The mid-term election results appear to match what market participants expected in the days leading up to voting yesterday. We will refrain from political commentary other than to make the observation that there is a difference between “benign gridlock” when ...

In an interview with The Economist, French Finance Minister Christine Lagarde comments on her country's attempt to trim the budget deficit to 3 percent of GDP by 2013. Ms. Lagarde states that significant austerity measures will be imposed rather than ...

Kansas City Federal Reserve President Thomas M. Hoenig has been a voice in the wilderness for some time. Mr. Hoenig was the only dissenter of the policy action at the January meeting of the Federal Open Market Committee because he ...

Those who followed politics in the early 1990s will recall the impact that “bond market vigilantes” had on the Clinton Administration’s fiscal policies. Will credit rating agencies replace the bond market as a form of fiscal discipline in the years ...