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Who Will Be in Charge of Interest Rates?

Fed independence is a question of power. And, as with many institutions today, President Trump is trying to reduce the Fed’s power and increase his own. That dramatic backdrop makes today’s Senate confirmation hearing on Stephen Miran’s…

August 2025 Review and Outlook

Executive summary:Large caps make new highsMajor digital asset legislation signed during “Crypto Week”Earnings season kicks off with a strong startU.S. Dollar rallies on increasing trade dealsFOMC holds rates steadyJuly…