Hong Kong intervenes to defend currency peg
Monetary authority sells US dollars to maintain trading band for local currency
Some Republicans Join Democrats in Unease Over White House Budget Cuts
President Trump has sought to claw back funds for public broadcasting and foreign aid, sparking a fierce debate over the power of the purse.
FEDS Paper: Shovel Ready Projects and Commercial Construction Activity's Long and Variable Lags(Revised)
David Glancy, Robert J. Kurtzman, and Lara LoewensteinWe use microdata on the phases of commercial construction projects to document three facts regarding the sector's time-to-plan lags: (1) plan times are long and highly variable, (2) nearly half of projects in planning are abandoned, and (3) property price appreciation reduces the likelihood of abandonment.
FEDS Paper: Macroprudential Regulation and Lending Standards(Revised)
R. Matthew Darst, Ehraz Refayet, and Alexandros VardoulakisWe examine how macroprudential capital requirements interact with competition between banks and non-banks to shape lending standards. Banks have private information and benefit from deposit insurance, while non-banks lack such advantages but are less regulated.
FEDS Paper: Total Recall? Evaluating the Macroeconomic Knowledge of Large Language Models
Leland D. Crane, Akhil Karra, and Paul E. SotoWe evaluate the ability of large language models (LLMs) to estimate historical macroeconomic variables and data release dates. We find that LLMs have precise knowledge of some recent statistics, but performance degrades as we go farther back in history.
New climate reporting rules start on July 1. Many companies are not ready for the change
PaeGAG/ShutterstockA new financial year starts on July 1. For Australia’s large companies, that means new rules on climate-related disclosures come into force.
Fed unveils plans to reduce capital rules imposed after 2008 crisis
US central bank proposes lowering ‘supplementary leverage ratio’ after extensive industry lobbying
What is reconciliation − the legislative shortcut Republicans are using to push through their ‘big, beautiful bill’?
Senate Majority Leader John Thune speaks with reporters about the reconciliation process to advance President Donald Trump's spending and tax bill on June 3, 2025. AP Photo/J. Scott ApplewhiteThe word “reconciliation” sounds benign, even harmonious.
Wall Street reels from Mamdani victory in New York mayoral primary
Financiers plot to back a moderate after leftwing candidate clinches Democratic candidacy
What Counts as Productive?
The most essential work in society isn’t accounted for in economic statistics.
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