Joe Hackett

Francisco Scott, José Mustre-del-Río, Amaze Lusompa and Jalen Nichols, with the Kansas City Fed, argue that it may be time to include food-at-home costs in measures of core inflation: www.kansascityfed.org/research/eco...

#EconSky #Economy

On July 22, 2025, Vice Chair for Supervision Bowman moderated a fireside chat on innovation at the Integrated Review of the Capital Framework for Large Banks Conference

On July 22, 2025, Vice Chair for Supervision Bowman moderated a fireside chat on innovation at the Integrated Review of the Capital Framework for Large Banks Conference

On July 22, 2025, Vice Chair for Supervision Bowman moderated a fireside chat on innovation at the Integrated Review of the Capital Framework for Large Banks Conference: www.federalreserve.gov/conferences/...

What is the FOMC and when does it meet? The Federal Open Market Committee (FOMC) is the monetary policymaking body of the Federal Reserve System. The FOMC is composed of 12 members--the seven members of the Board of Governors and five of the 12 Reserve Bank presidents.

The FOMC schedules eight meetings per year, one about every six weeks or so. The committee may also hold unscheduled meetings as necessary to review economic and financial developments. The FOMC issues a policy statement following each regular meeting that summarizes the Committee's economic outlook and the policy decision at that meeting.

Board of Governors of the Federal Reserve System seal with visit www.federalreserve.gov to learn more

#FedFAQ: What is the FOMC and when does it meet?
The Federal Open Market Committee (FOMC) is the monetary policymaking body of the Federal Reserve System.
Learn more: www.federalreserve.gov/faqs/about_1...

New York City intersections see one-third fewer pedestrian injuries with longer head-start intervals Giving pedestrians a 7-second head start at traffic lights—known as Leading Pedestrian Intervals (LPIs)—is associated with a 33% reduction in total pedestrian injuries—both fatal and non-fatal—at New ...

“Giving pedestrians a 7-second head start at traffic lights—known as Leading Pedestrian Intervals (LPIs)—is associated with a 33% reduction in total pedestrian injuries—both fatal & non-fatal—at New York City intersections, according to a new study from Columbia University School of Public Health.”

If you want to worry yourself about UK inflation - the FT core measure has not fallen since spring last year...

...driving that has been an increase in the breadth of price rises

Offsetting this is definitive weakness in real indicators, especially the labour market...

A Never-Ending Supply of Drones Has Frozen the Front Lines in Ukraine Unmanned vehicles dominate the battlefield in Ukraine—laying mines, delivering ammunition and medication, even evacuating casualties.

Map data from ISW and @criticalthreats.bsky.social was used to support this @wsj.com story on how the use of drones has impacted the war in Ukraine:

www.wsj.com/world/europe...

Taiwan’s central bank tells foreign investors to stop violating capital controls Warning comes as authorities seek to contain volatility in rapidly appreciating currency

Taiwan’s central bank tells foreign investors to stop violating capital controls https://on.ft.com/4513ABF

Marriner S. Eccles Building and 1951 Constitution Avenue Building Project The Federal Reserve Board of Governors in Washington DC.

The Fed has taken steps to defend itself against accusations that its chair had mismanaged renovations underway at its headquarters in Washington D.C. and then mislead Congress, updating its FAQs on the project on Friday www.federalreserve.gov/faqs/buildin...

Russians Set Record for Transfers to Foreign Brokers Amid Market Uncertainty - The Moscow Times Russian households sent a record 52.3 billion rubles — nearly $650 million — to foreign brokers in May, the Central Bank said Monday, highlighting the growing flight of capital from the country’s incr...

"Russian households sent a record 52.3 billion rubles — nearly $650 million — to foreign brokers in May, the Central Bank said Monday, highlighting the growing flight of capital from the country’s increasingly isolated and risk-laden financial markets." www.themoscowtimes.com/2025/07/08/r...

Exclusive: China risks global heavy rare-earth supply to stop Myanmar rebel victory The global supply of heavy rare earths hinges in part on the outcome of a months-long battle between a rebel army and the Chinese-backed military junta in the hills of northern Myanmar.

www.reuters.com/world/china/...

Joey Chestnut, wearing a red-white-and-blue shirt, is devouring hotdogs onstage. A headline reads: "Joey Chestnut Returns to Nathan's Hot Dog Eating Contest and Regains Title." Photo by Vincent Alban/The New York Times.

Joey Chestnut, the longtime champion of the Nathan’s Famous Hot Dog Eating Contest who was barred from competing last year over an endorsement deal with a vegan-meat company, returned on Friday. He devoured 70.5 hot dogs in 10 minutes to notch his 17th win. www.nytimes.com/2025/07/04/n...

UK launched huge operation to find suspected Russian double agent in MI6 Exclusive: Operation Wedlock lasted up to 20 years and took MI5 teams across world amid panic about ‘another Philby’

“The extensive hunt for the alleged mole [in MI6], called Operation Wedlock, was run by…MI5, which deployed a team of up to 35 surveillance, planning and desk officers [and] lasted in one form or another for up to 20 years” www.theguardian.com/uk-news/2025...

Fed kicks off effort to ease bank leverage rules The Federal Reserve meets on Wednesday to advance a proposal that would ease leverage rules for banks, which would grant the industry a long-sought win they say will help big firms facilitate Treasury market trading.

Fed kicks off effort to ease bank leverage rules reut.rs/3FWpPPI

China Asks State-Owned Developers to Avoid Public Debt Defaults China has introduced a requirement for state-owned developers to avoid defaulting on publicly issued debt, in the latest attempt by authorities to contain the nation’s prolonged property crisis.

Bloomberg: "China has introduced a requirement for state-owned developers to avoid defaulting on publicly issued debt. The directive may send a signal to banks, often responsible for rolling over loans and issuing new credit."

www.bloomberg.com/news/article...?

Big service improvements are coming to #YourMetro this Sunday!

⌚️Longer weekend hours on rail
🔴⚪️ More frequent Red and Silver Line service during peak times
🚇 New split Silver Line service

Here’s everything you need to know: wmata.com/about/news/M...

Swiss central bank cuts interest rates to zero Surge in value of Swiss franc amid US-driven trade war and lagging inflation has complicated policymaking

Swiss central bank cuts rates to zero https://on.ft.com/4kgLMqR

The top aide to Iran’s Supreme Leader Ali Khamenei, Ali Asghar Hejazi, is negotiating with Russia for a possible escape route for regime leaders if Iran’s situation worsens, Iran International reports.

Moscow has promised a secure evacuation.

This was a blast

Stanley Fischer, Who Spread the Macroeconomic Gospel, Dies at 81 Stanley Fischer, a professor and practitioner of macroeconomics who helped guide central banks in two countries, Israel and the US, and mentored a younger generation of economic decision-makers, has died. He was 81.

Stanley Fischer, a professor and practitioner of macroeconomics who helped guide central banks in two countries, Israel and the US, and mentored a younger generation of economic decision-makers, has died. He was 81.

"In conclusion, given my belief that any tariff-induced inflation will not be persistent and that inflation expectations are anchored, I support looking through any tariff effects on near term-inflation when setting the policy rate. Fortunately, the strong labor market and progress on inflation through April gives me additional time to see how trade negotiations play out and the economy evolves. Assuming that the effective tariff rate settles close to my lower tariff scenario, that underlying inflation continues to make progress to our 2 percent goal, and that the labor market remains solid, I would be supporting "good news" rate cuts later this year."

Fed's Waller in Korea: "Assuming that the effective tariff rate settles close to my lower tariff scenario, that underlying inflation continues to make progress to our 2 percent goal, and that the labor market remains solid, I would be supporting 'good news' rate cuts later this year."

'Russian bombers are burning en masse' — Ukraine's SBU drones hit 'more than 40' aircraft in mass attack, source claims "Currently, more than 40 aircraft are known to have been hit, including the A-50, Tu-95 and Tu-22 M3," a source told the Kyiv Independent.

If even a fraction of this is true, it’s a remarkable achievement & a mark of how far Ukr deep strike has come. ‘An operation by Ukraine's Security Service (SBU) has hit ‘more than 40" Russian bombers at air bases “in the rear of the Russian Federation”…’ kyivindependent.com/enemy-bomber...

Crypto may be eating up the U.S. political system but back in the real word its use by regular folks is dropping. Fed data shows the 8 percent of adults who used cryptocurrency either as money or investment last year is down from 12% in 2021. Data also shows almost no use as actual money.

North Korea Infiltrates U.S. Remote Jobs—With the Help of Everyday Americans A LinkedIn message drew a former waitress in Minnesota into a type of intricate scam involving illegal paychecks and stolen data. It’s a growing problem for businesses.

North Korea Infiltrates U.S. Remote Jobs—With the Help of Everyday Americans
www.wsj.com/business/nor...

IMF reaches agreement under first review of $1.4 billion El Salvador program The International Monetary Fund said on Tuesday it had reached an agreement with El Salvador to disburse about $120 million, following the first review of a $1.4 billion 40-month program.

IMF reaches agreement under first review of $1.4 billion El Salvador program reut.rs/4dL4Ziz

Stablecoins are bank deposits And stablecoin issuers are banks

very good, very clear - stablecoins are banks, from an economic perspective. their proponents will say they're narrow banks, cynics will say they're unregulated banks
www.ft.com/content/625f...

The US is not having a Liz Truss moment The Dollar is falling, but that fall is different from the UK's Liz Truss blow-up in 2022

The Dollar is falling and long-term Treasury yields are rising. Many make a comparison with the Liz Truss blow-up in the UK in Sep '22, but the rise in US yields (black) is nothing like the UK (blue) then. Not a Liz Truss moment in the US. Today's substack:
robinjbrooks.substack.com/p/the-us-is-...

From Apollo's Torsten Slok:
"It’s been nearly two weeks since the China/US trade deal, but container traffic from China to the US hasn’t shown a strong rebound."
#economy #markets #China #trade #tariffs

This reminds me of my favourite Chatham House rule story 🧵

Way back in the pre-crash boom period, Gordon Brown as Chancellor hosted one of his big global investment conferences at the QEII in London.

Muggins here, a junior Treasury official, had a cheap seat as one of the organisers…1/

Avec « Highest 2 Lowest », Spike Lee et le Festival de Cannes font honneur à Denzel Washington A l’affiche du film du réalisateur américain, dans lequel il campe un magnat de la musique, l’acteur a reçu, lundi 19 mai, une Palme d’honneur pour l’ensemble de sa carrière.

Avec « Highest 2 Lowest », Spike Lee et le Festival de Cannes font honneur à Denzel Washington

China’s Fighter Jets and Missiles Get a Boost From the India-Pakistan Clash

The reported success of Chinese-made fighter jets and missiles in the India-Pakistan conflict has fed nationalist pride in China, and has renewed warnings to Taiwan.