Podcasts about Monetary policy

Liz Ann Sonders and Kathy Jones discuss this week's Federal Open Market Committee (FOMC) meeting and the latest interest rate cut. They also analyze some of the details of what is driving the Fed's decisions in light of the government shutdown.Next, Kathy Jones is joined by David Beckworth. Kathy and David discuss the complexities of the Federal Reserve's balance sheet, the broader implications of monetary policy, and the emerging landscape of stablecoins and central bank digital currencies (CBDCs). They discuss the challenges the Fed faces in managing its balance sheet, the potential impact of stablecoins on the financial system, and what these developments mean for investors. David outlines three potential steps the Fed could take to downsize the balance sheet: asset swaps, managing the Treasury General Account (TGA), and improving ceiling facilities. You can keep up with David Beckworth by following his podcast, Macro Musings, and his Substack, “Macroeconomic Policy Nexus.”On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThis material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned are not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Past performance is no guarantee of future results.Investing involves risk, including loss of principal. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Digital currencies are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument.Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intendedThe comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(1025-36UZ) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today our Governing Council decided on monetary policy. Listen to President Christine Lagarde present today's decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 30 October 2025. Our monetary policy statement at a glance, 30 October 2025 https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_october.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 30 October 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is251030~4f74dde15e.en.html Monetary policy decisions, 30 October 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp251030~cf0540b5c0.en.html Combined monetary policy decisions and statement, 30 October 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds251030~25d99d5b1c.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

Segment 1: Jason Korinek, Executive Chef/Owner at Posto 31 in LaGrange Park, talks to John about where they are located in LaGrange Park, how long they have been in business, what the restaurant is most known for, how they use locally sourced products, the importance of making most of the items on the menu being […]

I don't think that the next Fed chair does much to change my expectations for the terminal rate this cycle, says Stuart Paul, US & Canada Economist for Bloomberg Economics. Paul is joined by BI chief US rates strategist Ira Jersey and senior US & Canada rates-strategy associate Will Hoffman to discuss takeaways from the recent Federal Reserve, and Bank of Canada meetings. The trio discuss the outlook for monetary policy and yields on both sides of the border. They also touch on the upcoming release of the Canadian federal budget, the end of the Federal Reserve's asset runoff program and what comes next for balance sheet policy, in addition to the impact of political influence on the path of monetary policy.The Macro Matters podcast is part of BI's FICC Focus series.

As talk of an “AI bubble” hits the headlines, we discuss key differences between today's artificial intelligence spending and the tech bubble of the late 1990s. We also talk to Invesco Real Estate's Chase Bolding and Charlie Rose about opportunities in real estate credit and equities. And, with extraordinary monetary policies facing some recent criticism, we remember the role of the Federal Reserve in dealing with the deflationary threats of 2008 and 2020. (Invesco Distributors, Inc.)

Both Republicans and Democrats pressure the Fed toward different agendas, revealing deeper institutional problems. Norbert Michel and Jai Kedia argue that broad discretion and an inflated view of the Fed's influence enable mission creep and capture regardless of who holds power. The solution? Congressional legislation establishing clear rules. Hosted on Acast. See acast.com/privacy for more information.

In this episode, we discuss Denmark's proposal to grant citizens ownership of their face, voice, and likeness to combat AI deepfakes, and the ethical and legal implications of personal identity rights in the digital age. We highlight the “foolishness of the week” involving tariffs and political overreaction to a Canadian ad campaign, and explore the concept of sound money with guest Jp Cortez of the Sound Money Defense League. The conversation covers gold and silver as currency, the consequences of fiat money and inflation, and how monetary policy shapes economic freedom, government power, and personal responsibility. 00:00 Introduction and Overview 00:27 Denmark's Copyright Law 02:39 AI Deepfakes and Property Rights 05:10 Unintended Consequences of the Law 08:29 The Ethical Implications of AI Deepfakes 10:47 Foolishness of the Week: Reagan's AI Ad 12:16 Trump's Reaction to the Reagan Ad 15:01 Introduction to Jp Cortez and Sound Money Defense League 15:25 Re-monetizing Gold and Silver 17:09 Sound Money Index Explained 19:04 Challenges with the US Dollar 21:28 Gold's Stability and Historical Context 26:34 The Role of States in Sound Money 30:25 Practical Implications of Sound Money 37:24 The Moral and Ethical Case for Sound Money 42:12 Congress's Role in Taxation 46:28 Sound Money as a Safeguard Against Failed Government 48:05 Global Trends in Gold and Silver 51:05 The Meaning of the Price of Gold 53:39 The Impact of Monetary Policy on Poverty 55:49 Why Gold Has Stood the Test of Time 01:00:07 Conclusion and Call to Action Learn more about your ad choices. Visit podcastchoices.com/adchoices

Jim Clouse is a veteran of the Federal Reserve System and is currently a fellow at the Andersen Institute. In Jim's first appearance on the show, he discusses the evolution of monetary rules at the Fed, what happened at the Fed during Y2K, 9/11, the Great Financial Crisis, and the COVID Pandemic, the ever changing stigma of the discount window, Ted Cruz's calls to end interest on reserves, and much more. Check out the transcript for this week's episode, now with links. Recorded on September 11th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:03:16 - Jim's Career 00:05:38 - Monetary Rules at the Fed 00:09:12 - Increasing Transparency at the Fed 00:17:25 - Y2K and the Fed 00:26:19 - Discount Window 00:32:21 - Global Financial Crisis 00:39:10 - Covid Pandemic 00:46:10 - Jim's Current Research 01:00:31 - Outro

Mark Thornton shares a timely conversation from the Liberty & Finance podcast with Elijah K. Johnson. Mark explains why $50 silver is a psychological barrier, and how decades of tech shifts, by-product mining, and central-bank gold buying shaped today's divergence between gold and silver. The thread tying it all together: easy money seeds malinvestment and fragility; metals hedge the fallout.Be sure to follow Minor Issues at https://Mises.org/MinorIssues

This week, Kevin Gordon fills in for Kathy Jones. Liz Ann Sonders and Kevin discuss the recent NABE conference and the current state of the markets in light of the government shutdown and recent tariff announcements. They explore the implications for earnings season, the potential impact of AI on productivity, and the challenges facing the labor market. They also cover the importance of upcoming economic data releases and how relying on alternative data could have potential effects on market trends and monetary policy.Then, Liz Ann is joined by Patrick Harker, former president and CEO of the Federal Reserve Bank of Philadelphia. Harker discusses several economic challenges facing the U.S., including the impact of the government shutdown on economic data, the independence of the Federal Reserve, and the complexities of fiscal policy. He shares his thoughts on the need for better data collection and the role of private-sector data sources, while also addressing the labor market dynamics influenced by immigration policy. Harker reflects on his tenure at the Philadelphia Fed and shares insights on the importance of pragmatic policymaking.Finally, Liz Ann and Kevin take a look ahead at upcoming economic indicators and how the government shutdown could affect future data releases.On Investing is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThis material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Past performance is no guarantee of future results.Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(1025-WE69) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On October 9, 2025, Federal Reserve Governor Michael S. Barr took the stage at the Economic Club of Minnesota's luncheon, to discuss the U.S. economy amid rising inflation and policy challenges. In his speech, “The Economic Outlook and Monetary Policy,” Barr highlighted how recent tariffs have driven inflation up, with the PCE index hitting 2.7% in August and core PCE nearing 3%. These pressures, he warned, could push inflation above 3% by year-end, complicating the Fed's 2% target. Barr gave a personal nod to his Minnesota roots by sharing that his grandmother's family ran a clothing store in Eveleth during the 1906 iron ore boom.  In a candid Q&A with Minneapolis Fed President Neel Kashkari, Barr addressed the Fed's delicate balancing act between curbing inflation and supporting a softening labor market. With unemployment creeping up and consumer spending showing a split between robust high-income households and struggling lower-wage workers, he urged caution on further rate cuts after September's 25-basis-point reduction. The looming threat of a government shutdown added to the uncertainty, though Barr noted its economic impact remains unclear. Governor Barr was especially engaged with the students in the audience and discussed his journey and important mentors he relied on to advance in his career. 

Singapore shares slid today as investors continue to monitor renewed US-China trade fears. The Straits Times Index was down 0.57% at 4,364.69 points at 1.59pm Singapore time, with a value turnover of S$1.03B seen in the broader market. In terms of counters to watch, we have Mapletree Logistics Trust, after the manager of Mapletree Logistics Trust yesterday announced that it had completed the divestment of an Australian property for A$60 million (S$50.4 million). Meanwhile, from how the Monetary Authority of Singapore (MAS) kept monetary policy settings unchanged for the second consecutive time in today’s quarterly policy meeting, to how silver prices touched an all-time high above US$52.50 an ounce, more economic headlines remained in focus On Market View, Money Matters’ finance presenter Chua Tian Tian unpacked the developments with Abhilash Narayan, Investment Strategist, HSBC Global Private Banking and Premier Wealth.See omnystudio.com/listener for privacy information.

Mark Thornton lays the groundwork for understanding gold and silver before politics gets involved. Mark explains why monetary metals emerge from market “evolution,” how their non-consumptive use creates massive above-ground stocks, and why the same metal serves multiple markets (money vs. consumption) with one price. He explains how demand shifts trigger conservation and recycling, why new mining lags price spikes, how “near-monies” substitute when people economize on cash balances, and why any apparent stability (even par relationships) reflects underlying market conditions, not decree. Today's price volatility is largely the artifact of intervention, not the metals themselves.Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Despite uncertainty around the US government shutdown and signs of economic weakness, equities have rallied, though tech stocks paused as AI enthusiasm met valuation concerns. With non-farm payroll data delayed, investors are turning to private sector indicators for labour market insights. Meanwhile, in Japan, Sanae Takaichi's surprise win as Liberal Democratic Party (LDP) leader signals a potential return to expansionary “Sanaenomics”, a policy stance reminiscent of Abenomics, boosting equities and pressuring the yen. Tune in for a deep dive into the macro shifts shaping markets this week.This episode is presented by Magdalene Teo, Head of Fixed Income Research Asia, Julius Baer.

Investors might be witnessing the biggest industrial reshoring effort in more than a generation. The global race for technological superiority—particularly around AI and critical semiconductors—is pushing both private capital and government support into ramping up domestic production. Meanwhile, shifting trade policies and geopolitical risk have ignited a realignment in global supply chains impacting a wide array of industries, from furniture to automobiles. But moving factories and building out domestic manufacturing capacity will likely face some speedbumps amid mismatches in labor, materials and costs. New innovations like factory automation bring their own set of implementation challenges. Understanding how the manufacturing outlook is evolving will be crucial as investors sort out potential winning and losing regions and industries. As factories prepare for the future, institutional investors are well positioned to provide the long-term capital that manufacturers seek to modernize operations, create more resilient supply chains, and grow.  This episode of The Outthinking Investor takes a deep dive into trade imbalances and tariffs; how manufacturers are dealing with macro uncertainty; manufacturing's role in supporting labor markets and the broader economy; potential obstacles that could slow reshoring; and portfolio strategies for capturing opportunities amid a manufacturing renaissance.    Our guests are:  Robert Lawrence, Albert L. Williams Professor of International Trade and Investment at Harvard Kennedy School and former member of the Council of Economic Advisers  Julius Krein, editor of policy journal American Affairs and head of policy at the New American Industrial Alliance  Josh Shipley, executive managing director and head of Europe at PGIM, overseeing corporate finance offices in the region  Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor.  To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com. 

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world's largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 6th October 2025.

According to mainstream economists, inflation aids economic growth while deflation impairs growth. Austrian economists, however, point out that in much of US history, economic growth was accompanied by deflation.Original article: https://mises.org/mises-wire/inflation-and-economic-growth

As the U.S. government shutdown continues, we examine the implications of a prolonged shutdown to economic activity. Plus, thoughts on the health of the U.S. labor market, and broader economy, along with an outlook for Fed monetary policy heading into 2026. Featured is Paul Hsiao, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

According to mainstream economists, inflation aids economic growth while deflation impairs growth. Austrian economists, however, point out that in much of US history, economic growth was accompanied by deflation.Original article: https://mises.org/mises-wire/inflation-and-economic-growth

The Japanese economy was once the envy of the world. By the 1980s, it looked set to surpass the United States in size. Real estate prices were high, the stock market was booming—the entire world was asking if Japan had found a superior model of economic growth and recovery after World War II, one grounded in industrial policy.However, the bubble burst in the early 1990s, and what followed was not a quick recession and rebound as we have often seen in the U.S., but decades of stagnation. Near-zero deflation became entrenched, and the banking system turned into a drug of cheap borrowing rather than an engine for recovery, with the Bank of Japan pioneering quantitative easing by pushing interest rates to zero long before the U.S. Federal Reserve considered such steps in the wake of the 2007 financial crisis. Japan has never since returned to sustainable growth, and this matters for the world at large. A significant creditor to other countries, shifts in Japan's economic policy and fluctuations in its currency ripple across global interest rates, tightening or loosening financial conditions worldwide. Japan also remains a critical node in global supply chains (including for semiconductor chips and electronics), a major importer of energy, and not for nothing, its cultural exports continue to conquer the world.What lessons can Japan's lost decades of economic stagnation and missed opportunities offer the U.S. and other developed economies? Bethany and Luigi are joined by Takeo Hoshi, professor of economics at the University of Tokyo and a leading expert on Japan's financial system and economic stagnation. Together, they discuss Japan's idiosyncrasies—from demographic decline to economic policy mismanagement—and the interplay of global factors such as populism, nativism, and dissatisfaction with capitalism. If the U.S. is indeed on the cusp of its own economic bubble driven by oversized capital investments in artificial intelligence and technology rather than consumer spending and wage growth, does it have the institutions and flexibility to avoid Japan's fate? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets are having to digest a lot right now. There's the government shutdown, plus new private payroll data showing the economy lost jobs in September. Susan Schmidt, portfolio manager at Exchange Capital Resources, joins us to break it down. Also on the show: the FAFSA portal is open. We look at what's different with this year's federal student aid applications and how the government shutdown could impact the process. Then, Marketplace's Sabri Ben-Achour continues his conversation with Susan M. Collins, head of the Federal Reserve Bank of Boston.

Markets are having to digest a lot right now. There's the government shutdown, plus new private payroll data showing the economy lost jobs in September. Susan Schmidt, portfolio manager at Exchange Capital Resources, joins us to break it down. Also on the show: the FAFSA portal is open. We look at what's different with this year's federal student aid applications and how the government shutdown could impact the process. Then, Marketplace's Sabri Ben-Achour continues his conversation with Susan M. Collins, head of the Federal Reserve Bank of Boston.

Tech jobs market hits slump, Qualcomm doubles down on India, startup founders reclaim the spotlight and all eyes are on the outcome of RBI's monetary policy committee meeting. Also find: India's substantial role as the world's pharmacy, India's shining IPO market, and how cars get their names. Tune in for all this and more in the latest Moneycontrol Editor's Picks.

Jeremy Siegel, Professor Emeritus of Finance at the Wharton School and Senior Economist at WisdomTree, discusses the Federal Reserve's latest rate cuts, divisions within monetary policy, inflation and employment trends, and how artificial intelligence is shaping long-term economic growth and market performance. Hosted on Acast. See acast.com/privacy for more information.

China will maintain an independent and accommodative monetary policy amid the unfolding global rate cut cycle, with future adjustments to be determined by domestic priorities and incoming data, officials and analysts said on Monday.官方及分析人士于周一表示，在当前全球降息周期逐步展开的背景下，中国将继续实施独立且稳健宽松的货币政策，未来政策调整将依据国内发展重点与实际经济数据来确定。Pan Gongsheng, governor of the People's Bank of China, the country's central bank, said on Monday that China's monetary policy will remain independent and data-driven, following the US Federal Reserve cutting the federal funds rate by 25 basis points last week.中国人民银行行长潘功胜在周一指出，继上周美国联邦储备委员会宣布将联邦基金利率下调25个基点后，中国货币政策仍将坚持独立性与数据驱动原则。"China's monetary policy adheres to the principle of staying oriented to domestic needs while balancing internal and external factors," Pan said at a news conference, adding that future decisions will be based on macroeconomic conditions and evolving circumstances.潘功胜在新闻发布会上强调：“中国货币政策始终坚持以国内需求为主导，同时统筹兼顾内外部均衡。”他进一步表示，未来货币政策决策将立足宏观经济形势与实际情况变化来制定。Citing international central banking practice, Pan said the PBOC will follow a data-based approach to policy adjustment, and make comprehensive use of multiple tools to ensure ample liquidity and guide financing costs lower.提及国际央行通行做法时，潘功胜表示，中国人民银行会遵循数据导向的政策调整思路，综合运用多种货币政策工具，确保市场流动性合理充裕，并引导融资成本持续下行。Such efforts are aimed at bolstering consumption, expanding investment and consolidating economic recovery, Pan said, stressing that "China's current monetary policy stance is supportive."他指出，这些举措旨在提振消费、扩大有效投资，巩固当前经济回升向好态势，同时明确“中国当前的货币政策立场具备充分的支持性”。Also on Monday, the PBOC released the latest loan prime rates — the market-based lending benchmarks — which remained unchanged for the fourth consecutive month. The one-year LPR stood at 3 percent, while the over-five-year LPR came in at 3.5 percent.同样在周一，中国人民银行公布了最新一期贷款市场报价利率（LPR）——作为市场基础性贷款利率基准，此次LPR已连续第四个月维持不变。其中，1年期LPR保持3%不变，5年期以上LPR则稳定在3.5%水平。The steady rates were in line with expectations, as the policy rate of seven-day reverse repos has also held stable. Analysts said the third quarter has been a period of observing monetary policy effects, even as the US Fed rate cut provides more policy room for China by potentially ushering in a global rate cut cycle.此次LPR保持稳定符合市场预期，此前7天期逆回购操作利率亦持续维持不变。分析人士认为，尽管美联储降息可能推动全球进入降息周期，为中国货币政策提供更广阔操作空间，但第三季度仍是观察前期货币政策实施效果的关键阶段。Looking ahead, Ming Ming, chief economist at CITIC Securities, said credit growth remained subdued and property sales became weaker in the third quarter, underscoring the need for interest rate cuts to lower financing costs.展望未来，中信证券首席经济学家明明表示，第三季度我国信贷增长态势偏缓，商品房销售表现进一步走弱，这凸显出通过降息降低市场主体融资成本的必要性。Ming said that the narrowing net interest margin of commercial banks suggests that deposit rates may need to decline before a cut in LPRs can take place, adding that rate cut decisionmakers should also pay attention to the impact on investor sentiment in the stock market.明明指出，商业银行净息差持续收窄，这意味着若要下调LPR，可能需要先推动存款利率下行。此外，政策制定者在作出降息决策时，还需关注其对股票市场投资者情绪的潜在影响。During Monday's news conference, heads from China's top financial regulators also reported the achievements made by the country's financial sector over the 14th Five-Year Plan period (2021-25).在周一的新闻发布会上，我国金融监管部门负责人还介绍了“十四五”规划（2021-2025年）期间我国金融业取得的发展成就。Pan said total assets of China's banking sector reached nearly 470 trillion yuan ($66 trillion) by the end of June, the largest in the world, while the country's stock and bond markets ranked second globally in size.潘功胜透露，截至今年6月末，我国银行业总资产规模接近470万亿元（约合66万亿美元），规模位居全球首位；股票市场与债券市场规模则均位列全球第二。Wu Qing, chairman of the China Securities Regulatory Commission, said at the conference that equity and bond financing on the exchange markets totaled 57.5 trillion yuan in the past five years, raising the share of direct financing to 31.6 percent, up by 2.8 percentage points from the end of the 13th Five-Year Plan period (2016-20).中国证券监督管理委员会主席吴清在会上表示，过去五年，我国交易所市场股票与债券融资总额达57.5万亿元，直接融资占比提升至31.6%，较“十三五”规划（2016-2020年）期末提高2.8个百分点。Technology-related stocks now account for over one-fourth of the market capitalization of the A-share market, far surpassing the combined weight of financial and real estate sectors, while dividends and share buybacks reached 10.6 trillion yuan in the past five-year period, more than twice the combined proceeds from IPOs and refinancing, Wu said.吴清指出，目前A股市场中科技相关板块市值占比已超过四分之一，远超金融与房地产板块市值之和；过去五年，A股市场现金分红与股份回购总额达10.6万亿元，是同期首次公开发行（IPO）与再融资募集资金总和的两倍多。Looking ahead, Wu said the commission will advance reforms of the STAR Market and ChiNext regarding IPOs, mergers and acquisitions, and corporate restructurings to amplify support for innovation, improve listed companies' disclosure quality, foster a culture that values and rewards investors, and enhance market regulation and risk-prevention frameworks.对于未来工作方向，吴清表示，证监会将推进科创板、创业板在首次公开发行（IPO）、并购重组等领域的改革，进一步加大对科技创新的支持力度；同时将提升上市公司信息披露质量，培育尊重投资者、回报投资者的市场文化，并健全市场监管与风险防范体系。Wu added that long-horizon assessments of funds will be reinforced, while cross-border investment and financing will be made more convenient to attract more capital inflow.他补充道，监管部门还将强化对基金产品的长期业绩考核，进一步便利跨境投融资活动，吸引更多境外资本流入我国资本市场。Zhu Hexin, administrator of the State Administration of Foreign Exchange, said that overseas institutions and individuals held over 10 trillion yuan worth of onshore stocks, bonds, deposits and loans by the end of July.国家外汇管理局局长朱鹤新表示，截至今年7月末，境外机构与个人持有境内股票、债券、存款及贷款等各类资产规模合计超过10万亿元。Official data showed that foreign investors now hold about 3.4 trillion yuan of A shares, while 269 Chinese companies are listed overseas.官方数据显示，目前境外投资者持有A股规模约3.4万亿元，共有269家中国企业在境外市场上市。accommodativeadj.融通的，适应性强的/əˈkɒmədeɪtɪv/liquidityn.流动性；资产变现能力/lɪˈkwɪdəti/marginn.差额，利润/ˈmɑːdʒɪn/

In this week's episode, Tumisho Grater, Multi-Manager Investment Analyst, unpacks a wave of central bank decisions that shaped global market sentiment. From the U.S. Fed's rate cut and its implications for inflation and dollar stability, to the SARB's steady stance and the rand's resilience, the episode explores how monetary policy is influencing investor behaviour. Tumisho also covers equity market movements, including Nvidia's AI-driven rally and the impact of Trump's visa policy on Indian tech stocks. With key U.S. inflation and GDP data on the horizon, this episode offers timely insights into what's driving markets now—and what could come next. LinkedIn · YouTube

Following the Fed's decision to cut by 25bp, we discuss why we now expect substantially more rate cuts in 2025-26, and the impact of the appointment of a new Fed chair in coming months. In Europe, we preview the on-hold decisions we expect from both Swiss National Bank and Riksbank next week. In Asia, we put a spotlight on Indonesia. In this episode, we also speak with Yusuke Miyairi, our G10 FX strategist, who explains why he sees USD/JPY lower in the near-term, amid the latest political developments in Japan. Chapters: US: 01:59, Europe: 10:23, Asia: 15:51, Japan: 17:24.

Head of Public Policy Jason Cole provides his latest briefing from Washington. Jason updates the team on critical policy developments impacting markets and shaping the Trump administration's economic agenda. Jason joins SVP of Investment Research Andrew Korz and Investment Research Associate Alan Flannigan to cover the uncertain path forward for tariffs, the looming government shutdown and the evolution of U.S. industrial policy in an AI-driven world.Have a question for our experts? Text us for a chance to have your questions answered on the next episode.To watch the video version, go to https://www.youtube.com/@futurestandard_fs For more research insights go to https://futurestandard.com/insights

The Federal Reserve is expected to cut its benchmark interest rate by a quarter of a point when it meets on Wednesday, the first cut in about a year. It has been described by those who watch the Fed as the most unprecedented meeting in many years due to political pressure from President Trump. Geoff Bennett discussed more with David Wessel of the Hutchins Center on Fiscal and Monetary Policy. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy

The dollar was steady in early Asian trading as US-China trade talks entered a second day, with investors focused on this week's Federal Reserve policy decision. The key question for investors this week is whether Fed officials will push back against market bets on a series of interest-rate cuts extending into next year. A quarter-point reduction is seen as a sure thing when the Fed announces its policy decision Wednesday, with a small potential for a half-point move amid signs US job growth is slowing rapidly. We break down the forces driving Fed policy with Adam Coons, Chief Investment Officer at Winthrop Capital Management.The greenback was mixed against major currencies and US equity-index futures were little changed after the benchmark S&P 500 closed flat on Friday. Asian contracts signaled declines at the open, while Japan's markets are closed for a holiday. In addition to the Fed's decision on Wednesday, the Banks of Canada, England, and Japan are also set to announce policy decisions this week. We get more perspective on the week's monetary policy decisions from Louise Loo, Lead Economist at Oxford Economics. She speaks with Bloomberg's Shery Ahn and Annabelle Droulers on The Asia Trade.See omnystudio.com/listener for privacy information.

In this episode of Passing Judgment, we delve into the high-stakes legal battle over the attempted removal of Federal Reserve Governor Lisa Cook. Jessica explains the Trump administration's push to fire Cook, the court's decision to reinstate her, and the looming emergency appeal. Tune in as we explore the legal protections for Fed governors, the fight over presidential power, and why this showdown could impact both the central bank's independence and the broader economy.Here are three key takeaways you don't want to miss:Legal Battle Over Federal Reserve Independence: Jessica discusses the attempt by the Trump administration to fire Federal Reserve Governor Lisa Cook. She explains this centers on whether a president can remove a sitting Fed governor and under what circumstances, which is a pivotal question about the independence of the central bank.The Law and Statutory Interpretation: The conversation delves into the Federal Reserve Act, which only allows removal of board members “for cause.” There's debate on what “for cause” means—whether it should be restricted to on-the-job misconduct or include actions before taking office. The district court judge sided with the narrower reading, that it should only pertain to conduct while in office.Due Process and Rights of the Removed Official: A significant part of the discussion is about whether Lisa Cook was given due process. The judge found she likely wasn't given adequate notice or opportunity to respond to the allegations, which could be a violation of her rights.Follow Our Host: @LevinsonJessica

Jon Hartley and Christopher Waller discuss monetary policy at the Fed, r-star, and the stance of monetary policy, the 2025 Federal Reserve framework review, quantitative easing and the size of the Fed balance sheet, the early 2020s inflation, and how payments are evolving since the passage of the GENIUS Act. Recorded on August 28, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Today our Governing Council decided on monetary policy. Listen to President Christine Lagarde present today's decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 11 September 2025. Our monetary policy statement at a glance, 11 September 2025 https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_september.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 11 September 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250911~a13675b834.en.html Monetary policy decisions, 11 September 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp250911~6afb7a9490.en.html Combined monetary policy decisions and statement, 11 September 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds250911~df624f06ba.en.pdf Macroeconomic projections, 11 September 2025 https://www.ecb.europa.eu/press/projections/html/ecb.projections202509_ecbstaff~c0da697d54.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

Our western (Trauma Culture) economies run on two falsehoods - we might go so far as to call them lies. The first is that economies have to grow to be 'successful'.  The second is that government spending is limited by the tax take.  That is, they need to take money in as taxes in order to spend it out into the economy.  Both of these are untrue, and understanding that they are untrue, and the political forces of ignorance and mendacity that keep them in place, is essential to our moving forward into a future that works. We cannot continue to maintain the death cult of predatory capitalism. We cannot continue with a Zombie economy that extracts, consumes, destroys and pollutes as if there were no consequences.  So what do we do? Both ecological economics and Modern Monetary Theory have been around for a while.  Degrowth theory is more recent, but it's being taken more seriously. What I haven't seen up till now is a fusion of these: a set of policy ideas worked out in which we acknowledge how money actually works, and look at how a national -or global - economy could be structured to lead us forward into a world where people and planet flourish together. I don't think this is the final destination, but it's definitely a step on the way. Our guest this week is someone particularly well positioned to answer these questions.  Colleen Schneider is a Doctoral student in Social-Ecological Economics & Policy in Vienna. Her key research areas: Ecological Economics, Environmental Justice, Monetary and Financial Systems in a Post-Growth Economy, Climate Policy.  She says, "I take a sociological and anthropological approach to understanding money as fundamentally a social relation. Money, and the monetary system (as with our economic system) are things we've created, and can create otherwise. I draw on historical examples to help understand how the institutional structure of the monetary system and our ideas about money came to be what they are, and to challenge those. [I seek to] de-naturalize money and point to ways to structure the monetary system as democratized, and (at least somewhat) localized -to realize money as a public good. I focus more specifically on how monetary and fiscal policy can be directed toward meeting human needs within environmental limits, while maintaining macroeconomic stability."So this is the focus of today's conversation.  This is a field about which I am passionate - I absolutely believe that if everyone understood how money actually works in our current world, a lot of the power inequities that we currently experience would end.  We have endeavoured to minimise the use of jargon, though we did talk about monetary and fiscal policy and I wanted to make it clear that Monetary Policy is about keeping prices stable - about using interest rates to influence inflation, that kind of thing . Fiscal policy is about the spending decisions - do we have austerity or don't we, do we fund social goods or don't we, do we decide to pour money into the military, or don't we… and the nature of taxation - what rates do we levy, what are the bands and what loopholes do we leave wide open so our friends can escape paying taxes altogether - while everyone continues to pretend that government spending is limited by the tax take. Which is nonsense. Taxation is about levelling the playing field. It's not about paying for the NHS. So there we go. Colleen spends her entire life working in this field, producing fascinating papers and a chapter in a forthcoming book that completely blew me away. So she speaks to these things far more eloquently and intelligently than I can.  Enjoy! Colleen on LinkedInColleen's papers: How to Pay for Saving the World - https://www.sciencedirect.com/science/article/pii/S0921800923002318Democratizing the Monetary Provisioning System - https://www.tandfonline.com/doi/full/10.1080/15487733.2024.2344305On universal public services to end the cost of living crisis - https://www.newstatesman.com/spotlight/economic-growth/cost-of-living-crisis/2023/01/state-end-cost-of-living-crisis-climate-changePapers by others:The political response to Inflation: https://www.foreignaffairs.com/mexico/governments-survived-inflationWorkshops:Public Money for Public Good: Why MMT Matters | ViennaSeptember 27th and 28th Gleis 21, Bloch-Bauer-Promenade 22, 1100 Wien, Austriahttps://events.humanitix.com/public-money-mmt-vienna Public Money for Public Good: Why MMT Matters | Sheffield(Colleen is not a part of this one, but says that wonderful people are running it!)September 20th and 21st https://events.humanitix.com/public-money-mmt-sheffieldRegenerative Economy Lab - Money and Finance WorkshopVienna, October 23rd and 24thhttps://www.regenecon.eu/Online masters program on which Colleen teaches - grounded jointly in ecological economics and modern monetary theory: https://www.torrens.edu.au/studying-with-us/employability/industry-led-learning/co-delivery-partners/modern-money-labDocumentary 'Finding the Money'. https://findingmoneyfilm.com/MMT group based in the UK : https://modernmoneylab.org.uk/What we offer: Accidental Gods, Dreaming Awake and the Thrutopia Writing Masterclass If you'd like to join our next Open Gathering offered by our Accidental Gods Programme it's  'Dreaming Your Death Awake' (you don't have to be a member) it's on 2nd November - details are here.If you'd like to join us at Accidental Gods, this is the membership where we endeavour to help you to connect fully with the living web of life. If you'd like to train more deeply in the contemporary shamanic work at Dreaming Awake, you'll find us here. If you'd like to explore the recordings from our last Thrutopia Writing Masterclass, the details are here

Fiscal policy shifts, from taxes to tariffs, are steering global capital and trade flows. The US, for instance, is attracting investments despite the tariff headlines—illustrating how the impact of these policies continues to evolve. In a dynamic policy environment, taxes and tariffs could create new implications for asset classes, sectors, and market structures.  This episode of The Outthinking Investor explores macro implications from taxes and tariffs, how policy changes are shaping the way investors allocate capital, and why economic growth could be more resilient against higher tariffs than in the past.  Our guests are: Douglas Holtz-Eakin, President of the American Action Forum and former Director of the Congressional Budget Office Kimberly Clausing, professor of tax law and policy at UCLA School of Law and former lead economist in the US Treasury's Office of Tax Policy Jeffrey Young, Head of Investment Strategy for PGIM's quant team Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

Patrick Harker, former Philadelphia Federal Reserve President, and current Rowan Distinguished Professor at the Wharton School, shares his perspective on interest rates, inflation risks, labor force dynamics, and the critical role of maintaining Fed independence in shaping the U.S. economy. Hosted on Acast. See acast.com/privacy for more information.

Jeremy Siegel, Wharton Emeritus Professor of Finance and WisdomTree Chief Economist, shares his perspective on the Federal Reserve's policy direction, the potential for rate cuts, the impact of tariffs, labor market dynamics, and the critical importance of central bank independence. Hosted on Acast. See acast.com/privacy for more information.

In this episode, founder of The Macro Compass Alfonso Peccatiello breaks down the clash between Trump's political influence on the Fed, the reality of U.S. fiscal policy, and how to think about global markets at this moment in time. We also dig into forward rate pricing, the TGA rebuild, and the role of commodities and crypto in a world of loose monetary and fiscal policy. Enjoy! __ Follow Alf: https://x.com/MacroAlf  Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance  Follow Blockworks: https://twitter.com/Blockworks_  Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx  Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance  __ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london  __ This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH):  http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX):  vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (02:42) What's Happening with Monetary Policy? (07:46) What Fed Risk is the Market Pricing? (10:55) Bond Market & Fiscal Tightening (13:54) Understanding Changing Fiscal Impulse (14:51) VanEck Ad (15:34) Understanding Changing Fiscal Impulse (19:46) QE vs Fiscal Deficits (24:41) Impact of TGA Rebuild (29:27) Signal for Average Macro Traders (30:04) VanEck Ad (35:05) Investing in High Inflation & Growth (36:59) European Markets (40:31) US Dollar & Emerging Markets (43:54) Commodities Outlook (47:03) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

Welcome to The Chrisman Commentary, your go-to daily mortgage news podcast, where industry insights meet expert analysis. Hosted by Robbie Chrisman, this podcast delivers the latest updates on mortgage rates, capital markets, and the forces shaping the housing finance landscape. Whether you're a seasoned professional or just looking to stay informed, you'll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.In today's episode, we go through all the news stories from the mortgage industry. Plus, Robbie sits down with Experian's Alison Bird and Joy Mina for a discussion on how streamlining the verification process helps lenders serve more borrowers without sacrificing accuracy. And we close by looking at further fallout from President Trump's firing of Fed Governor Cook.FHA fall-out borrowers represent untapped market shares that can stabilize your shrinking pipeline. Arrive Home's Earned Equity Program supports these clients on their path to meaningful homeownership. Additionally,  FHA borrowers who don't have the benefit of family assistance are able to qualify using the Nation's leader in DPA. 

The Beige Book occupies an important, yet often little understood, role in the monetary policymaking process. This episode of the Economy Matters podcast features Atlanta Fed staff directly involved in preparing material for the Beige Book.

Why Trump is now stacking the Federal Reserve bank's ranks of 7 Governors and threatening Fed chair Powell to force lower Fed interest rates. Why rates will start lowering in September. Why US monetary policy has been broken since 2008 due to changes in 21st century capitalism. The second half of the show discusses Texas and California's pissing match to further gerrymander the US House of Representatives which is already 90% non-competitive. The show discusses why the latest bout of gerrymandering is only part of a bigger picture of decline of US democratic institutions and practices since 2000.  Concluding the show, what are the main takeaways of Trump's meetings last week with Putin in Alaska and with European leaders and Zelensky in Washington last Monday?

Today's Post - https://bahnsen.co/45lNva0 Analyzing a Flat Market and the Impacts of International Events In this Monday edition of Dividend Cafe, the host discusses the relatively stagnant state of the DOW, S&P 500, and Nasdaq, attributing this to ongoing events such as the meeting between President Trump, European leaders, and Ukrainian President Zelensky, and the upcoming Jackson Hole meeting with Chairman Powell. The episode delves into metrics like the earning yields and price-to-book ratios of the S&P 500, highlighting historically low real earnings yield due to high stock prices despite high earnings and moderate inflation expectations. David also explores foreign investments in U.S. stocks, particularly a record $163 billion purchase in June, insights into tariff impacts and court rulings related to the Consumer Financial Protection Bureau, and the uncertainty surrounding upcoming Fed rate cuts. On the energy front, updates include WTI closing at $62.63 and midstream energy sector trends discussed at a recent Las Vegas conference. The episode concludes with an overview of the supply-side effects of monetary and fiscal policy, touching upon tariff implications and monetary supply growth. 00:00 Introduction and Market Overview 01:38 Inflation Insights and Market Metrics 03:35 Valuation Indicators and Market Analysis 05:33 Foreign Investments and Geopolitical Updates 07:30 Tariffs and Legal Challenges 11:07 Economic Indicators and Sector Performance 13:21 Energy Sector Deep Dive 15:52 Monetary Policy and Supply Side Economics 17:51 Conclusion and Final Thoughts Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.00:00 - Introduction and Market Overview05:27 - Trends of Digital Asset Company IPOs09:57 - Mining Hardware Innovations15:32 - AI and Bitcoin Mining Synergies18:13 - Challenges Facing Crypto Exchanges26:02 - Long-Term Perspectives on Bitcoin Investment32:54 - Timeless Wisdom from Value Investing37:47 - Competitive Forces in Bitcoin vs. Altcoins41:39 - Value and Quality Assets44:25 - Institutional Adoption of Bitcoin48:10 - Custody and Risk Management in Bitcoin Investment50:46 - Monetary Policy and Bitcoin's Role52:46 - Regulatory Challenges Facing Bitcoin56:51 - The Future of AI and Bitcoin MiningIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Links discussed:https://www.sec.gov/Archives/edgar/data/1872195/000110465925069070/tm2421409-15_f1.htmhttps://proto.xyz/blog/posts/proto-rig-and-proto-fleet-a-paradigm-shifthttps://x.com/Tradermayne/status/1956543965064548592https://www.ledgerinsights.com/bis-proposes-grading-wallets-for-permissionless-blockchain-aml/https://blog.bitmex.com/treasury-company-advisory-agreements/https://finance.yahoo.com/news/ai-arms-race-heats-startups-230146272.htmlhttps://x.com/MartyBent/status/1957108340137627648https://x.com/LukeGromen/status/1957093601818694000Keep up with Michael: X and LinkedInKeep up with Brian: X and LinkedInKeep up with Liam: X and LinkedIn

Barron's Senior Economics Writer Megan Leonhardt talks with David Wessel, director of the Hutchins Center on Fiscal & Monetary Policy at the Brookings Institution, about what investors can expect from this week's annual gathering at Jackson Hole, the likely path of rate policy in the coming months, the signals he sees in the latest nomination to the Board, and what's ahead for the central bank as Chair Jerome Powell readies to give up the reins. Learn more about your ad choices. Visit megaphone.fm/adchoices

An independent central bank is the key to providing credibility to its monetary policy choices; credibility which anchors inflation expectations and allows a central bank to manage the demand-side of the economy and meet its mandate. In this episode of All the Credit®, we highlight the importance of central bank independence, discussing its significance, potential threats, and the implications of political interference—particularly in the context of the U.S. Federal Reserve. PGIM's Tom Porcelli, Deputy Head of Global Economics and Chief U.S. Economist, hosts this discussion with Daleep Singh, Vice Chair and Chief Global Economist, and Katharine Neiss, PhD, Deputy Head of Global Economics and Chief European Economist. Recorded on August 5, 2025.

In most of the world, inflation is no longer an exception, it is the rule. Official inflation targets of 4 percent, 5 percent, or even 6 percent per year have become normalized.Original article: https://mises.org/power-market/inflation-design-how-keynesian-dogma-undermines-capitalism

Thanks for modern Keynesian economics, most people believe money gains its value from the government that issues it. Money's value, however, is historically tied to the value of the commodity from which money was derived.Original article: https://mises.org/mises-wire/how-does-money-acquire-its-value

Paul Kupiec is a senior fellow at the American Enterprise Institute. In Paul's first appearance on the show, he discusses life at a think tank, the insolvency of the Fed, theories on how to fix the Fed's balance sheet, Ted Cruz's call to end interest on reserves, and much more.  Check out the transcript for this week's episode, now with links. Recorded on June 24th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:01:14 - Paul's Career 00:08:12 - Think Tanks 00:10:42 - Current State of the Fed's Balance Sheet 00:20:22 - The Federal Reserve and Gold 00:23:04 - The Fed's Unique Accounting 00:39:28 - Ending Interest on Reserve Payments to Banks 00:50:08 - Outro

Recorded live at the 2025 Mises University, Bob talks to PhD student Jason Priddle to understand the Genius Act—a landmark piece of legislation aimed at regulating stablecoins. They examine the broader implications of the Genius Act for monetary stability, fractional reserve banking, and the future of financial privacy.Understanding Money Mechanics: Mises.org/HAP510aThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Americans are often told that they benefit from the privilege of the dollar serving as the world's currency. A strong dollar makes imports cheaper, facilitates demand for American companies, and is tied to cheap government borrowing. But what happens when this powerful privilege weakens? What does it even mean for the dollar to be “strong” or “weak” as a medium of exchange and investment? Why should Americans care that the dollar serves as the reserve currency for the world's central banks?In his new book “Our Dollar, Your Problem,” Ken Rogoff, a Harvard professor and former chief economist for the International Monetary Fund, argues that the dollar is past “middle age” and that its global dominance will erode in the coming years. He predicts the dollar will eventually share power with the European Union's euro and Chinese renminbi in a “tripolar” world.Rogoff joins Bethany and Luigi to discuss why the dollar's shifting dominance matters so much to the United States and what implications this has for the rest of the world's payment network. He describes how the dollar has come under pressure from multiple directions, both now and in the past. Outside the U.S., these include past and current international challengers, such as the Soviet ruble, the Japanese yen, and the European euro. From within, the current instigators are rising federal debt, increased use of economic sanctions, and growing political dysfunction. The three also discuss if President Donald Trump's boisterous support for cryptocurrency further undermines the U.S. dollar. Ultimately, they tease out how the dollar has underpinned American economic prowess for the last half century and what the consequences will be for the American economy – and the world at large – if the dollar is dethroned.Read a review of Rogoff's book by Capitalisn't team member Matt Lucky in ProMarket: https://www.promarket.org/2025/07/24/what-happens-after-the-dollars-hegemony-ends/