The WSJ with an op-ed that's both a gamer on the oral argument and urging the Federal Circuit to interpret IEEPA not to permit the worldwide tariffs. wsj.com/opinion/donald…

Macro, but given the deficit, the debt ceiling, and the high interest rates, I would not have expected the US to all but catch Germany on sovereign debt.

Tariffs do reduce imports! The weirdest thing about this whole episode is that there isn't a hint of an idea that the WTO is in any way a relevant source of law here. International lawyers used to think it was the one place where intl law worked. bloomberg.com/news/articles/…

I think this is a reasonable analysis of Biden's Fed appointees. petercontibrown.substack.com/p/the-banks-di…

A nail biter! Votes are never this close at the FOMC.

That wouldn’t be lending to illiquid but not insolvent!

I enjoyed this article, which takes debanking seriously and notes that a ton of it is based on money laundering determinations that no one ever gets to see.

This CRA test turns in the dictionary and on look and feel. Substantially means considerably the same. If you look at the two personal ID rules the old rule did considerably more than the new rule. So the new rule is okay.

A couple of posts about judicial deference to agency interpretations of their own regulations this week - Kisor deference. I took a look at the 100 appellate court cases that analyzed Kisor most in depth, and, to my surprise 59 were criminal and nine immigration, not core adlaw.

Nothing wrong with this beat sweetener on Powell, other than this total reach: "like the Vatican, the Fed has authority but no army." Would that be the true measure of central bank independence, a CB army? wsj.com/economy/centra…