The Age of the Unanchored Central Banker — Inflation, Demographics, and the End of Cheap Everything Thirty Years of Taking Credit for the Wrong Thing A new book by economists Manoj Pradhan and Charles Goodhart called The Unanchored Central Banker makes an argument that should make central bankers uncomfortable. For three decades, they argue, central banks in the US and Europe were taking credit for a structural decline in global prices that had almost nothing to do with their

The Stock Market Thinks This War Is Over. The Oil Market Disagrees. There is something deeply strange happening in financial markets right now. The S&P 500 has climbed back past where it was before the fighting began in late February. Equity traders, sitting at comfortable desks in New York and London, have apparently decided that a war closing the world's most critical energy chokepoint is simply a buying opportunity. For weeks a bizarre cycle has been playing out. A ceasefi

How the Middle East War Became a Windfall for Russia. Why Doubling the Oil Price More Than Doubles the Profit When US and Israeli strikes on Iran sent global oil prices past $140 a barrel, that was obviously good news for Moscow. But the reason it was so significant goes beyond the simple fact that oil got more expensive.