Douglas Holtz-Eakin

Yesterday the Bureau of Labor Statistics released the September report on the consumer price index (CPI). Inflation was hotter than expected across the board. The top-line CPI rose 0.6 percent (an annual rate of 7.3 percent) and is now up 3.7 percent from September last year. In August, year-over-year inflation was 3.4 percent. Core inflation was similar, rising 0.3 percent (an annual rate of 3.7 percent). Year-over-year inflation rose to 2.6 percent from 2.4 percent in August.

Eakinomics is fueled by a deep reservoir of frustration and disappointment. Sometimes the well flares and is quickly vented, while on other occasions a combustible mix emerges after building over a sustained period of reflection. An example of the latter is the “deal” announced on October 9 for the United States to drop sanctions on Russian diesel fuel and purchase large quantities of it.

This past week, the U.S. Treasury closed the books on Fiscal Year 2026 (FY2026), which ended on September 30. After a whopping $1.8 trillion deficit in FY2025 – 5.8 percent of gross domestic product (GDP) – one might hope that the gusher of red ink might abate somewhat. Alas, it was not to be. The Monthly Treasury Statement showed a $2.0-trillion budget deficit for the year – the net effect of $7.4 trillion of spending and $5.4 trillion of revenue collections. Jordan Haring's new

The NAHB/Wells Fargo Housing Market Index, a gauge of builder confidence in the market for newly built single family housing, fell three points to 29 in October. That is the lowest reading since June 2012. …

No, that is not a cabaret act. Meet Bill Pulte, Director of the Federal Housing Finance Agency (FHFA). The FHFA regulates Fannie Mae (“Fannie”) and Freddie Mac (“Freddie”), the housing government-sponsored enterprises (GSEs). And, since 2008, FHFA has also been the conservator of Fannie and Freddie, which gives it tremendous governance powers over the GSEs.

Douglas Holtz-Eakin Michael Baker's latest piece adds some valuable color to a very simple chain of potential events.

With eleven days 'til elections When voters make their selections POTUS is showering with handouts At any potential turnouts To reduce the number of rejections

AAF President Douglas Holtz-Eakin joins us to discuss the fiscal year that was (2026 edition), bond markets, and lessons from France.

The Comprehensive Outbound Investment National Security Act (COINS Act) prohibits some U.S. outbound investments and requires notifications for others that involve dual-use technologies. It was intended as the mirror to the vetting of inbound investments for national security threats by the Committee on Foreign Investment in the United States (CFIUS). COINS covered artificial intelligence, semiconductors, quantum information systems, supercomputing, and hypersonic systems investments that have a nexus with China, Cuba, Iran, North Korea, Russia, and Venezuela (under the previous regime).

Today the Federal Open Market Committee (FOMC) – the monetary policymaking body of the Federal Reserve – begins a two-day meeting. The primary topic, of course, is whether the Fed should raise the target for the federal funds rate from 3.75 percent to 4.0 percent. There are several possible considerations.