Colby Smith
@colbyLsmith
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@nytimes correspondent writing about the Federal Reserve and the US economy. Previously @FT, @TheEconomist, @BloombergTV. [email protected]
New York, NY
Joined February 2013
Statement from Lisa Cook on the calls for her to resign: . “I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve. I have no.
The president is limited in his ability to remove an official on the Fed's Board of Governors, a protection the Supreme Court recently reaffirmed. There needs to be "cause", which is interpreted as gross misconduct or breaking the law.
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The president is limited in his ability to remove an official on the Fed's Board of Governors, a protection the Supreme Court recently reaffirmed. There needs to be "cause", which is interpreted as gross misconduct or breaking the law.
nytimes.com
The administration accused Lisa Cook of mortgage fraud and said it would refer the matter for criminal investigation.
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RT @jeannasmialek: Jay Powell and global central bankers are about to descend on Jackson Hole. Regrettably, the bats descended first. @….
nytimes.com
A colony of bats recently took up residence at the storied Jackson Lake Lodge, where central bankers and economic policymakers will convene next week for an exclusive gathering.
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Central bankers from around the world are about to descend on Jackson Hole for the Fed's annual conference. But first, staff at the storied Jackson Lake Lodge and conference organizers have had to deal with the bats @nytimes
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RT @maggieNYT: Personality conflicts, a private lunch and a personnel plan: how Billy Long ended up losing a role he’d held for just weeks….
nytimes.com
Treasury Secretary Scott Bessent sought total control over the I.R.S., an agency where Mr. Long, the new commissioner, had started to put his own mark on the job.
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RT @jasonfurman: I expand on why I--like just about every economist and wonk I know--believes that EJ Antoni is a terrible pick for BLS Com….
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Scott Bessent has urged the Fed to cut by 50bps in September, but such a big move is far-fetched without a major deterioration of the labor market. Rates are too close to neutral and several policymakers are still chiefly worried about inflation @nytimes.
nytimes.com
The Federal Reserve is poised to lower interest rates in September. But signs of stickier inflation could limit how much relief officials can ultimately provide to borrowers.
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RT @bencasselman: Trump's firing of the @BLS_gov commissioner after a weak jobs report drew condemnation from economists across the politic….
nytimes.com
Economists on the left and right criticized E.J. Antoni for misunderstanding the data he would now oversee.
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Trump says he is considering allowing "major" lawsuit against Powell to proceed, because of the "horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings. Three Billion Dollars for a job that should have been a $50 Million Dollar fix.
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The latest inflation figures keep the Fed on track to cut rates in September. As the June SEP showed, officials were comfortable cutting even as inflation accelerated. What would throw them off course is if the data comes in even worse than expected
nytimes.com
A gauge of underlying inflation in July showed prices increasing at the fastest annual pace in five months, a sign that businesses are passing along tariff-related costs to customers.
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RT @jeannasmialek: The EU has been slammed for its lopsided trade deal with the US. But there was a strategy — and the lobster is a good….
nytimes.com
The European Union struck a trade deal that protected political priorities, like chicken and beef standards, while allowing headline-grabbing concessions. Consider lobsters.
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As a governor, Miran will get a rare look at how the Fed’s staff operates. “One aspect of getting lower rates is the staff forecast — change the staff, change the process, change the forecast,” says fmr advisor Ellen Meade. “You might not be able to get the votes you want, but a.
Miran may be filling a temporary opening at the Fed but as a governor he can influence important discussions in and around the central bank. "He will keep the seat warm and will trumpet the president’s message as a loyalist inside the building" @nytimes.
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Miran may be filling a temporary opening at the Fed but as a governor he can influence important discussions in and around the central bank. "He will keep the seat warm and will trumpet the president’s message as a loyalist inside the building" @nytimes.
nytimes.com
Stephen I. Miran may spend only a few months on the central bank’s board of governors, but in that time he can influence the discussions around interest rates and who will become the institution’s...
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Trump's Fed pick wrote a 24pg report on reforming the central bank, which he accuses of "groupthink". Miran suggests governors should be barred from serving in the executive branch for 4 yrs after their term ends to "insulate board members from the day-to-day political process".
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Trump names Stephen Miran as his temporary pick to join the Fed's board of governors after Adriana Kugler announced last week that she would step down from her position roughly six months before her term expires. Miran will need to be confirmed by the Senate for that position.
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RT @jeannasmialek: An EU spokesperson reiterates that the US has committed that its 15% tariff deal applies to cars, pharma and semiconduct….
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