A journalist without deadline focusing on economics and global economy (yea, that means I am an econ blogger)
Joined June 2009
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Here is my long-form article on question of why Standing Repo Facility may potentially be one of the most important tools for the Federal Reserve in the post-QT era, featuring @DavidBeckworth
@dandolfa's excellent insights ‼️‼️
👉 econreporter.substack.com/p/…
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1/ Jerome Powell says he’ll serve as "Chair pro tem" if his successor, Kevin Warsh, isn't confirmed by the time his term ends in May. While Powell cites precedent (Greenspan, Burns), a 1978 DOJ memo suggests the President might actually have the power to pick someone else.
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4/ Does it matter for rates though?
Not necessarily
While the Board Chair might change, the FOMC Chair—who controls monetary policy—is elected by the committee. Powell was elected for all of 2026. As long as he stays on the Board, the "safe pair of hands" remains in control
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Full analysis here:
Are you Ready for Federal Reserve Chair Miran?
en.econreporter.com/57969/po…
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My latest explainer!! (which should be a fun read!!)
Are You Ready For Federal Reserve Chair Miran 🤪—A Question On Chair Pro Tem Appointment
en.econreporter.com/57969/po…
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Explainer on Fed's Reserve Management Purchases
RMP is a form of open market operations under which the Federal Reserve injects reserves into the banking system through “permanent” asset purchases with an aim to ensure the level of reserves remain “ample“
en.econreporter.com/57573/fe…
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A 40 basis point (bps) drop in the unemployment rate is substantial in Canada. 🇨🇦
An improvement of this magnitude was last seen at November 2005, outside the period of COVID distortions seen between from 2020 and mid-2022
🫴 en.econreporter.com/57547/ca…
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Why the Fed's Standing Repo Facility Isn't for Daily Use: An Explainer
substack.com/home/post/p-178…
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A potential problem with ending QT while the SRF hasn’t yet been seriously used is that the market may infer that the Fed is not comfortable with the interest rate ceiling tool acting as a regular overnight liquidity provider.
en.econreporter.com/57452/fe…
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We are now talking about Trump appointees may soon get Fed Board majority now, given the Lisa Cook case
and I actually wrote about it *check notes* a month earlier 🌝🌝🌝🌝🌝
This is a topic which I have a very strange feeling about... like... I got to be wrong...
right?? right??
**Trump appointees will get Fed board majority when Powell is gone – and it matters**
en.econreporter.com/57367/tr…
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The major difference between Fed governors and reserve bank presidents is simple...
... one set doesn't go on Odd Lots while another set does
21 Aug 2025
We have literally the perfect guest on today’s Odd Lots.
It’s the President of the Kansas City Fed.
@tracyalloway and I talked to Jeffrey Schmid about what everyone is going to be talking about at this year’s monetary policy symposium in Jackson Hole.
podcasts.apple.com/us/podcas…
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Torsten Slok today does a take on Hong Kong dollar peg, and while certainty points are worth considering...
apolloacademy.com/the-daily-…
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still, I think an important point that Hong Kong financial system liquidity is no longer solely determined by Aggregate Balance is a point missing in all these analysis~
So it failed to explain how "HKMA controls the interest rate"
but I am here to help
en.econreporter.com/57354/un…
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Cloud Y retweeted
22 Jul 2025
Trying to Soften Up the Federal Reserve
conversableeconomist.com/202…
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Here is my latest on the Fed's Standing Repo Facility, featuring
1️⃣ some fun anecdotes about its origins from David Andolfatto
✌️ discussion about its current state
3️⃣its potential as the star of the Fed's interest rate regime
4️⃣and why it can't...
econreporter.substack.com/p/…
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🔔🔔🔔
Here is my long-form article on question of why Standing Repo Facility may potentially be one of the most important tools for the Federal Reserve in the post-QT era, featuring @DavidBeckworth
@dandolfa's excellent insights ‼️‼️
👉 econreporter.substack.com/p/…
1
3
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1,632
in the end, the repo crisis of Sept 2019 forced the economists inside the Fed to rethink the whole idea
Andolfatto has a very interesting anecdote about that particular day — Sept 17, 2019 — the day Fed lost control of money market rates...
and was the day of a FOMC meeting
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