IOER, Federal Reserve, Corridor System, Floor System, Central Banking

In some previous posts, I've taken Federal Reserve officials, including former New York Fed President William Dudley, to task for continuing to insist that the Fed's post-2008 "floor" operating system is a "simple" means for keeping overnight interest rates on target. Whatever the floor system's merits may…

fed independence, alternative currencies, fed, federal reserve, cato monetary conference

  From President Trump lobbing invectives against Federal Reserve Chairman Jerome Powell on Twitter to progressives clamoring for the Federal Reserve to use monetary policy to finance social projects, our central bank’s independence looks increasingly tenuous. Recently, Chairman Powell called for an internal "strategic review" of how…

Fannie Mae, Freddie Mac, conservatorship, homeownership, Joe Nocera, housing, Government Bailouts,

Yesterday, Joe Nocera penned an extraordinary column expressing his bafflement at the Trump administration’s drive to release Fannie Mae and Freddie Mac, two firms that purchase and guarantee around half of single-family mortgages in the United States, from government conservatorship. Nocera argues against such a move, writing…