45. The Debt Ceiling & Shadow Banks w/Steven Kelly

The official Fed historian, Jonathan Rose, joins Steven and I on the show today to discuss technology's role in the March 2023 bank runs as well as bank runs from history. Article: “Understanding the Speed and Size of Bank Runs in Historical Comparison" Twitter: @thejonrose Book: Well Worth Saving: How the New Deal Safeguarded Home Ownership (publisher, Amazon) Website: https://www.federalreservehistory.org/

The beautiful thing about Jeanna Smialek's new book is that its core thesis has been tested and proven out in unbelievably prescient ways in just the 6 weeks since it came out. Review⁠ it!! It's a book for you Fed Watchers - and your parents! Seriously! @JeannaSmialek & @StevenKelly49 & @KalebNygaard

A conversation with WSJ reporter, Jon Hilsenrath, about his book on the love story of Janet and George and the way they broke through in the economics field and in policy. I enjoyed this conversation as much as I loved the book. Even if you think you know Yellen's story - this podcast will show a depth and insight that I promise will delightfully surprise you! The Book Jon's latest at the Journal Jon on LinkedIn Kaleb on twitter Kaleb's guest post on Steven Kelly's substack about Yellen's legacy

Back behind the mic with my favorite political Fed Watcher. Derek Tang, CEO and co-founder of Monetary Policy Analytics at LH Meyer, joins the show to talk about the make up, dramas, and twists and turns he expects this year.  Analysis on FOMC meeting minutes on twitter: @macroderek

Two important topics on the table today with the one and only Steven Kelly.  Debt Ceiling Headroom: The Fed Has an Extra $14 Billion Does Bank Regulation Really Just Push Risk to the Shadows? on twitter: @KalebNygaard and @StevenKelly

The most lucid translator of Fed speak, Greg Ip joins the show to recap not only this week's FOMC meeting but also the wild year that was 2022.  On twitter: @greg_ip @kalebnygaard Greg's column on the FOMC meeting, Jerome Powell’s Grim Inflation Outlook Is at Odds With Markets

There's one person who has thought more about the philosophical and economic principles undergirding the Federal Reserve, central banks, and independent agencies - Paul Tucker. In his new book, Global Discord Values and Power in a Fractured World Order, Paul takes a step back to consider international organizations, and how their institutional design and legitimacy hold in a changing global power dynamic.  Carey Mott, from the Yale Program on Financial Stability, joins me as cohost in this interview with Paul.  Global Discord (new book) Unelected Power (first book) Events: Nov 22, 2022, AEI (recording available) Nov 28, 2022, UChicago Jan 17, 2023, LSE

We've had lots of active Fed journalists on the show to talk about their work and reporting. But no one can open up about the true inner-workings quite like former WSJ economics editor and all around Fed Wizard, David Wessel!  At Brookings In Fed We Trust: Ben Bernanke's War on the Great Panic Only the Rich Can Play: How Washington Works in the New Gilded Age on twitter: @davidmwessel, @StevenKelly49, @KalebNygaard

Matt Klein is the founder of The Overshoot, one of the most influential economic newsletters on the market. He joins the show today to talk give us an inside look into the creation of The Overshoot and discuss the FOMC meeting this week, how we got here, and where things are going.  The Overshoot (sign up asap to lock in the lower rate!) Trade Wars Are Class Wars (also check out this piece from The Overshoot, which is the first in a series that Matt is doing on reviewing the theories of the book since its publication) on twitter: @M_C_Klein, @StevenKelly49, @KalebNygaard

This is an exciting time to be Fed Watching and no one is doing it better than Neil Irwin, who joins the show today to talk about Jackson Hole, the ups and downs since,  what comes next for the central bank, and a behind the scenes look at the creation of the Axios Macro daily newsletter.  Newsletter: Axios Macro w/@Courtenay_Brown Book: The Alchemists: Three Central Bankers and a World on Fire Conference Panel: Cato Institute Monetary Conference Twitter: @Neil_Irwin and @KalebNygaard