Everything on Central Banking

The Federal Reserve's recent treasury purchases are primarily technical measures to maintain banking system reserves and ensure smooth short-term funding markets, rather than direct stimulus measures.

Impact: This distinction clarifies that money supply changes from these purchases do not directly devalue retirement accounts or drive immediate inflation.

— from M2 Supply, AI Hiring Bias, and Chicken Scarcity · The Indicator from Planet Money· Feb 23, 2026

The US Treasury's rare rate check on the Japanese yen signals a strategic intervention to prevent a currency crisis that could drive up US interest rates. This move suggests a proactive approach to managing global currency dynamics.

Impact: Indicates a shift in US policy toward active management of Asian currencies to protect domestic interest rates and political interests.

— from Dollar Weakness and Global Market Implications · Unhedged· Jan 29, 2026