David Andolfatto 🇮🇹 🇨🇦 🇺🇸
@dandolfa
Construction worker turned academic turned central banker turned academic again. Chair, Economics Department @MiamiHerbert University of Miami
Hey, I spent Sunday morning thinking about macroeconomic theory.🤓 MacroMania: A Journey in Macroeconomic Thinking andolfatto.blogspot.com/2021/02/a-jour…
Some of our elected officials apparently do not understand how their opponents can be expected to play tit-for-tat when it’s their turn in power.
'Whatever Mr. Powell’s rhetorical inexactitude, it’s madness to create a new precedent for prosecuting officials for policy disagreements. Doing so is the road to the hyper-politicized monetary policy you’d expect in Argentina.' 🤦♀️ wsj.com/opinion/jerome…
Ukraine's Unmanned Systems Forces commander Madyar: At NATO, they asked my opinion on their base. I said 4 Ukrainian FPV teams could turn it into Pearl Harbor in 15 mins without coming within 10 km. Cheap, accessible tech in terrorist hands could upend any country. 1/
This assumes that a new (subservient) FOMC regime wouldn't intervene by ramping up UST security purchases at the long end.
Full deposit insurance for bank deposits would also do the trick to eliminate money market accounts: cnbc.com/2025/07/23/gol…
US Director of Federal Housing wants you to do his homework for him.
What have Federal Reserve employees really been doing?
Ben Bernanke and Janet Yellen: The Fed Must Be Independent nytimes.com/2025/07/21/opi…
This is how Jerome Powell should respond: “President Trump continues to call for rate cuts and resort to name-calling—but let’s be clear: he has absolutely no understanding of where interest rates should be. Inflation remains well above our 2% target, tariffs are set to drive…
Milei's economic record is quite mixed and the jury is still out on whether he can save Argentina Thread (1/14)
Powell will serve out term. Replacement should be Waller. Likely? Don't see Bessent moving from Treasury. Market would react negatively to Warsh/Hassett (blatant political appointments). This leaves Waller as the last man standing (a Trump nominee, even if POTUS forgets 😅). 🤞
Last Night, the Q&A of his speech, Waller Said: *WALLER: ADMINISTRATION HASN'T TALKED TO ME ABOUT FED CHAIR JOB This morning on Bloomberg, he said: *WALLER: IF PRESIDENT ASKED ME TO DO FED CHAIR JOB I'D SAY YES As this chart shows, Mission Accomplished!
Fed Q&A on recent renovations. federalreserve.gov/faqs/building-…
WSJ no longer his preferred filthy rag.
I’ll be introducing legislation to end the House of Representatives subscription contract with the WSJ. Americans shouldn’t be paying for disgusting and filthy rags. I have also directed my entire staff to delete their taxpayer-funded WSJ accounts.
A heart attack.
Fries aren’t available, what are you having with this burger?
Can someone please explain to a non-expert how forcing Canadian dairy farmers to destroy "surplus" milk inventory benefits Canada?
Unthinkable for Parliament to renege on trade protection for dairy farmers, says Bloc leader @yfblanchet. “When media say, ‘Okay, we will speak to an expert,’ and the guy is an enemy of supply management from the beginning, he is no expert. He is a militant.”…
Waller removes any doubt: He'll vote for a July cut. The opening line of the speech gets to the point: My purpose this evening is to explain why I believe that the FOMC should reduce our policy rate by 25 basis points at our next meeting. federalreserve.gov/newsevents/spe…
Pulte needs to be fired. Put a patriot (with a brain) in his place.
It looks like I will be able to tour the Fed’s $2.5 Billion Building Renovation, which is good, because I believe it’s riddled with Fraud and likely explains the gross negligence that Jerome Powell has exhibited in his ‘hallucinations’ that tarriffs cause inflation (they don’t).
Sure why not let's do one trillion percent tariffs who cares
*US SET TO IMPOSE 93.5% TARIFF ON BATTERY MATERIAL FROM CHINA
Repost: Is it Time for Some Unpleasant Monetarist Arithmetic? andolfatto.blogspot.com/2021/03/is-it-…
It was probably a bit naive to think that Fed independence would be sufficient to keep monetary policy fully insulated from fiscal pressures when fiscal policymakers have put the US on an unsustainable trajectory and when central banks around the world were actively lowering the…
Correct, just like any government expenditure. And like any expenditure, one must ask whether it is worth the expense, not whether it increases the deficit.
Fed is not self-funded, but indirectly funded by the public. This is because the Fed remits its net income to the Treasury - the more the Fed spends the less it income it remits to Treasury. Large Fed spending on things like new buildings increases the federal deficit.
A slippery answer. What does "independent operations" mean? That the NY Desk does the Treasury's bidding w/o interference?
Kevin Warsh is asked by @BeckyQuick if the next Fed chair is going to be indepedent. Warsh: "In a word, yes. I’ve strongly believed for 20 years, and history tells us, that the independent operations in the conduct of monetary policy is essential."