Who’s buying U.S. Treasury debt, and why?
To finance large and persistent budget deficits, the U.S. Treasury borrows heavily on global bond markets. Current marketable…
Sharing more, protecting more: Three lessons from the Safe Data Technologies project
On June 4, the Department of Commerce issued a disclosure avoidance order that has reignited the heated discussion on the tradeoffs among…
Rethinking Fed operations: Recommendations to the five task forces
Federal Reserve Chair Kevin Warsh has appointed five task forces to reconsider how the Fed operates: inflation frameworks,…
An update on Europe’s Russia sanctions
On July 23 the EU announced its 21st package of Russia sanctions. The energy-related measures included a freezing…
Medicaid work requirements built on invented evidence will harm the people they claim to help
The Centers for Medicare and Medicaid Services (CMS) has issued a new Interim Final Rule with comment period…
Can Europe survive China Shock 2.0?
As China searches for markets to absorb its excess exports, it has increasingly directed much of that manufacturing…
Challenges to independence: How should central banks respond—lessons from history
I am honored to deliver this conference’s Mayekawa lecture. Governor Ueda asked me to reflect on central bank…
Remarks by Janet L. Yellen at “The Powell years at the Fed: A retrospective”
Thank you, David. You’ve organized a genuinely illuminating conference. After an excellent paper from Christy and David Romer…
How the Trump administration is eroding the immigrant talent pipeline
Introduction High-skill immigrants have long been central to American innovation and economic growth. Foreign-born students, scientists, engineers, and…
Grading Fed communications: A 2026 survey of Fed watchers
The Hutchins Center on Fiscal & Monetary Policy at Brookings periodically surveys academic and private sector Federal Reserve…
Understanding the risks to economic statistics
At a cost of less than one-tenth of one percent of the federal budget, government statistical agencies provide…
The payment system puts a floor on the Fed’s balance sheet
If the Federal Reserve wants to shrink its massive balance sheet—as President Trump’s nominee to be the next…