Three dissenters see nonexistent easing bias in the statement. They’re signaling something.
Donald L. Luskin
Warsh's Confirmation Hearing, and His Way Forward
Tuesday, April 21, 2026
Kafka would be right at home at this hearing. The next steps are clear, but very uncertain.
A "Fed-Treasury Accord" Could Work
Monday, April 20, 2026
Warsh and Bessent should be comfortable with such a banking maneuver from their days on Wall Street.
On March Jobs Report
Friday, April 3, 2026
Another alternating oscillation in payroll growth and contraction. The Fed will look through it.
On the March FOMC
Wednesday, March 18, 2026
This could have been way worse. But it was still a missed chance to cut rates.
Another Quick Note on Developments in Iran
Monday, March 9, 2026
The last oil shock that caused a recession was in the First Gulf War. This isn’t even close.
On the February Jobs Report
Friday, March 6, 2026
We hate it when bad news is good news. But this might keep the Fed from a terrible error.
Quick Note on Developments in Iran
Tuesday, March 3, 2026
This won’t last long. The biggest risk is a Fed error mistaking an oil shock for inflation.
Our Hot Take on The SCOTUS Tariff Decision
Friday, February 20, 2026
It’s a complicated tapestry of concurrences and dissents – but the tariffs are dead.
On the January Jobs Report
Wednesday, February 11, 2026
A 65,000 beat in January payrolls is more important than a 1 million benchmark contraction.