Afleveringen
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The official Fed historian, Jonathan Rose, joins Steven and I on the show today to discuss technology's role in the March 2023 bank runs as well as bank runs from history.
Article: “Understanding the Speed and Size of Bank Runs in Historical Comparison"
Twitter: @thejonrose
Book: Well Worth Saving: How the New Deal Safeguarded Home Ownership (publisher, Amazon)
Website: https://www.federalreservehistory.org/
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The beautiful thing about Jeanna Smialek's new book is that its core thesis has been tested and proven out in unbelievably prescient ways in just the 6 weeks since it came out.
Review it!!
It's a book for you Fed Watchers - and your parents! Seriously!
@JeannaSmialek & @StevenKelly49 & @KalebNygaard
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Zijn er afleveringen die ontbreken?
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A conversation with WSJ reporter, Jon Hilsenrath, about his book on the love story of Janet and George and the way they broke through in the economics field and in policy. I enjoyed this conversation as much as I loved the book. Even if you think you know Yellen's story - this podcast will show a depth and insight that I promise will delightfully surprise you!
The Book
Jon's latest at the Journal
Jon on LinkedIn
Kaleb on twitter
Kaleb's guest post on Steven Kelly's substack about Yellen's legacy
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Back behind the mic with my favorite political Fed Watcher. Derek Tang, CEO and co-founder of Monetary Policy Analytics at LH Meyer, joins the show to talk about the make up, dramas, and twists and turns he expects this year.
Analysis on FOMC meeting minutes
on twitter: @macroderek
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Two important topics on the table today with the one and only Steven Kelly.
Debt Ceiling Headroom: The Fed Has an Extra $14 Billion
Does Bank Regulation Really Just Push Risk to the Shadows?
on twitter: @KalebNygaard and @StevenKelly
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The most lucid translator of Fed speak, Greg Ip joins the show to recap not only this week's FOMC meeting but also the wild year that was 2022.
On twitter: @greg_ip @kalebnygaard
Greg's column on the FOMC meeting, Jerome Powell’s Grim Inflation Outlook Is at Odds With Markets
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There's one person who has thought more about the philosophical and economic principles undergirding the Federal Reserve, central banks, and independent agencies - Paul Tucker. In his new book, Global Discord Values and Power in a Fractured World Order, Paul takes a step back to consider international organizations, and how their institutional design and legitimacy hold in a changing global power dynamic.
Carey Mott, from the Yale Program on Financial Stability, joins me as cohost in this interview with Paul.
Global Discord (new book)
Unelected Power (first book)
Events:
Nov 22, 2022, AEI (recording available) Nov 28, 2022, UChicago Jan 17, 2023, LSE -
We've had lots of active Fed journalists on the show to talk about their work and reporting. But no one can open up about the true inner-workings quite like former WSJ economics editor and all around Fed Wizard, David Wessel!
At Brookings
In Fed We Trust: Ben Bernanke's War on the Great Panic
Only the Rich Can Play: How Washington Works in the New Gilded Age
on twitter: @davidmwessel, @StevenKelly49, @KalebNygaard
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Matt Klein is the founder of The Overshoot, one of the most influential economic newsletters on the market. He joins the show today to talk give us an inside look into the creation of The Overshoot and discuss the FOMC meeting this week, how we got here, and where things are going.
The Overshoot (sign up asap to lock in the lower rate!)
Trade Wars Are Class Wars (also check out this piece from The Overshoot, which is the first in a series that Matt is doing on reviewing the theories of the book since its publication)
on twitter: @M_C_Klein, @StevenKelly49, @KalebNygaard
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This is an exciting time to be Fed Watching and no one is doing it better than Neil Irwin, who joins the show today to talk about Jackson Hole, the ups and downs since, what comes next for the central bank, and a behind the scenes look at the creation of the Axios Macro daily newsletter.
Newsletter: Axios Macro w/@Courtenay_Brown
Book: The Alchemists: Three Central Bankers and a World on Fire
Conference Panel: Cato Institute Monetary Conference
Twitter: @Neil_Irwin and @KalebNygaard
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How are the SEPs prepared? What goes into the Tealbook? What's the real purpose of the blackout period? These and so much more on the inner workings of the FOMC with former Board Monetary Affairs director and current Yale professor, Bill English.
Bill's recent book (summary blog post, full book - which is downloadable for free!) with Angel Ubide and Kristin Forbes.
List of "Come with Me to the FOMC" speeches
on twitter: @StevenKelly49, @KalebNygaard
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Federal Reserve police officers were the first to find the Watergate burglars...and that's only the beginning of this incredible story!! Seriously, listen to the whole thing because there are so many wild gems.
Nixon Presidential Library oral history with John E. Sheehan
Fed's IG report on accusations re Watergate and loans to Iraq
on twitter @KalebNygaard (Tankus tweet that inspired the episode)
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What on earth happened this week?! Steven and I chat about the leak (was it? wasn't it?) and the FOMC meeting.
on twitter: @StevenKelly49, @KalebNygaard
Howard's follow-up to Powell goes unanswered (at 9:17)
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Fed communication has evolved a lot in the last few decades, and few people have been in better places to view it than Tony Fratto, Founding Partner at Hamilton Place Strategies and former WH Deputy Press Secretary and Assistant Secretary of the US Treasury.
The Greenspan days, the global financial crisis, the Trump tweets, the pandemic, the trading scandal, and inflation - we cover a lot of ground!
Tony's podcast The Macrocast
on twitter: @TonyFratto, @KalebNygaard
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Delighted to have Lev Menand, Associate Professor of Law at Columbia, on the show today to talk about his new book and the policy implications today.
The Fed Unbound: Central Banking in a Time of Crisis
On twitter: @LevMenand, @KalebNygaard
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Michael Derby, WSJ Fed beat reporter who broke the original financial disclosure for Dallas Fed President Robert Kaplan, comes back on the show to chat about past Dallas Fed presidents and Lorie Logan, the current SOMA manager at the New York Fed and next Dallas Fed president.
Michael's article
on twitter: @michaelsderby, @stevenkelly49, @kalebnygaard
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The one and only - the author of Politico's Morning Money newsletter, Kate Davidson. We talk about Michael Barr's nomination process and how he may fit into the still new position of Vice Chair for Supervision. We also talk about the other Fed nominees, monetary policy past and future, and how Morning Money is made.
Sign up for Morning Money
@KateDavidson, @StevenKelly49, @KalebNygaard
Quarles interview with Rob Blackwell we mention in the episode
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No one outside the Fed (and there have to be only like two or three within the Fed) have thought more about the Fed's emergency lending authorities than Steven Kelly. Today he's on the show for the ins and outs of these three angles:
- The DW & 13(3) covid-era data disclosures
- Does the Fed *have* to use SPVs? (thread)
- The case for prepping for an emergency commodities facility
Bloomberg oped
Original notes on the commodities facility
2008 legal memo
AIG warrants draft memo
Dallas Fed commodities markets article
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David's excellent papers:
Banks, Corporatism, and Collaboration in the Administrative State Against Being Against the Revolving DoorWashington Post article on Circle and the Boston Fed
On twitter: @ZaringDavid, @StevenKelly49, @KalebNygaard
David's book: The Globalized Governance of Finance
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Fellow Fed governance explorer Derek Tang joins the show to talk about the latest. From the nominations to Congressional debates about the Fed and everything in between!
on Twitter: @macroderek, @lhmeyermacro, @KalebNygaard
LHMeyer.com
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