Council of Councils
Think Global Health
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
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May 27, 2020
United States
Did the Dollar's Position as the Leading Reserve Currency Help Hold Treasury Yields Down This Spring?
Foreign Treasury sales, including large sales from reserve managers, made the Fed's job harder, not easier, in March.
March 16, 2018
Capital Flows
The (Balance of Payments) World Changed in 2014
Reserve growth stopped as private investors in Europe and Japan started buying a lot of the rest of the world's bonds.
January 3, 2018
China
China’s Impact on the U.S. Bond Market Gets Too Much Attention. And Europe's Too Little
The ECB has almost certainly had a bigger impact on U.S. rates over the last three years than the PBOC, without buying (or selling) any Treasuries.
August 23, 2017
Monetary Policy
G-3 Coordination Failures of the Past Eight Years? (A Riff on Cœuré and Brainard)
The world would be in a better place today if the ECB and BoJ had joined the Fed in quantitative easing early on. Their lag in easing contributed to the policy gap that led to the dollar's large 2014…
May 3, 2017
European Union
Reprieve or Reform in Europe?
MILAN – The first round of the French election turned out much as expected: the centrist Emmanuel Macron finished first, with 24% of the vote, rather narrowly beating the right-wing National Front’s …
