On Friday, Moody’s delivered a sharp warning to U.S. policymakers, downgrading the government’s credit rating from Aaa to Aa1. While this is not yet the beginning of a full-blown fiscal crisis, it may very well represent the first spark that sets one in motion. The bond market responded immediately. Today, the yield on 30-year U.S.…

Market Monetarist

29.05.2025

Court Strikes Down Trump’s “Liberation Day” Tariffs: A Victory for Constitutional Order and Economic Sanity | The Market Monetarist

While Europe slept last night, a legal bombshell exploded over Trump's trade policy. The U.S. Court of International Trade—America's specialist federal court with exclusive jurisdiction over trade disputes—delivered what can only be described as a devastating blow to presidential overreach. In simple terms, a three-judge panel told Trump: No, you cannot do this. This is…

Market Monetarist

02.06.2025

Stanley Fischer – the Central Banker Who Understood Nominal Stability | The Market Monetarist

Stanley Fischer has passed away at the age of 81. For those of us who have followed monetary policy closely over the years, this is not merely the loss of a prominent economist. It marks the departure of one of the rare practitioners who truly understood what it means to safeguard nominal stability – and…

Market Monetarist

04.06.2025

The Mechanics of US Debt: Modelling the Unpleasant Arithmetic | The Market Monetarist

Introduction: A Nation of Spend First, Ask Questions Later If there is any enduring law in fiscal economics, it is this: arithmetic always wins. Political rhetoric, on the other hand, is mercifully short-lived. In Washington, talk of “fiscal cliffs” and “grand bargains” has become background noise, but the numbers keep moving regardless. The US has…

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The Bond Vigilantes Are Stirring: The U.S. is Nearing the Fiscal Inflection Point | The Market Monetarist

Court Strikes Down Trump’s “Liberation Day” Tariffs: A Victory for Constitutional Order and Economic Sanity | The Market Monetarist

Stanley Fischer – the Central Banker Who Understood Nominal Stability | The Market Monetarist

The Mechanics of US Debt: Modelling the Unpleasant Arithmetic | The Market Monetarist

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