“Solid” on Paper, “Slight” on the Ground: Jan 28 FOMC Tone Collides with Beige Book Reality
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Economic data and analysis related to Fed
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In the January 16, 2026 press release, the policy narrative promised tariffs were a “one-time” price bump and disinflation would glide toward target. The Beige Book published the same week told a d...
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The official press release dated **2026-01-01** leans into “moderation” on prices and “mostly unchanged” employment. The districts, however, describe intensifying pass-through from tariffs and util...
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On **November 21, 2025**, Federal Reserve Vice Chair Philip N. Jefferson stepped up to the podium at the Cleveland Fed's Financial Stability Conference and quietly unveiled a significant new chapte...
The Federal Reserve’s April 1, 2025, Beige Book summary wants you to believe the U.S. economy is stable, describing activity as “little changed.” But peel back that one placid layer, and you’ll fin...
Vice Chair Philip N. Jefferson delivered remarks on November 21, 2025, at the Federal Reserve Bank of Cleveland Financial Stability Conference. The speech, titled "AI, the Economy, and Financial St...
On November 21, 2025, Federal Reserve Vice Chair Philip N. Jefferson delivered a speech that was less about near-term monetary policy and more about building a new, all-purpose narrative for the fu...
The headline numbers from the Federal Reserve's H.8 release on **November 21, 2025**, tell a story of modest health, with total bank loans and leases rebounding to a **5.8%** annual growth rate. Bu...
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Over the past six months, Federal Reserve officials have aggressively signaled rate cuts even as core inflation remains stubbornly above target and economic growth stays robust. Our analysis of 20 ...
In a masterclass of central bank communication delivered on **November 3, 2025**, Governor Cook managed a stunning feat: justifying a major policy pivot by claiming data dependency… while admitting...
On September 26, 2025, the BEA dropped a one-two release that should have quieted the rate-cut chorus: **core PCE held at 2.9% y/y** with **+0.2% m/m**, while Q2 real GDP clocked a **3.8%** annuali...
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