Political Capital

Joshua Zumbrun

(L-R) Rep. Rep. Mick Mulvaney (R-SC), Sen. John Barrasso (R-KY), Rep. Brett Guthrie (R-KY) and Sen. Rand Paul (R-KY) take a coffee break on the Senate steps on October 3, 2013.

Photograph by Mark Wilson/Getty Images

(L-R) Rep. Rep. Mick Mulvaney (R-SC), Sen. John Barrasso (R-KY), Rep. Brett Guthrie (R-KY) and Sen. Rand Paul (R-KY) take a coffee break on the Senate steps on October 3, 2013.

Paul: Yellen Fed Chairman ‘In All Likelihood’

Sen. Rand Paul, a Republican from Kentucky long critical of the Federal Reserve, predicted today that Fed Vice Chairman Janet Yellen will win  Senate confirmation to succeed Ben Bernanke as central bank chairman. Asked if Yellen will be confirmed, Paul...

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Janet Yellen, vice chairman of the U.S. Federal Reserve, smiles before speaking at the American Economic Association's annual meeting in San Diego, California, on Jan. 4, 2013.

Photograph by Sam Hodgson/Bloomberg

Janet Yellen, vice chairman of the U.S. Federal Reserve, smiles before speaking at the American Economic Association's annual meeting in San Diego, California, on Jan. 4, 2013.

Summers Versus Yellen: What if the Senate Were Full of Economists?

President Barack Obama’s nominee to succeed Federal Reserve Chairman Ben Bernanke will have to win the backing of the Senate to take office. If the Senate were full of economists, it would be good news for Fed Vice Chairman Janet...

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Traders work on the floor of the New York Stock Exchange (NYSE) as Ben S. Bernanke, chairman of the U.S. Federal Reserve, speaks on television in New York.

Photograph by Scott Eells/Bloomberg

Traders work on the floor of the New York Stock Exchange (NYSE) as Ben S. Bernanke, chairman of the U.S. Federal Reserve, speaks on television in New York.

Shrinking Deficit Likely to Help Fed Reduce Bond Buys

When the Federal Reserve announced it would purchase $45 billion a month of Treasury bonds to support the economy, it probably anticipated there’d be plenty to buy. After all, the Fed made its December announcement just a few months after...

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This September 15, 2008 file photo shows the sign for Lehman Brothers headquarters in New York.

Photograph by Nicholas Roberts/AFP via Getty Images

This September 15, 2008 file photo shows the sign for Lehman Brothers headquarters in New York.

Dodd-Frank’s Missing Link

Many critics of the Dodd-Frank financial regulatory overhaul will say that the bill’s biggest shortcoming is its failure to reduce the size of the largest banks — the ones that are “Too Big To Fail.” Federal Reserve Governor Daniel Tarullo,...

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An employee counts U.S. 100 dollar notes and 500 ruble notes, right, at the counter of an OAO Sberbank currency exchange in Moscow, Russia.

Photograph by Andrey Rudakov/Bloomberg

An employee counts U.S. 100 dollar notes and 500 ruble notes, right, at the counter of an OAO Sberbank currency exchange in Moscow, Russia.

Fed Doesn’t Target Exchange Rates — But if it Did…

Ask Federal Reserve officials about their goals for the U.S. exchange rate, and they will demur. The Fed’s standard response is that the strength or weakness of the dollar is a matter for the U.S. Treasury. Yet one of the...

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Federal Reserve Chairman Ben Bernanke testifies before the Joint Economic Committee about the Economic Outlook on Capitol Hill.

Photograph by Zhang Jun/Xinhua/Corbis

Federal Reserve Chairman Ben Bernanke testifies before the Joint Economic Committee about the Economic Outlook on Capitol Hill.

Here Comes QE3

A majority of economists believe the Federal Reserve is poised to boost stimulus tomorrow, according to a Bloomberg Survey of 73 economists. Sixty-four percent say the Fed is going to launch a bond-buying program at the conclusion of its meeting today and tomorrow...

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Residents of the District of Columbia watch a "fashion show" demonstrating proper work and interview attire during U.S. Congresswoman Eleanor Holmes Norton's 15th annual job fair.

Photograph by Chip Somodevilla/Getty Images

Residents of the District of Columbia watch a "fashion show" demonstrating proper work and interview attire during U.S. Congresswoman Eleanor Holmes Norton's 15th annual job fair.

Bernanke, `Read My Paper’ — Offer from Gordon, Dr. Growth-is-Over

Written with Steve Matthews Federal Reserve Chairman Ben S. Bernanke said last week that he believes the weak growth and high unemployment that the economy has witnessed since 2008 can be mostly fixed by monetary policy. He told his audience...

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