William J. Luther
Inflation Still Over Target in August
Inflation has exceeded the Fed’s two-percent target for 54 consecutive months, with prices up 25 percent since March 2020.
The Fed’s Mission Creep Under Jerome Powell
Former Fed officials are right to worry about the central bank's independence. But they should not be surprised. Under Powell’s leadership, the Fed has drifted into the political arena.
“You’re Fired” — The President, Lisa Cook, and the Fragility of Fed Autonomy
Both parties have shown themselves willing to play politics with the Fed when it suits their interests. Neither likes it when the other does.
Inflation Declined in July
The Federal Reserve’s restrictive stance continues to put downward pressure on inflation.
Why is the Fed Revising its Framework?
Chair Powell maintains that the framework "worked just fine" over the past five years, but that changes underway seem to admit to past mistakes.
Inflation Picked Up in June, as Tariffs Pass Through
June's uptick is attributable to tariffs on foreign-made goods. The rate of inflation will stabilize, but higher prices are here to stay.
How Should Fed Officials Think About the Dual Mandate?
The Fed is tasked with both price stability and maximum employment. But any significant shift in one may create steep costs in the other.
Despite Tariffs, Inflation Remained Low in May
The best the Fed can do (whether or not tariff shocks appear) is keep nominal spending on a stable trajectory.
Inflation Remained Low in April, But How Long Can Monetary Policy Remain Tight?
By undershooting its inflation target after clearly stating it would not do so, the Fed risks surprising the public—and perhaps triggering a recession.
When Will The Fed Cut Interest Rates?
The Fed should seek to avoid its recent mistakes, and keep nominal spending on a stable trajectory. FOMC predicts rates will be 50 basis points lower by the end of…
