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Monday, September 15, 2025

Latest Morning Briefing

Dear Scott

A recent article by Treasury Secretary Scott Bessent takes aim at the Fed for its use of unconventional monetary tools and its mission creep. Today, Dr Ed addresses the Treasury secretary in an open letter, detailing where they agree and diverge on the Fed’s role and what monetary and fiscal policies are needed to sustain the Roaring 2020s scenario that both support. While an original aim of the Fed was to promote financial system stability, Bessent’s push for lower interest rates risks a stock market meltup and upward pressure on inflation and bond yields. … Also potentially destabilizing: The administration’s highly unconventional Genius Act, which would use stablecoins backed by US Treasury bills to increase demand for Treasuries and fund the federal debt.

Markets I

Markets II

Markets III

Central banks

How Trump’s Provocative Economist Crashed the Federal ReserveWall Street Journal
The Fed Should Cut Rates. Tariffs Aren’t Threatening Inflation.Barron's
BOE Expected to Leave Key Rate on Hold, But Slow Quantitative TighteningWall Street Journal

US

US economy braces for twin housing, labor market headwindsReuters
Grocery Prices Rose Last Month. It isn’t Only Tariffs.Barron's
Trump Says Companies Should Report Earnings Every Six MonthsBloomberg
An Unresponsive Public Is Undermining Government Economic DataWall Street Journal

Europe

China

China’s Economy Shows Signs of Summer SlowdownWall Street Journal
What is "involution", China's race-to-the-bottom competition trend?Reuters

Japan

Japan’s new leadership struggle is far from business as usualEconomist

Geopolitics

Trade

EU Exports Dip Despite U.S. Rebound
Whirlpool Tells U.S. Authorities Its Rivals Could Be Evading TariffsWall Street Journal

Industries & companies

Artificial Intelligence

Corporate finance

Beyond markets

Humanity will shrink, far sooner than you thinkEconomist