A Dovish Fed Would Be Nothing to Cheer

Published on July 31, 2025

The Federal Reserve kept benchmark interest rates unchanged on Wednesday but edged closer to a resumption of cuts, perhaps as soon as the next monetary policy meeting in mid-September.

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Who Needs a Digital Euro? Everyone Who Uses Money

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Consider the humble bank note. Wrinkled and torn as it may be, it’s the only government-issued legal tender — the only direct obligation of a central bank — to which most people have access.

One Way to Ease the US Debt Crisis? Productivity

July 31, 2025
In a May report on alternative scenarios for the long-term US budget outlook, the Congressional Budget Office estimated the impact of productivity growth that was faster or slower than the 1% annual average in its baseline forecast. It made a big difference.