The Market Structure Map
April 29, 2026
Today is likely the last one for Jay Powell. While we don’t know for certain, the Fed chair takes the mic today after chairing the Federal Reserve Open Market Committee for what’s probably the last time. It matters because the most powerful force in the...
March 25, 2026
February 25, 2026
Everything I ever needed to know about economics I learned in Sri Lanka. I spent 1989 in Sri Lanka teaching at a post-A-level technical school. I was a junior in college and it was a chance to see the world. The village below the school...
January 14, 2026
Should the Federal Reserve be independent? Depending on how you count, the enumerated powers of the United States government in Article I Section 8 of our Constitution are about 20. And all of these powers are a single sentence with clauses separated by semicolons. Two...
October 29, 2025
The Federal Reserve Open Market Committee meets today to agree to cut rates. Well, that’s the expectation. It’s with inflation at 3% and if ADP is to be believed (I think payroll data are superior to a government survey, but what do I know), jobs...
August 6, 2025
I wouldn’t call it a scam. But it’s head-scratching. To explain, here are some big numbers. Four million Americans currently retire from jobs each year. We thus need nearly 350,000 jobs monthly replacing them. Last week like a flash-bang hucked at a sleepover, the US...