The idea that much of today’s cash use will shift to digital tokens is neither faddish nor outlandish, as long as you don’t start equating the future of money with Bitcoin. Sure, governments will borrow some elements of the distributed ledger technology behind private cryptocurrencies, but they will very much want to retain control of what circulates as money in ...

The jump in global bond yields this past month has drawn many analogies to the so-called taper tantrum of 2013, a market upheaval triggered by comments from then-Federal Reserve Chair Ben Bernanke about gradually reeling back quantitative easing. Unfortunately, these references don’t accurately capture that pivotal episode, or the circumstances around it. Without fully understanding what unfolded almost a decade ...

The Biden administration has opted for now not to impose new sanctions on Nord Stream 2, the pipeline that will double the amount of natural gas Russia transports directly to Europe. For the time being, the decision allows the US to avoid a confrontation with Germany, the project’s main supporter. It also risks inflaming Congress and handing a geopolitical victory ...