Bill Dudley

Market speculation about a “pivot” is overdone and counterproductive.

Quantitative tightening won’t lead to another cash crunch.

The repercussions won’t be as dire as those of the financial crisis. But a comparison offers insights into what comes next.

If US officials don’t do something about the government’s fiscal problems, the bond market will.

Unless 3.6% unemployment is the new normal, the central bank has more tightening to do.

The upward pressure on long-term interest rates from QT will persist until late 2025.

Broader financial conditions matter for the economic outlook. The Fed is right to focus on them.

There are four potentially fatal flaws in the way policymakers are thinking about monetary policy.

Central bank digital currencies can make the financial system more useful for more people. But the US Federal Reserve needs to get involved.

Don’t fret about the immediate effect on money markets. Do fear that the bond vigilantes will reawaken.