Practical analysis for investment professionals

Monetary Policy


In Search of the Elusive Neutral Interest Rate

With Federal Reserve Chair Jerome Powell's semiannual address to the Senate Banking Committee this week fresh in mind, it is an ideal time to consider the drivers of r*.

Monetary Policy and Financial Conditions: Meaningful Relationship?

An analysis of the Fed's recent rounds of quantitative tightening (QT) and quantitative easing (QE) yields actionable insights about the relationship between monetary policy and financial conditions.

Can the Fed Pull Off a Soft Landing?

The yield curve is inverted, implying an imminent recession, but the stock market is at or near record highs. What can we make of these contradictory signals?

Private Equity: Five Lessons from the Global Financial Crisis

If a recession comes, how can the lessons of the global financial crisis (GFC) inform private equity practitioners?

Research and Policy Center 10 Most Popular Articles of 2023

What are the most popular top 10 articles of 2023 published by the CFA Institute Research and Policy Center?

The Weakening US Consumer

The United States is a consumption-driven economy. But over the last half century, the US consumer has been weakening in the face of social and economic pressures.

Markets in Chaos: A Return to the Gold Standard?

The grand monetary experiment of the last decade and a half has undermined the global financial system and necessitates a radical solution.

Fed Chair Congressional Testimony: Has the Market Played Favorites?

How have the markets responded to congressional testimony from recent Fed chairs? Have they shown a preference or distaste for any one in particular?

A Sea Change: Howard Marks, CFA, on the End of Easy Money

“I'm not saying that interest rates are going to go back up. I just think they're done coming down,” Howard Marks, CFA, told Marg Franklin, CFA. "And if that's true, I think we're in a different environment."

Public Debt: Four Ways to Deleverage

Should governments ever decide to start deleveraging, how could they do it?