Insights for action, for global investors

Like any issuer of securities, the department is itself part of the market.

I recently had a letter to the editor published by the Wall Street Journal in support of Donald Luskin’s op-ed calling for an end to forward guidance—the practice by which central bankers try to use their public statements and forecasts to guide markets and consumers.

In the letter, I augment Luskin’s arguments with two recent and concrete examples of the failures of forward guidance…