China’s leaders have vowed to boost flagging economic growth with greater government spending on infrastructure. Is this a wise bet? Since 2010, China has spent roughly eight percent of GDP on…

“Billions of Dollars are pouring into the coffers of the U.S.A.,” tweeted President Trump last month, “because of the Tariffs being charged to China.” It would be nice if it were true. But it …

“Tariffs will make our country much richer than it is today,” President Trump tweeted in August. So far, there’s not much evidence of that. As the left-hand graphic above shows, U.S. exports to C…

Before the 2008 collapse of Lehman Brothers, the Fed’s balance sheet stood at $925 billion—mostly U.S. Treasury securities. After 59 months of asset purchases to push down longer-term interest ra…

Market pressure on Turkey and Argentina has abated a bit, thanks to a large IMF program that funds Argentina for another year and the apparent ability of Turkey’s banks to roll over a large share of …

“I think China’s manipulating their currency, absolutely,” President Trump said back in August. Yet the People’s Bank of China (PBoC) was, and has been, intervening to keep the RMB up, and not to…

In the Wall Street Journal earlier this month, we examined the change over time in the market reaction to Fed “forward guidance” on future interest rates. During the crisis, with the Fed’s policy…

“Deleveraging at State-Owned Enterprises,” said Chinese president Xi Jinping back in July 2017, “is of the utmost importance.” Fast forward to today, and the sentiment rings hollow. With growt…