It may be too soon to start talking about the long-term consequences of the government shutdown, since it could go on for a lot longer. But here’s one that worries me a lot and is getting no attentio…

The Bipartisan Infrastructure Deal and the CHIPS and Science Act stand to transform U.S. infrastructure for decades to come. Policymakers should look to the successes and failures of the 1956 act tha…

Chinese reserve growth has slowed. Russia’s reserves are down in the first quarter (though most of the fall was in January). Saudi foreign assets fell in January and February. Most emerging econom…

Neither the fact that China added $154b to its reserves in the first quarter ($153.9b) nor the fact that the RMB (briefly) broke through 7 was exactly a surprise. China’s reserves were heading u…