Oil above $50 a barrel is not good for the U.S. trade balance. Higher oil prices are a tax on US consumers, with the proceeds pocketed by oil exporters. If oil stays above $50 in November and Decem…

The latest monthly trade data came out today, and was worse than expected -- though in my view that indicates expectations have yet to catch up with reality. Exports have been stuck in the $95-96 bi…

The Treasury did not issue the foreign exchange report on Friday. Presumably, this is because it would have made the same set of arguments that last year’s report made, namely that China is not mani…

The Treasury provides monthly data on foreign purchases of US long-term securities. It is not a complete look at how the US is funding its trade and current account deficit, but it is the best snap …

A friend brought this Washington Post article to my attention, as it takes on the topic of my last post. Like the FT article it draws on the the new Treasury data on foreign purchases of US securiti…