War is not Science We have seen in recent days that war is not anywhere close to having a scientific basis for course determination. We are just not drawing any closer to any reasonable basis for closure in the case of the Iran war. The will to do so is present. But...

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...