When the SFP is complete at $200 billion, excess reserves will top today's $1.137 trillion.

Bernanke promises redoubled ease. The White House promises redoubled "change."

Data continues to confirm that we're only in a recovery, not a real expansion.

It makes recession-end "official," but leaves a slow road back to full employment ahead.

Another smart Obama appointment emphasizing policy continuity.

The "extended period" language will stay -- there's just no reason to drop it.

The Schumer-Graham tariff bill is back, and China will probably blink again.

So many anti-growth long-fuse tax bombs, and so little reaction.

A weak report: employment and unemployment are growing at the same time.

The yuan moves oil, jobs move consumption, and unemployment keeps the Fed on hold.