Sweeping US tariff increases in 2025 are upending global trade. This column draws on new data and simulations to show that, even with partial suspensions,
In the event of dysfunction in dollar funding markets, the Federal Reserve can supply liquidity through standing central bank swaps. This column considers a scenario
The fight against inflation has largely been won in the euro area, after a sharp but short-lived inflation episode over 2021-2023. This column argues that