The Reserve

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

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

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

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

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

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)

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)

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

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

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

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

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

David's excellent papers: Banks, Corporatism, and Collaboration in the Administrative State Against Being Against the Revolving Door Washington Post article on Circle and the Boston Fed On twitter: @ZaringDavid, @StevenKelly49, @KalebNygaard David's book: The Globalized Governance of Finance

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