Monthly Archives: March 2017

The Fed’s John Williams has commented that the Fed should revisit the inflation target to provide for future episodes in which very low interest rates are needed. This is welcome.  Blanchard, Krugman, and many others have made the same argument. … Continue reading →

Mark Carney gave opening remarks on a panel on ‘law, ethics and culture in banking’.  I thought they were unfortunate. They come shortly after the resignation of Charlotte Hogg, newly appointed Deputy Governor at the BoE.  She had forgotten to … Continue reading →

The SNP have called for a second referendum on Scottish independence, and many feel this is the direct result of the Prime Minister steering us towards a ‘hard Brexit’:  exit from the single market and the customs union. This seems … Continue reading →

Budget day.    Article 50 is about to be invoked.  From here until actual EU exit, there is a sizeable risk of a sharp reduction in growth, or even a recession, as information emerges about the likely terms of trade with … Continue reading →