Quick Take: The Last “Easy” Rate Cut?

Published on November 6, 2025

Federal Reserve Chairman Jerome Powell caught everyone's attention when he cast doubt on a December rate cut. It’s easy to see why. Standard Fed logic is simple: 2, 3, 4.

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How the Fed Can Change the K-Shaped Economy

November 6, 2025
Federal Reserve Chair Jerome Powell agrees that there’s probably something to the claims of a K-shaped economy. But at last week’s press conference, he failed to note how the Fed has helped to create it — and the implications it has for monetary policy.

Anti-Involution: Getting China’s Snake to Let Go of Its Tail

November 6, 2025
China’s “anti-involution” policy to tackle deflation, announced in 2024, is still in its early stages. Some effects are already visible, but compared with China’s last deflation fight in 2014–2015, the policy may take longer to work, in our view.