Trump administration’s Freedom 250 organization allegedly misdirected donors away from bipartisan America250 charity

Fireworks from the Freedom 250 celebration go off after delays due to a thunderstorm in the wee hours of July 5, 2026, in Washington. Photo by Kevin Carter/Getty ImagesFunding and planning for the 250th anniversary of the signing of the Declaration of Independence fell largely to two nonprofits with similar names: America250 and Freedom 250.

Financial frictions across the production network and the transmission of monetary policy

We show that monetary policy transmission is shaped not only by a sector’s own financial frictions but also by those prevailing in the broader production network. The latter, indirect frictions amplify the output and price effects of monetary policy and empirically dominate the direct ones. The amplification results from a downstream demand channel, as customers respond to tighter policy by purchasing fewer inputs. This is partly offset by an upstream cost channel, reflecting that suppliers raise prices to protect margins when financing costs rise.

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