A bit from me on devo max and the outlines of an emerging question: what will councils be for? as.ft.com/r/731ed47f-f...
Andy Burnham rewires the ‘unaccountable’ state
Prime minister’s opening devolution gambit does not lack ambition
as.ft.com
Win Monroe
@winmonroe.bsky.social
Another economist. Views and bad hot takes are my own, if even that. Likes & RTs =/= endorsements.
I did wonder about trying a Long-Term Capital Management / Situational Awareness gag, but gave up. Looked up the opposite of nominative determinism, and apparently the term is 'an inaptronym'.
When did the soles on running shoes get so thick? Shopping for a new pair for the first time in a while and they all feel like bouncing on the moon. Not sure how I feel about it yet.
Did Slok even bother to edit his ChatGPT slop defense of Warsh?
👀👀👀
David Ornstein@david-ornstein.bsky.social · 14h ago🚨 Newcastle United to sanction sale of Bruno Guimaraes to Arsenal for £75m. #AFC started lower, #NUFC wanted higher but compromise in process of being sealed to grant 28yo Brazil int’l midfielder desired move. Lyon entitled to 20% of profit @theathleticfc.bsky.social www.nytimes.com/athletic/749...
A few thoughts on Warsh yesterday, after sleeping on it. First, one of the longest-running and classic debates in monetary policy is rules vs discretion. Traditionally, hawks and conservatives have tended to prefer more rules based monetary policy conduct rather than discretionary.
The EU has some lessons to learn about weaponised interdependence if it's going to shatter every time a bordering regime deploys it- as may have happened here. giftarticle.ft.com/giftarticle/...
An overdue show of EU solidarity with Spain
Instinct to punish Madrid’s liberal approach to migration is self-defeating
giftarticle.ft.com
Did something change with FT links here? Never offers to open it in the app anymore, so I constantly have to switch and manually look up articles.
Quotes: "during our period of study (1993-2024), mechanisms designed to regulate spending tended towards input control and short-term decision-making, struggled to support strategic investment and often failed to deliver sustained improvements in outcomes."
Giles Wilkes@gilesyb.bsky.social · 2d agoThis is the Nuffield research that the incredibly productive Diane Coyle refers to in this article. www.bennettschool.cam.ac.uk/publications...
Here's my shakedown of big US bond dealers on how they're thinking about tomorrow's Treasury Quarterly Refunding. Next week's note and bond auction sizes will be announced and, by convention, sizes through October projected. www.bloomberg.com/news/article...
Bond Dealers Expect US Will Avoid Signaling Auction Increases
The US Treasury will need to increase the sizes of at least some of its fixed-rate borrowing programs next year but is unlikely to signal the shift just yet, according to bond dealers.
bloomberg.com
This is the inevitable conclusion of three decades of increasingly looking at college education as purely a vocational exercise
The New Republic@newrepublic.com · 2d agoPresident Trump is banning students majoring in degrees that don’t make enough money from taking out college loans. Degrees for social work, art, religious studies, teaching aides, and music will be hit the hardest. trib.al/aaAEu6v
"This is not the first time the US has indicated some sensitivity about overseas demand for Treasuries." @katie0martin.ft.com digs more into the Fima of it www.ft.com/content/04b3...
Yen intervention = US self-preservation
More thoughts on why it’s happening
ft.com
American factory construction continued declining in official data released today as CHIPS Act projects finish, IRA projects get cancelled, and tariffs weigh on nearly all industries Total US factory construction is down 32% from its 2024 highs and 22% over the last year alone
this is incredible: we have raised almost $35K in a single day. Split across 9 candidates that’s almost $4k per candidate. One of the candidates, @bradtabke.bsky.social, raised a TOTAL of $81K in 2024 on his way to winning by just 15 votes we just raised 5% of that in a single day. incredible
Sam@samd.bsky.social · 3d agoI love Talarico and hope he wins. But he’s already raised $70M On the flipside, control of critical state legislatures will come down to seats where candidates raise 0.1% of that. I’ve researched the highest leverage swing district candidates you should donate to secure.actblue.com/donate/donat...
Environmental leftist terrorist is a very unimaginative literary trope. I wonder what it says that it's so commonly used.
Good take: Markets are getting AI right - www.ft.com/content/c167... via @FT
Markets are getting AI right
Recent volatility reflects economic reality
ft.com
US Treasury undertakes historic intervention in yen market - www.ft.com/content/0f9b... via @FT
US Treasury undertakes historic intervention in yen market
New York Fed sells euros to buy yen following recent speculation that Tokyo intervened to support Japan’s currency
ft.com
What Warsh is (probably) up to - www.ft.com/content/b126... via @FT
What Warsh is (probably) up to
The pro-volatility Fed chair
ft.com
Been saying this for ages, but nice to see a good summary of the issue. Honestly it only scratches the surface of this hugely important topic.
Duncan Weldon@duncanweldon.bsky.social · 6d agoSuper interesting. www.ft.com/content/6a35... We’ve moved from income world to wealth world
Andrew Bailey: “Holding Bank Rate is appropriate as global conditions look to be more uncertain and inflationary, while domestic conditions are on balance more benign as regards the prospects for inflation”. Yes. Exactly.
You’ve probably seen @peterwalker99.bsky.social’s story on the London flats where the temporary accommodation residents had their air con turned off in a heatwave; we had a look at what’s going on and who is responsible. www.londoncentric.media/p/air-condit...
"If you're poor, you can sweat": One building's air conditioning divide
The struggles of residents in a London tower block sum up the challenges of heatwave-era London.
londoncentric.media
Advantage of hiking this week for Warsh seems fairly compelling to me: he gets a chance to surprise markets (anti-fwd guidance), brandish inflation creditetials early, can frame as an insurance hike and in hopes of doing less later. High implied vol seems to be the goal.