Menzie Chinn
mchinn.bsky.social
Menzie Chinn
@mchinn.bsky.social

Professor of Public Affairs and Economics, University of Wisconsin, and Blogger at Econbrowser. All views are my own.

Menzie David Chinn is a professor of public affairs and economics at the University of Wisconsin–Madison, co-editor of the Journal of International Money and Finance, and a Research Associate of the National Bureau of Economic Research International Finance and Macroeconomics Program. .. more

Economics 93%
Business 4%

Real retail sales (prel.) beat expectations, but only back to August levels #EconSky
econbrowser.com/archives/202...

Grocery prices up 9% m/m annualized in December; and no Starbucks for you (coffee prices)! #EconSky

econbrowser.com/archives/202...

The gold market did not get the memo - gold prices post DoJ, post-Tillis #EconSky

econbrowser.com/archives/202...

Responses to the Trump's assault on the Fed - an event study demonstrating ... [fill in blank] #EconSky
econbrowser.com/archives/202...

Why friends don't let friends do m/m comparisons of employment changes between CES and CPS series (especially if they want to be @usbls.bsky.social commissioner), and why the "Great Replacement" employment view is wrong (and despicable) #EconSky

econbrowser.com/archives/202...

Wide dispersion in Q4 GDP nowcasts & tracking estimates, while employment and monthly GDP continue to diverge #EconSky @spgmarketintel.bsky.social @atlantafed.org @newyorkfed.bsky.social @stlouisfed.bsky.social
econbrowser.com/archives/202...

Powell‘s words are clear and chilling.

The Fed can’t defend itself from the White House. The Senate and the courts will have to step up. Will they?
"This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation."
Federal Reserve Chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment, a dramatic escalation of the Trump administration’s attacks on the Fed.
www.bloomberg.com/news/article...
Fed Served With DOJ Subpoenas, Powell Vows to Stand Firm
Federal Reserve Chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment, a dramatic escalation of the Trump admi...
www.bloomberg.com

Reposted by Menzie Chinn

Peter Conti-Brown: Powell investigation “is a low point in Trump's presidency and a low point in the history of central banking in America…Because the Fed has rebuffed President Trump's efforts to take the Fed down he is launching the full weight of American criminal law against its Chair.”
Fed's Powell says Trump administration has threatened him with a criminal indictment
Jerome Powell called the action a "pretext" aimed at putting further pressure on the central bank to lower interest rates.
www.reuters.com

Reposted by Anne Applebaum, Stephen M. Walt, Kori Schake , and 88 more

Video message from Federal Reserve Chair Jerome H. Powell:
www.youtube.com/watch?v=KckG...
www.federalreserve.gov/newsevents/s...
Statement by Federal Reserve Chair Jerome H. Powell
YouTube video by Federal Reserve
www.youtube.com

Lots of NFP series look past peak (even w/o Powell conjecture) @philadelphiafed.bsky.social @usbls.bsky.social #EconSky
econbrowser.com/archives/202...

In 3 qtrs, Trump has increased Fed debt held by public to (potential) GDP by more than Biden did in 4 years #EconSky
econbrowser.com/archives/202...

Wisconsin thanks Drumpf! Real goods exports, mfg employment down since end-2024 #EconSky

econbrowser.com/archives/202...

Accelerating downward mfg employment fm ADP, BLS CES & QCEW #EconSky @usbls.bsky.social
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Avg effective tariff rate thru Oct #EconSky
econbrowser.com/archives/202...

Most business cycle indicators flat relative to 9 mos ago, incl employment #EconSky
econbrowser.com/archives/202...

@usbls.bsky.social Dec report - *private* NFP change < consensus; 121K downward revisions in Nov, Oct. #EconSky

econbrowser.com/archives/202...

West Coast Wkshp Int'l Finance CfP, Apr 10th (deadline Jan 16)
econbrowser.com/archives/202...
“11th Annual West Coast Workshop in International Finance” | Econbrowser
econbrowser.com

Sending another 2,000 armed, masked, armored, federal agents to our community makes us less safe.

Makes us unable to live free.

Makes death.

Makes orphans.
www.mpschools.org

ADP private NFP < consensus, large firm empl flat, mfg empl down #EconSky
econbrowser.com/archives/202...

Subprime auto ABS deterioration #EconSky
econbrowser.com/archives/202...

Is true Russian GDP above or below 2021 levels? #EconSky
econbrowser.com/archives/202...

Reposted by Antonio Fatás

Reposted by Menzie Chinn

As we await President Trump's nomination of a new Federal Reserve chair this year, interesting chart from Goldman Sachs, plotting inflation and central bank independence:

The year in review, 2025: Prices are *not* lower, but we have a hole in the ground where the East Wing used to be, and we're (eventually) going to get a ballroom... #EconSky

econbrowser.com/archives/202...

Jeff Frankel: "Why didn't Trump's tariffs crash the economy in 2025?" #EconSky
econbrowser.com/archives/202...