Judy Shelton describes a fiscal burden the Fed has imposed on the Treasury through interest payments on reserves. The transcripts show the Committee built the framework knowing exactly what it would cost.

Yellen arrives in Hong Kong with the most analytically sophisticated version of the argument the archive has tested repeatedly: this is a supply shock, expectations are anchored, the Fed should be...

Money enters the economy through two channels — bank lending and government deficit spending — that interact through bank balance sheet composition. The Federal Reserve has understood this for sixty years. The March 2026 minutes show what happens when the understanding is absent.

Buffett identifies four features of the monetary landscape — reserve currency vulnerability, banking fragility, contagion speed, and crisis response adequacy — and the archive validates his...

Buffett names Powell and Volcker as his two Fed heroes and proposes two remedies — zero inflation, stability paramount — that the archive shows are mutually incompatible with the heroes'...

Miran constructs his dissent from five historical precedents: the Greenspan productivity bet, the 'classic reasoning' of looking through supply shocks, the disinflationary power of deregulation,...

Miran proposes shrinking the Fed's balance sheet by $1–2 trillion through destigmatizing the discount window, easing LCR requirements, and normalizing MBS holdings — a comprehensive reform...

The FOMC's most consequential failures share a common architecture: unanimous votes masking unresolved analytical disagreement. The transcripts reveal what the votes concealed.

Four changes across 240 words. Every one performs a function the statement cannot name. The Fed is narrowing what it claims to know — while preserving every element of the architecture that will authorize the next cut.

The public narrative of Federal Reserve independence rests on institutional architecture — the 1951 Accord, fourteen-year terms, transparency norms, explicit inflation targets — presented as...