More of a reader? Our written version of this Q&A is now published: minneapolisfed.org/article/2025/d…

Private data like Harvard Business School Pricing Lab is now as important as ever. Jeff Horwich talked with Harvard University's Alberto Cavallo about their findings on tariffs and how to interpret them. bit.ly/42zz4NM

What are the major trends determining the course of overall inflation? Jeff Horwich looks at durable goods, market-based services, and housing and utilities next to their recent historical performance. The results show why this is a challenging moment for policymakers.

.Opportunity & Inclusive Growth Institute visiting scholar Yewande Olapade is taking the skills she's learned from supporting our large bank “stress test” program to study how the movement of money shapes society. Learn more about her work from @jeffhorwich in new issue of For All: bit.ly/42I0iSo

Some timely analysis, ahead of a big rate decision in two weeks.

New term for me, esp. interesting in light of recent econ Nobel: "Involution" sounds like "creative destruction" on steroids. wsj.com/world/china/a-… "China’s economy is trapped in a cycle of competition so fierce that it is destroying profits and fueling a deflationary spiral"

Today's Axios Macro gives two theories for divergent GDP & jobs: Either "something's gotta give" and GDP will weaken, or jobs weakness is overdone. Not discussed, tho: Concentrated benefits from AI & robust consumer spending heavily tilted to the top end. axios.com/newsletters/ax…

.Richmond Fed’s John Bailey Jones’ latest research focuses on the surge in older Americans aging-in-place—a decision both sentimental and financial, with implications for housing markets and labor mobility. Read more in Jeff Horwich's For All spotlight. bit.ly/4hn36dS

So, I'm a proud 10 for 10 on the Washington Post sample of the updated U.S. citizenship test. wapo.st/3J1f9Rn But this question is loaded and ambiguous, and depends on one strategically selecting the "right" answer from an official POV.

Big update to our US Tariffs Paper: 📦 Pass-through ≈20% (using applied tariff rates, accounting for exemptions) 💸 “Cheapflation”: cheaper goods within categories saw 2× higher inflation 📈 Cumulative CPI impact: +0.7 percentage points More details pricinglab.org/files/Tracking…

Caught some of @MPRNews Mpls mayor debate, including candidates vying to show support for public housing. What a change from 2016 when I started at Minneapolis Public Housing Authority. Nice to witness some payoff from all that time I spent at City Hall and delivering results. mprnews.org/story/2025/10/…

What are the major trends determining the course of overall inflation? Jeff Horwich looks at durable goods, market-based services, and housing & utilities next to their recent historical performance. The results show why this is a challenging moment for policymakers.

New one.

Spotted in the wild: Tariff/R* research by Neil Mehrotra & Mike Waugh as published by Minneapolis Fed in latest Quarterly Review --> minneapolisfed.org/research/quart…

If this gets you warmed up and wanting to learn more about the current balance sheet transition, check out the helpful recent speech from Dallas Fed President Lorie Logan: dallasfed.org/news/speeches/…