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March 12, 2015

Brazil
Why Is Walmart Raising Wages?

On February 19, Walmart announced that it was raising its minimum starting wage to $9 an hour.  Since Walmart is famous for its ruthless cost management, this appeared to be a significant sign of …

Why Is Walmart Raising Wages?

September 15, 2014

Monetary Policy
A Dovish Market Has History on Its Side in Tuning Out the Fed

Market expectations for Fed policy have been decidedly more dovish than the Fed itself, a conundrum that is concerning San Francisco Fed economists.  As the Fed debates its rate-liftoff forward gu…

A Dovish Market Has History on Its Side in Tuning Out the Fed

February 2, 2015

Monetary Policy
Employment Data Suggest Fed Could Be "Patient" Until 2016—or Later

In its last two statements, the FOMC has said that it “expects inflation to rise gradually toward 2 percent over the medium term”—2 percent being its target rate. What would it take to move it the…

Employment Data Suggest Fed Could Be "Patient" Until 2016—or Later

November 3, 2014

Europe and Eurasia
The ECB Fails to Stress Banks Over the One Critical Variable It Controls: Inflation

Relentlessly falling inflation is bad news for Eurozone banks.  It increases the real (inflation-adjusted) value of borrower debt and the real cost of servicing that debt.  It causes loan defaults…

The ECB Fails to Stress Banks Over the One Critical Variable It Controls: Inflation

January 8, 2020

Election 2020
The President's Inbox: The Killing of Qasem Soleimani

Each week between now and the Iowa caucuses, I’m talking with experts with differing views on how the United States should handle a foreign policy challenge it faces. These special episodes are part …

Debris burns outside Baghdad International Airport where a U.S. drone strike killed Iranian commander Qasem Soleimani and seven others on January 3. Iraqi Security Media Cell via Reuters