Economics

Op-Ed

Misreading the Fed on a Rate Increase

Author: Benn Steil
Wall Street Journal

Benn Steil’s op-ed explains how the mechanics of implementing Federal Reserve monetary policy have changed radically since the crisis. Little known is that the new plumbing is not actually controlled by the FOMC, but by the much smaller Board of Governors. Given that the Board is decidedly more dovish than the FOMC, Fed watchers focused on the latter may be expecting a more aggressive timing and pace of rate rises than is likely.

See more in United States; Monetary Policy

Other Report

Fuel Subsidy Reform

CFR convened roughly twenty experts for an all-day workshop in May 2015 to discuss fossil fuel subsidy reform. This report summarizes the highlights of that discussion.

See more in Global; Economics

Primary Sources

Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015)

Senate Finance Committee Chairman Orrin Hatch (R-Utah), Ranking Member Ron Wyden (D-Ore.) and House Ways and Means Chairman Paul Ryan (R-Wis.) introduced this legislation on April 16, 2015. The legislation allows the White House to continue pursuing trade deals such as the Trans Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (T-TIP) and allows Congress to vote on the treaties.

See more in United States; Trade; Congresses, Parliaments, National Legislatures