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Tariffs and "International Payments Problems"
It has long been accepted that tariffs are an acceptable tool for managing balance of payments issues. The real question is whether they would be useful…
Feb 28
•
Matthew C. Klein
16
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Arbitrary U.S. Tariffs Are Gone. What's Next?
The Supreme Court has ruled that the President cannot use "emergency" authority to impose tariffs at will. Inflation is still going to be a problem.
Feb 20
•
Matthew C. Klein
23
3
Australia Is Raising Rates. Why Not the Fed?
The U.S. economy is accelerating, yet policymakers are still unreasonably concerned about downside risks.
Feb 13
•
Matthew C. Klein
17
1
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How to Think About the Tariffs
Apr 4, 2025
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Matthew C. Klein
157
3
25
Inequality, Interest Rates, Aging, and the Role of Central Banks
Aug 31, 2021
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Matthew C. Klein
34
2
Thoughts on the Bank Bailouts
Mar 13, 2023
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Matthew C. Klein
52
10
1
The Macro Impact of AI on GDP
Aug 21, 2025
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Matthew C. Klein
47
6
8
Inflation Is Moving the Wrong Way
Aug 14, 2025
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Matthew C. Klein
38
1
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The U.S. Economy Refuses to Slow Down
Jan 18, 2024
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Matthew C. Klein
78
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Russian War Spending May be Maxed Out
The official budget deficit surged last year, as did off-balance sheet military spending via the banking system and unpaid bills. That might be tough to…
Feb 3
•
Matthew C. Klein
26
4
3
Is the Market Underpricing the Risk of Fed Hikes?
The incoming data are undermining the case for lowering rates, which means that the 0% implied probability of hikes may be too low. And that is before…
Jan 20
•
Matthew C. Klein
19
3
2
Is Japan "Normal" Again?
After decades of trying, it looks as if inflation and nominal income growth have finally reset to a new, faster baseline. That explains the actions in…
Jan 12
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Matthew C. Klein
31
2
5
U.S. Wages Still Rising Briskly, Employment Holding Up, and Inflation Still Sticky (Probably)
Look through the noise attributable to the government shutdown, and little has changed over the past six months.
Dec 19, 2025
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Matthew C. Klein
12
2
The Fed Submits?
America's central bankers have, in the aggregate, lowered the "appropriate" path for interest rates despite an improved growth outlook and a worsening…
Dec 12, 2025
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Matthew C. Klein
18
2
2
Waking the Sleeping European Giant
Coordination and mobilization of existing resources would transform the continent into a superpower. The ongoing failure to do so is largely the fault…
Dec 3, 2025
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Matthew C. Klein
33
5
3
The "Sell America Trade", QT, and Foreign Banks
"Foreign-related institutions" have shed ~$400 billion in dollar deposits at the Fed since July while reducing their overall U.S. exposure. That has…
Nov 18, 2025
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Matthew C. Klein
23
1
1
Inside America's Consumption Recovery
High earners monetizing asset price gains are always important, but they are far from single-handedly keeping America out of a downturn.
Oct 30, 2025
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Matthew C. Klein
25
3
3
The Latest Argentina Bailout will (Probably) Fail
The U.S. Treasury's interventions on behalf of Argentina are unlikely to succeed as long as the country's fiscal probity fails to offset monetary laxity…
Oct 20, 2025
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Matthew C. Klein
19
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