Beholden to mainstream economic ideas, the new US Federal Reserve chair has committed himself, and his reputation, to a goal he cannot achieve. Reining in inflation requires not interest-rate adjustments but much larger strategic shifts that are not within the Fed’s power to influence.
Among the largest U.S. banks, Citigroup is expected to show the greatest improvement by one important measure. But it still has a long way to go to reach its own performance target.
A man looks at a stock index board showing South Korea’s benchmark stock index (KOSPI) after the close of trading in Seoul on July 28, 2026. Greg Baker | Afp | Getty Images South Korea’s Kospi has staged a reversal from its latest rout, returning to bull-market territory as investors pile back into the country’s…
Matt Zames, then-chief operating officer of JPMorgan Chase, center, in New York, Feb. 27, 2017. Kholood Eid | Bloomberg | Getty Images Former JPMorgan Chase executive Matt Zames will join the Trump administration as an advisor to the Social Security agency, CNBC has learned. Zames is taking an unpaid position to help his former JPMorgan…
The outbreak of cyclosporiasis, which causes diarrhea, has sickened about 6,700 people since May.
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TOWNSHEND, VERMONT—In his remarks to this year’s gathering of central bankers in Jackson Hole, Wyoming, US Federal Reserve Chair Kevin Warsh called for the Fed to “receive the full range of ideas” on monetary policy in order to “construct more reliable models.” Apparently, and to his credit, he recognizes that the current models, rooted in mainstream economics, are not very good. He also rightly acknowledged the Fed’s dual goals, set by law, of full employment and price stability, though he erred in describing the 2% inflation target as part of “our mandate.” (In fact, it is only an internal goal.)