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What Explains the Rise in 30-Year Treasury Yields?
Image created by ChatGPT At the close of trading on Friday, July 31, the yield on the 30-year Treasury bond was 5.28 percent. As the following figure shows, that yield was the highest since July 2007, before the Global Financial Crisis and the Great Recession of 2007–2009. Note: As we discuss in Money, Banking, and…
New BEA Releases Show Slower Growth Than Expected and Lower Inflation
Image created by ChatGPT The Bureau of Economic Analysis (BEA) released two reports this morning (July 30): “GDP (Advance Estimate), 2nd Quarter 2026” and “Personal Income and Outlays, June 2026.” The BEA’s initial—or advance—estimate is that real GDP grew in the second quarter of 2026 at annual rate of 1.5 percent, down from an annual…
FOMC Holds Target Rate Constant, with Three Dissenting Votes
Fed Chair Kevin Warsh and colleagues discuss policy at the June FOMC meeting (Photo from federalreserve.gov.) There was some uncertainty as to whether at its meeting that ended today, the Federal Open Market Committee (FOMC) would leave unchanged its target range for the federal funds rate at 3.50 percent to 3.75 percent. As of yesterday,…
What Is Mickey Reading This Summer? The New Edition of Money, Banking, and the Financial System!
Image created by Lena Buonanno. Thoroughly revised with an up-to-date discussion of the Fed’s operating procedures and many new features, the new Fifth Edition is available now for fall course adoption. Instructors can request an examination copy here.
CPI Inflation Comes in Below Expectations
Image created by ChatGPT Today (July 14), the Bureau of Labor Statistics (BLS) released its report on the consumer price index (CPI) for June. In May, higher energy prices caused by the conflict in Iran contributed to inflation increasing to the highest rate in more than three years. In June, as energy prices decreased, inflation experienced…
Weaker than Expected Jobs Report
Image generated by ChatGPT This morning (July 2)—one day early because tomorrow is a federal holiday—the Bureau of Labor Statistics (BLS) released its “Employment Situation” report (often called the “jobs report”) for June. The report showed a smaller than expected increase in employment. The jobs report has two estimates of the change in employment during the…
Supreme Court Rules that Lisa Cook Can Remain on the Fed Board
Image created by ChatGPT of the U.S. Supreme Court building The Federal Reserve Act states that a member of the Federal Reserve’s Board of Governors “shall hold office for a term of fourteen years from the expiration of the term of his predecessor, unless sooner removed for cause by the President.” In August 2025, President…
Solved Problem: Higher Prices and Lower Profit at Apple?
Supports: Microeconomics and Economics, Chapter 6, Section 6.3, and Essentials of Economics, Chapter 7, Section 7.7. Image created by ChatGPT An article in the Wall Street Journal on June 25, noted that after Apple increased the prices of iPads and MacBooks, the price of its stock declined by 6.1 percent. That decline meant that the…
Alan Greenspan, former Fed Chair, Dies at 100
Image created by ChatGPT of Alan Greenspan as a maestro Earlier this week, Alan Greenspan, former chair of the Federal Reserve passed away at the age of 100. Greenspan may have been the best-known Fed chair in history. People who follow the economics and business news know who Jerome Powell and Kevin Warsh are. But…
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