Improbably, the Federal Reserve is surviving the Trump era with its integrity intact. Jerome H. Powell, the Fed chairman since February, is quietly emerging as a skilled Washington operator.
Turkey has some similarities with the Asian crisis countries back in the 1990s, but also important differences. When emerging-market crisis typologies are updated to reflect the events of 2018, Turkey should enter into the pantheon on its own, not just as a sub-category of “Asian-style” crises.
Italy’s populist government has relished defying the European Union, and its latest showdown with Brussels could threaten the continent’s fragile recovery—and the global economy.