The Reserve

The official Fed historian, Jonathan Rose, joins Steven and I on the show today to discuss technology's role in the March 2023 bank runs as well as bank runs from history.

The beautiful thing about Jeanna Smialek's new book is that its core thesis has been tested and proven out in unbelievably prescient ways in just the 6 weeks since it came out.

A conversation with WSJ reporter, Jon Hilsenrath, about his book on the love story of Janet and George and the way they broke through in the economics field and in policy. I enjoyed this conversation as much as I loved the book. Even if you think you know Yellen's story - this podcast will show a depth and insight that I promise will delightfully surprise you!

Back behind the mic with my favorite political Fed Watcher. Derek Tang, CEO and co-founder of Monetary Policy Analytics at LH Meyer, joins the show to talk about the make up, dramas, and twists and turns he expects this year. 

Two important topics on the table today with the one and only Steven Kelly. 

The most lucid translator of Fed speak, Greg Ip joins the show to recap not only this week's FOMC meeting but also the wild year that was 2022. 

There's one person who has thought more about the philosophical and economic principles undergirding the Federal Reserve, central banks, and independent agencies - Paul Tucker. In his new book, Global Discord Values and Power in a Fractured World Order, Paul takes a step back to consider international organizations, and how their institutional design and legitimacy hold in a changing global power dynamic. 

We've had lots of active Fed journalists on the show to talk about their work and reporting. But no one can open up about the true inner-workings quite like former WSJ economics editor and all around Fed Wizard, David Wessel! 

Matt Klein is the founder of The Overshoot, one of the most influential economic newsletters on the market. He joins the show today to talk give us an inside look into the creation of The Overshoot and discuss the FOMC meeting this week, how we got here, and where things are going. 

This is an exciting time to be Fed Watching and no one is doing it better than Neil Irwin, who joins the show today to talk about Jackson Hole, the ups and downs since,  what comes next for the central bank, and a behind the scenes look at the creation of the Axios Macro daily newsletter. 

How are the SEPs prepared? What goes into the Tealbook? What's the real purpose of the blackout period? These and so much more on the inner workings of the FOMC with former Board Monetary Affairs director and current Yale professor, Bill English. 

Federal Reserve police officers were the first to find the Watergate burglars...and that's only the beginning of this incredible story!! Seriously, listen to the whole thing because there are so many wild gems.

What on earth happened this week?! Steven and I chat about the leak (was it? wasn't it?) and the FOMC meeting. 

Fed communication has evolved a lot in the last few decades, and few people have been in better places to view it than Tony Fratto, Founding Partner at Hamilton Place Strategies and former WH Deputy Press Secretary and Assistant Secretary of the US Treasury.

The Greenspan days, the global financial crisis, the Trump tweets, the pandemic, the trading scandal, and inflation - we cover a lot of ground!

Delighted to have Lev Menand, Associate Professor of Law at Columbia, on the show today to talk about his new book and the policy implications today. 

Michael Derby, WSJ Fed beat reporter who broke the original financial disclosure for Dallas Fed President Robert Kaplan, comes back on the show to chat about past Dallas Fed presidents and Lorie Logan, the current SOMA manager at the New York Fed and next Dallas Fed president. 

The one and only - the author of Politico's Morning Money newsletter, Kate Davidson. We talk about Michael Barr's nomination process and how he may fit into the still new position of Vice Chair for Supervision. We also talk about the other Fed nominees, monetary policy past and future, and how Morning Money is made. 

No one outside the Fed (and there have to be only like two or three within the Fed) have thought more about the Fed's emergency lending authorities than Steven Kelly. Today he's on the show for the ins and outs of these three angles:

- The DW & 13(3) covid-era data disclosures

David's excellent papers:

Fellow Fed governance explorer Derek Tang joins the show to talk about the latest. From the nominations to Congressional debates about the Fed and everything in between!

Dorein Nunez is on a mission to increase diversity at the Federal Reserve Bank and branch boards of directors. A delightful chat with him today with stories of running physical commercial paper as a high school intern on Wall Street, to activist college days collecting signatures for the Community Reinvestment Act, to his work today. 

Dorien can be reached at omniresearch (at) aol (dot) com

Author of the hottest Fed book on the market today, Nick Timiraos, joins Steven Kelly and I to recap yesterday's FOMC meeting and talk about his new book. 

Economic warfare during WWI with the incredible historian Nick Lambert! Stories of disrupted supply chains that are eerily similar to today, levels of destruction a true economic war can cost, how challenging conducting economic warfare can be, and much more. 

Breaking down the impact of the Russian invasion of Ukraine on the Fed with New York Times Fed beat journalist, Jeanna Smialek. 

Most of this podcast's attention is focused on people and decisions made at the Eccles Building in Washington DC. But unemployment and inflation are felt most on the ground, in the lives of regular (and particularly low-income) Americans. No one is covering that story better than Rachel Siegel at the Washington Post. 

An incredibly busy week in the Centralverse. Steven and I react to 8(!) big stories of the week: 

Steven and I sit down to chat about the week's news, including the FOMC meeting, updates and controversies surrounding the nominations, and the Fed's initial CBDC report. 

The leading historian on US bank supervision, Sean Vanatta, joins the show to talk about Sarah Bloom Raskin's nomination to the Fed's Vice Chair for Supervision. 

Steven Kelly sits in the host seat for this interview with Kaleb Nygaard on a wide-ranging conversation on many issues in Fed governance that have been in recent Fed news. 

Was this *the* most important FOMC meeting? How high were the stakes going in to it? Alex Williams, Research Analyst at Employ America, joins the show discuss these questions and react to all the excitement of the FOMC week.

Randy Quarles’ mic drop speech included a very strange commentary on the future of the Fed’s emergency lending authority in 13(3). On today’s episode Steven Kelly and I react.

Fed Independence - what does it really mean? Does it matter if we don’t agree on what it means? All of this and more with Todd Phillips, director of financial regulation and corporate governance at the Center for American Progress.

Where will the Fed be in 2030? Where should it be? How will the next 18 months define the Fed’s direction for decades to come? Matt Yglesias joins the show today to think it all through with me.

The big moment the FOMC has been prepping us for arrived this week - the beginning of the taper. Roberto Perli, one of the most sought after Fed Watchers in the world, joined the podcast to talk break it all down with us. 

The apt metaphor for this week in the centralverse is - drinking from the fire hose! My views on ten quick-hits from the week's Fed news.

Fed Governor Randy Quarles' term as Fed VC for Supervision and Regulation ended this week, with no replacement nomination from Biden in sight. But this is just one of four major hats Quarles wears at the Fed. Fed reporter extraordinaire Victoria Guida joins the show to talk about what it all means and how this story is the perfect example of how strange the Fed's governance structure is.

Congress should permanently remove the debt ceiling. But until they do that, the issue affects the Fed in some big ways. Steven Kelly joins the show to talk about how the Fed's 13(13) powers and the Standing Repo Facility might be used. 

Claudia Sahm joins the show to breakdown this week's FOMC meeting. It was a blast of a conversation that went deep into the inner workings of the Fed.

Joseph Wang, literally the "Fed Guy", joins the show to talk with Steven and me about the current situation with the Standing Repo Facility and its potential futures, as well as other current Fed events. 

Stock trading scandal by the Presidents of the Federal Reserve Banks of Dallas and Boston. It was the biggest news in the Centralverse this week and we speak with the journalist that broke the story - Michael Derby!

If the Federal Reserve really was a national forest somewhere out west, today it would be in serious trouble because of climate change. On this episode we talk to the most important commentator on the topic - Gregg Gelzinis.

All the ins and outs of the dramatic race for the Federal Reserve Chair (and other open Fed seats) with the one and only Sam Bell!

Segment 1: lots to catch up on regarding the race to be the next Fed Chair

Segment 2: how and when the Fed raises interest rates

The central bank of Afghanistan, what we know so far. 

Welcome to The Reserve, a news and thoughts podcast from the Centralverse. Three segments on the show today: (1) intros to the new show, (2) Fed Chair Race standings, (3) a discussion with Steven Kelly on the pro/anti-Powell arguments within 5 policy areas (covid-19, the labor market, financial regulations, climate change, and central bank digital currency).