Articles

The Federal Reserve has raised the Fed Funds target rate by 75 basis points to a target rate of 3.00% to 3.25%.   This is the highest it has been since 2008.

The rate represents the third successive 75 basis point rat... Read →

More than a decade ago, when GMAC Bank had just rebranded as Ally Bank, they ran a series of commercials designed to build the Ally brand around integrity of treating their customers equally, and not giving preferential treatment to new ... Read →

To absolutely nobody’s surprise, the Federal Reserve has voted unanimously to raise the Fed Funds rate by 75 basis points today, setting a Fed Funds rate target of 2.25% to 2.50%.  The move follows a similar 75 basis poin... Read →

The Federal Reserve has finally become much more serious about controlling inflation.   Inflation has gotten so hot by any measure, including core CPI, that Jay Powell can no longer keep his head in the sand.   His Fe... Read →

The Federal Reserve has finally begun to act according to its mandate to maintain price stability, but inflation is already running rampant.  Today’s move is just the beginning of moves that will be necessary.  The Fed&rs... Read →

The Federal Reserve has raised interest rates by 25 basis points today, moving the Fed funds target rate off of zero to a target of 0.25/0.50.   The target rate had been at zero since COVID-19 arrived on US shores more than two... Read →

I practiced law in Moscow in the 1990s.   While there, I learned that Russian law is an oxymoron.   I also learned a lot about Russia and its strengths.  I am certain that in spite every precaution that US financ... Read →

The Federal Reserve is going to be raising rates in 2022.  This action is desperately needed to fight inflation.  But, it isn’t ready to act now.

It has been clear that Federal Reserve Chairman Jay Powell has be... Read →

I am old enough to remember October 1987.   I was a college freshman then and I remember my floormates calling their parents to inquire whether they would be able to stay enrolled in college.

I also have vivid memorie... Read →

The Federal Reserve has tapered its bond buying, beginning to contract its $120 billion monthly bond buying purchases that propped up the economy after COVID-19 struck in March 2020.  The bond buying will be decreasing by about $15 ... Read →

Bask Bank, a division of Texas Capital Bank, has launched a new online savings account.   The account, called an Interest Savings Account, is paying 0.60% APY.   The rate is clearly among the be... Read →

I was not in New York on 9-11.   I was living in London at the time and I was in my office.   I remember a woman coming down the hall and saying: “Aren’t you from New York?” and then telling me that ... Read →

As I write, in July 2021, we are living in a strange time.   We are facing extraordinary risks to our democracy in the US, risks to our health as COVID-19 variants appear, and risks to our environment as it becomes increasingly... Read →

The Federal Reserve today continued with its current rate stance and its current bond buying program, but is now indicating that it will back away from these easy-money policies in 2023 as inflation surges and growth accelerates.

The Wall Street Journal has an interesting article today which highlights how banks have become so completely awash in deposits that they a... Read →