Trump claims JPMorgan and BofA turned away his business
US president escalates rightwing claim that banks deny service to conservatives for political reasons
FCA fines Neil Woodford and his company £46mn for management failures
UK regulator bans former star manager but it is unclear how his company would pay its £40mn penalty
U.S. Imports Slid in June on Higher Tariffs
Imports from other countries fell around 4 percent from the previous month as President Trump’s steep tariffs discouraged businesses from ordering goods.
FEDS Paper: Indirect Credit Supply: How Bank Lending to Private Credit Shapes Monetary Policy Transmission
Sharjil Haque, Young Soo Jang, and Jessie Jiaxu WangThis paper examines how banks’ financing of nonbank lenders affects monetary policy transmission. Using supervisory bank loan-level data and deal-level private credit data, we document an intermediation chain: Banks lend to Business Development Companies (BDCs)—large private credit providers—which then lend to firms.
FEDS Paper: Discussion of “Dynamic Causal Effects in a Nonlinear World: the Good, the Bad, and the Ugly”
Edward P. Herbst and Benjamin K. JohannsenThis comment discusses Kolesár and Plagborg-Møller's (2025) finding that the standard linear local projection (LP) estimator recovers the average marginal effect (AME) even in nonlinear settings. We apply and discuss a subset their results using a simple nonlinear time series model, emphasizing the role of the weighting function and the impact of nonlinearities on small-sample properties.
Harm or Help? Why Companies Are Battling Tariffs Meant to Benefit Them.
Economists say the way the Trump administration is imposing tariffs is backfiring for some of the businesses they are meant to help.
Apollo assets hit record high as markets whipsaw on Trump’s tariffs
Group draws in $61bn in second quarter, bringing assets under management to $840bn
FEDS Paper: Harmonized Population and Labor Force Statistics
John Coglianese, Seth Murray, and Christopher J. NekardaThe official labor force statistics often exhibit discontinuities in January, when updated population estimates are incorporated into the Current Population Survey (CPS) for the current year but are not revised backward through history.
Uneven Development Without Social Relations—The Trouble with Nievas and Piketty’s Unequal Exchange
Why do market-centric fixes for “unequal exchange” fall short? Sidelining social relations and production power turns colonialism into a pricing problem—and hides the mechanisms that keep uneven development in place.
Feeling unstimulated and apathetic at work? You might be experiencing rustout
Cast Of Thousands/ShutterstockTense, overworked employees everywhere will recognise the features of burnout: exhaustion, depersonalisation (feeling detached from others or yourself in the workplace) and a reduced sense of personal accomplishment. It happens when chronic workplace stress isn’t managed appropriately.
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