh's doctrine was his own. The record shows otherwise. Across fourteen months of public statements, the same two-register architecture — narrow independence on monetary policy, explicit coordination on everyth... more

Kevin Warsh appeared before the Senate Banking Committee on April 21, 2026, for confirmation as Federal Reserve Chair. Across two and a half hours of questioning, he delivered not a set of positions but a program — four operational pillars standing o... more

Shelton argues that the Fed punishes the private sector for Congress's fiscal excess, that Greenspan established a zero-inflation baseline from which the 2 percent target was a betrayal engineered...

Yellen arrives in Hong Kong with the most analytically sophisticated version of the argument the archive has tested repeatedly: this is a supply shock, expectations are anchored, the Fed should be...

Money enters the economy through two channels — bank lending and government deficit spending — that interact through bank balance sheet composition. The Federal Reserve has understood this for sixty years. The March 2026 minutes show what happens whe... more