It Comes Out in the Warsh No market participants were surprised last Wednesday when the Fed took no action. The press session afterwards was viewed as more hawkish. What was a bit surprising to me is the new Fed Chair’s commitment to the goal of 2% inflation. I...

Power is the fuel of our political economy. After months of debate the last portion of the federal budget has been passed. It remains unclear what was gained. Special claims funds were not eliminated, and the ballroom was not included. Now we will have a fresh start...

Mind the Gap This is a warning that a conductor on a train tells passengers who are departing to watch for the gap between the train and the platform. In the case of municipal finance, the gap refers to when revenues do not match the expenditure requirements in a...

USMCA v. YMCA Song Among all the hot topics of the day, many highlights are being overwhelmed by updates on the war with Iran. Yet an incredibly important policy consideration is now beginning to garner more attention. The USMCA trade agreement must be renegotiated...

Turmoil Tests Markets and investors are being tested in many ways that have not occurred in the recent period prior to the start of the war. Many comparisons are being made to prior times of crises. One of the most frequently cited lessons from the past is the...

Investor Confusion Abounds As the saying goes, war is hell and the volatility it causes in markets is also hellish. The good news is that the equity markets have not declined as severely as was the case in historical events. The economy continues to hold despite a...

War Outfall Many are dismissive about the effects of this war on the economy to date. After the initial shock reaction, the equity market held up quite well. Defense contractors’ shares rallied as did the oil sector. In the meantime, the DHS budget languishes. The...

Syzygy in Budgets The reality of budgets often pits the practical in opposition to the aspirational objectives. The federal government continues to present this dilemma but now New York City and the new mayor are grappling with the facts comprising a large gap. First,...

Mamdani’s Housing Outlook The mayor has expressed a goal of adding to the affordable housing stock. He targets selling an additional $70 billion municipal bonds to add to the $30 billion already in the financial plan. It has not been specified what the security pledge...