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Glenn and Tony’s Excellent AI Adventure
Many thanks to Matt O’Brien for producing this comic!
Glenn on Adam Smith and the Midterm Elections
Image created by ChatGPT This opinion column was first published on Project Syndicate. Adam Smith on the U.S. Midterms The Wealth of Nations offers a useful lens for understanding why US President Donald Trump’s mercantilist agenda has fallen short of its own stated goals. It also points to a better path, combining competitive markets with…
Glenn’s Advice for Kevin Warsh
The Marriner S. Eccles building, headquarters of the Federal Reserve in Washington, DC. Image from federalreserve.gov. The following opinion column appeared in the Financial Times. What Warsh Should Do at the Fed Donald Trump’s nomination of Kevin Warsh as chair of the Federal Reserve comes at a pivotal time for the American economy and for…
NEW! 4-11-26 Podcast – Glenn Hubbard & Tony O’Brien discuss Fed transition, inflation, and AI security!
What happens when the Fed chair’s seat is about to change hands—and inflation still won’t behave? In this episode of the Hubbard & O’Brien Economics Podcast, Tony O’Brien and Glenn Hubbard break down the looming transition from Jerome Powell to Kevin Warsh, what the latest inflation and energy-price pressures mean for interest rates, and why…
A Double Dose of Bad Inflation News
Image generated by ChatGPT This morning, the Bureau of Labor Statistics (BLS) released its report on the consumer price index (CPI) for March. Yesterday, the Bureau of Economic Analysis (BEA) released monthly data on the personal consumption expenditures (PCE) price index for February as part of its “Personal Income and Outlays” report. Both reports showed…
Job Market Bounces Back from Weak Start to the Year
Image created by ChatGPT This morning (April 3), the Bureau of Labor Statistics (BLS) released its “Employment Situation” report (often called the “jobs report”) for March. The report showed a stronger than expected increase in employment. The jobs report has two estimates of the change in employment during the month: one estimate from the establishment survey, often…
Disney Defeating Pirates? Dogs and Coffee the Keys to a Healthy Life?
Image generated by ChatGPT Recently, Rustam Jamilov of the University of Oxford posted the following figure to X, noting that: “A new paper shows that the release of Pirates of the Caribbean was associated with a 38% decline in real-world piracy incidents. The lives saved by Disney are staggering.” A recent article in the New…
FOMC Holds Its Target for the Federal Funds Rate Steady at Powell’s Next-to-Last Meeting
Photo from federalreserve.gov Today’s meeting of the Federal Reserve’s policymaking Federal Open Market Committee (FOMC) had the expected result with the committee deciding to leave unchanged its target for the federal funds rate at its current range of 3.50 percent to 3.75 percent. The members of the committee voted 11 to in favor of the…
Real GDP Growth Revised Downward as PCE Inflation Is Slightly Lower than Expected
Image generated by ChatGPT The Burea of Economic Analysis (BEA) released two reports this morning. One report included a revision of estimated growth in real GDP during the fourth quarter of 2025 from an advance estimate of 1.4 percent—which was already lower than had been expected—to 0.7 percent. Economists surveyed by the Wall Street Journal…
CPI Inflation Comes in about as Expected
Image created by ChatGPT The news this morning on inflation was ho-hum. The Bureau of Labor Statistics (BLS) released its report on the consumer price index (CPI) for February. Inflation was about as expected and remained moderately above the Federal Reserve’s 2 percent annual inflation target. The following figure compares headline CPI inflation (the blue line) and core…
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