The stimulus era is formally over. The Bank of England’s (BOE) surprise 15 basis point interest-rate increase finally moved the agenda from pandemic recovery onto fighting inflation. The pound rose nearly 1% versus the dollar and the entire gilt yield curve rose about eight basis points. The conditions were just too strong for the monetary policy committee to ignore any ...

  On September 3, 1939, Britain declared war on Nazi Germany. On Decmber 11, 1941, Germany declared war on the US. On August 8, 1945, Russia declared war on Japan. The point here is that for the best part of a thousand years, a convention prevailed that before one state waged war against another, it formally announced its intention to ...

  President Joe Biden’s signature economic legislation isn’t dead. In fact, if Democratic Party leaders could only bring themselves to make a few hard choices, Build Back Better could even get better. Momentum for the nearly $2 trillion bill has seemingly collapsed, with talks between Senator Joe Manchin and the White House breaking down and Senate Majority Leader Chuck Schumer’s ...