Nick Timiraos

Nick Timiraos

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Chief economics correspondent, The Wall Street Journal • Author, "Trillion Dollar Triage”

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Martín Redrado, the Argentine central bank head that Kirchner fired in 2010, warns in the FT about the dangers facing the Federal Reserve and U.S. economy as Trump challenges the Fed's autonomy twitter.com/NickTimiraos/statu...

Either an outlier or a leading indicator that lower mortgage rates are arresting the recent softness in home prices: ICE Mortgage Monitor: "In Sept., 80% of markets saw price increases — the highest share in nine months — while only 20% declined, down from 55% two months ago."

Yardi: "Faltering demand, high supply and declining economic growth combined in September to produce the biggest one-month drop in the average U.S. multifamily rent in almost three years." Also: coastal cities like NY and SF posted solid gains yardimatrix.com/publications/d...…

New York Fed President John Williams calls out what he sees as a false dichotomy in monetary policy discourse by dismissing efforts to cast the use of QE or forward guidance as "unconventional": "This narrow understanding of monetary policy is alien to the history of monetary

NEW: The Supreme Court will allow Lisa Cook to remain in her job as a Fed governor for now. The Trump administration's application for a stay has been "deferred pending oral argument in January 2026."

ADP revisions for Aug (-3K private sector jobs vs an earlier estimate of +54K) lowered the three-month average for that series to +26.7K from +45.7K. That brings it closer to BLS's +29.3K for the same period. Sept was -32K for ADP, lowering the three-month average to +23.6K

Job openings ticked up in August from an upwardly revised level in July. But using a 3-month average, they edged down to the lowest level since the reopening, to 7.26 million. The ratio of job vacancies to unemployed workers also ticked lower, to 0.979 from 0.996 in July.

The Justice Department has issued its response to Cook's brief The government argues that because Cook has not tried to clear her name, the president's allegations of wrongdoing should be presumed to be valid. "Her silence...speaks volumes." supremecourt.gov/DocketPDF/25/...… twitter.com/NickTimiraos/statu...

Core PCE inflation was 2.9% in August, up from a recent low of 2.6% in April and little changed from one year earlier. Core prices rose 0.23% in August, or a 2.8% annualized rate. The 3-month annualized rate was 2.9%. The 6-month annualized rate was 2.5%.

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