Benn Steil and Dinah Walker explain why the Fed's massive holdings of mortgage-backed securities (MBS) are distorting its thinking about the conduct of monetary policy going forward.They propose a novel plan to rectify this, in which the Fed swaps its MBS with the Treasury in return for Treasury securities, which the Fed can sell as part of a normal "exit" from monetary stimulus.
Stewart Patrick and Alexandra Kerr make recommendations to improve the counterterrorism efforts of the United States and its allies, in conjunction with CFR's Global Governance Report Card, published by the International Institutions and Global Governance program.
Only by getting its own house in order will the United States be in a position to set an example other societies will want to emulate, argues CFR President Richard N. Haass. And only by fixing itself will the United States possess the resources necessary to discourage or deal with the emergence of a serious political and military competitor.
The urge to gloat at America's imperfections and struggles ought to be resisted, says Richard N. Haass. The rest of the world's stake in American success is nearly as large as that of the United States itself.
In light of recent reports of chemical weapons being used against Syrian civilians, Gayle Tzemach Lemmon highlights frustrations felt by some State Department employees at the lack of response from the White House.
CFR President Richard Haass calls on Americans to "resolve our political dysfunction, rethink our foreign policy and restore the foundations of American power—and in the process provide another century of American leadership."
Laurie Garrett offers a detailed account of how the H7N9 virus emerged and describes the two possible paths it may now follow, by pulling from her own experiences in the SARS epidemic ten years ago and reflecting on parallels between the two.