Sound Money Project
The Sound Money Project was founded in January 2009 to conduct research and promote awareness about monetary stability and financial privacy. The project is comprised of leading academics and practitioners in money, banking, and macroeconomics.
Advisory Board: Gerald P. Dwyer, Steve H. Hanke, Jerry L. Jordan, Lawrence H. White
Director: William J. Luther
Senior Fellows: Nicolás Cachanosky, Joshua R. Hendrickson, Thomas L. Hogan, Gerald P. O’Driscoll, Jr., Alexander W. Salter
Fellows: Bryan Cutsinger, Matthew Schaffer
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The Federal Reserve lowered its federal funds rate target range by 25 basis points, to 4.00–4.25 percent, on Wednesday. Before the decision, it had held rates steady since December 2024. […]
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Artist’s concept of a central bank digital currency. When it comes to designing digital currencies that protect the identity and transactions data of their users, developers have made a lot […]
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Federal Reserve Building in Washington DC . When the Federal Reserve’s Federal Open Market Committee (FOMC) voted to lower its federal funds rate target last week and thereby begin the process […]
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Federal Reserve Chair Jerome Powell at a press conference. 2024. The Federal Reserve’s Federal Open Market Committee (FOMC) announced a 50 basis point cut in its federal funds rate target […]
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Price growth was moderate in August, the Bureau of Labor Statistics reports. The Consumer Price Index (CPI) rose 0.2 percent last month and 2.5 percent over the past year. On […]
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“Despite its controversial nature, full dollarization remains the monetary regime with the most potential for long-term stability in Argentina. It offers a credible pathway to restore confidence and put the country back on a sustainable economic trajectory.” ~Nicolás Cachanosky
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“Prices today are 8.9 percentage points higher than they would have been had the Fed hit its 2-percent inflation target since January 2020.”
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“Just as the FOMC was slow to adjust policy when inflation surged in late 2021, it will be slow to adjust policy as inflation returns to and falls below its target in 2024.” ~William J Luther
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“M2, the most commonly cited measure of the money supply, is up 0.53 percent from a year ago. Since real income and population are growing faster than this, current M2 growth also suggests money is tight. But this is speculative.” ~Alexander W. Salter
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“Congress should applaud Chairman Powell’s candor on uncertainty and strongly support his principle of operating the Fed within the limits of its mandate.” ~Alex J. Pollock