In a historic and unprecedented policy gathering on 18 September, the Federal Open Market Committee officially raised the benchmark federal funds rate by 25 basis points to 3.75–4.00 per cent.
Federal Reserve Chairman Kevin Warsh delivered his first major public address since taking office, speaking at an institutional monetary policy conference on 25 August.
The Federal Open Market Committee concluded its June policy gathering by keeping the federal funds rate pinned at 3.50–3.75 per cent.
With Jerome Powell’s term as Federal Reserve Chairman formally expiring in mid-May, global financial markets have turned their collective analytical firepower upon incoming Chairman Kevin Warsh.
The US Dollar Index staged an explosive, violent single-day rally following the formal nomination of Kevin Warsh as Federal Reserve Chairman, delivering what currency trading desks instantly dubbed 'the dollar's Warsh moment.'
The White House stunned financial markets on 30 January by officially nominating former Federal Reserve Governor Kevin Warsh to succeed Jerome Powell as Chairman of the Federal Reserve.
Financial markets underwent a violent, instantaneous recalibration in Federal Reserve policy expectations on 21 November, triggered entirely by a single, meticulously structured address delivered by New York Fed President John Williams.
At its October policy meeting, the Federal Open Market Committee delivered a widely expected 25-basis-point interest rate cut, lowering the benchmark federal funds target to 3.75–4.00 per cent.
The Federal Open Market Committee officially initiated its monetary easing campaign, lowering the target federal funds rate by 25 basis points to a range of 4.00 to 4.25 per cent.
Stephen Miran, a vocal economic nationalist and former senior Treasury official, was formally confirmed by the Senate to fill a vacant seat on the Federal Reserve Board of Governors on 15 September.
The White House ignited an unprecedented constitutional and financial crisis on 25 August by initiating legal proceedings to dismiss Federal Reserve Governor Lisa Cook prior to the statutory expiration of her term.
The Federal Open Market Committee's June Summary of Economic Projections revealed an unprecedented, deeply fractured policy consensus.
With minimal fanfare, the Federal Reserve executed a pivotal operational pivot in its quantitative tightening (QT) program.
The Federal Open Market Committee’s updated Summary of Economic Projections delivered a sobering reality check to market participants hoping for a smooth economic landing.
For financial markets hoping for an extended season of monetary goodwill, the Federal Reserve’s December policy package felt distinctly like a lump of coal in the stocking.
The Federal Reserve concluded 2024 with a calculated monetary retreat.
The Federal Reserve enters its December policy meeting trapped in an intricate communication dilemma.
The Federal Reserve delivered a measured 25-basis-point interest rate cut on 7 November, lowering the federal funds rate to 4.50–4.75 per cent.
On Halloween, bond investors were confronted with a genuine fixed-income horror show.
Third-quarter earnings from America’s premier commercial banks revealed that the margin windfall from restrictive interest rates is finally decelerating.
In one of the most counterintuitive market moves of recent years, the Federal Reserve’s jumbo 50-basis-point interest rate cut was immediately followed by a sharp surge in long-term borrowing costs.
Jerome Powell chose institutional boldness over gradualism at the September FOMC meeting, delivering an oversized 50-basis-point interest rate cut that lowered the benchmark rate to 4.75–5.00 per cent.
The Federal Open Market Committee delivered a cold bath of realism to interest rate optimists at its June gathering.
The European Central Bank is preparing to cross a monetary Rubicon.
At its May policy meeting, the Federal Reserve delivered an important structural adjustment to its monetary plumbing by announcing a substantial taper of its quantitative tightening (QT) programme.
The sovereign bond market has executed a brutal capitulation.
Jerome Powell completed a significant rhetorical retreat on 16 April, officially acknowledging what bond markets had been pricing for weeks: that persistent inflation will delay prospective interest rate cuts.
The Federal Open Market Committee held its policy rate steady at 5.25–5.50 per cent in March, but quantitative analysts focused intently on a subtle adjustment in the Summary of Economic Projections.
On 11 March, the Federal Reserve officially ceased issuing new loans under the Bank Term Funding Program (BTFP), terminating the emergency lending facility launched during the regional banking panic of 2023.
In the quiet corners of central bank plumbing, a lucrative arbitrage trade has flourished.
The Federal Reserve’s quantitative tightening (QT) programme has operated quietly in the background, absorbing nearly $1 trillion in sovereign and mortgage debt without disrupting financial plumbing.
Wall Street enters 2024 in a state of euphoric anticipation, with forward markets pricing in six quarter-point interest rate reductions beginning as early as March.
Jerome Powell completed his historic rhetorical pivot at the December FOMC meeting, handing financial markets an early holiday gift.
Financial markets have fully embraced the fantasy of an immaculate macroeconomic landing.
When Christopher Waller speaks, monetary markets listen with rapt attention.
The Federal Open Market Committee's September meeting delivered an unmistakable hawkish message wrapped in a neutral policy hold.
For Federal Reserve officials scanning the inflationary horizon, the persistent stickiness of core services is becoming an analytical obsession.
The Summary of Economic Projections released at the Federal Reserve’s June meeting was an exercise in quantitative defiance.
Central banking is largely an exercise in rhetorical choreography, and the Federal Reserve’s impending June decision requires an unusually delicate routine.
On Sunday, 2 April, the OPEC+ alliance delivered an unexpected geopolitical thunderbolt across global commodity markets, announcing a surprise production cut of 1.16 million barrels per day.
