An economic theory gaining attention argues that monetary and fiscal policy are ultimately inextricable, our Capital Account columnist writes
Expect to hear more about the fiscal theory of the price level as governments struggle with rising debt and inflation
Normally the Federal Reserve makes a profit from its balance sheet, but with higher interest rates it is now in the red. WSJ explains how the Federal Reserve makes money, what it does with it, and what happens now. Photo: Chuck Myers/Zuma PressU.S. inflation and budget deficits are both uncomfortably high. These are usually seen as separate problems. Federal Reserve Chairman Jerome Powell says he will get inflation back to 2% regardless of what Congress and the president do with fiscal policy.
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