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A bill introduced in the Florida House would ban the use of central bank digital currency (CBDC) in the state. Rep. Wyman Duggan (R) brought House Bill 7049 (H7049) to the House Commerce Committee on March 28, and the committee voted along party lines to officially...
According to the St. Louis Fed, there are three functions of money. First, as a store of value. Second, as a unit of account. Finally, as a medium of exchange. The enumeration of these functions represents an attempt to present money and the banking system as...
New York Times Technology writer David Streitfeld recently examined the role the Federal Reserve’s easy money policies played in the rise and, if not fall then at least slippage, of many technology companies. Immediately after the bursting of the housing bubble (which...
On Friday, residential real estate brokerage firm Redfin released new data on home prices, showing that prices fell 0.6 percent in February, year over year. According to Redfin's numbers, this was the first time that home prices actually fell since 2012. The...
Some big, round-numbered interest rate thresholds have been passed in recent days including 4.0% on the 10-year UST, 5.0% on the 2-year UST and 7.0% on the 30-year mortgage. These all come at the end of extended round trips, of course, so the question at hand is how...
Every time the United States reaches its debt limit, we read that it is important to reach an agreement to lift it. The narrative is that the debt ceiling must be raised, or the US economy will suffer a severe contraction. There is even an episode of a TV series,...
Whether you like it or not, central bank digital currencies (CBDCs) are coming. That’s the message in a recent tech column in the Wall Street Journal. A similar tone can be found coming from organizations like the World Economic Forum, the International Monetary Fund,...
The Wall Street Journal today brings word that a professor Efraim Benmelech of the finance department at Northwestern University thinks the Fed is hurting housing and the consumer too much. Opined he, ...those higher interest rates are making mortgages more expensive...
