Q&A - April 2026 edition You ask, I answer, on the Fed's balance sheet, redesigning bank supervision, how Warsh will do, Mormons & godparents, whether triathlon training is fun, and how I use (and won't use) AI

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Q&A time at PCB Central

I talk about the Fed’s balance sheet, what I would change about bank supervision, whether Kevin Warsh is going to survive the Trump gauntlet, why Latter-day Saints don’t have godparents, whether I actually truly love triathlon training, and how I use AI.

Link below!

Monday Links: Will the Iran War Lead to Stagflation? Plus thoughts on liquidity reform, crypto over banking, the Atlanta Fed search, toe warmers, and the Securities Industry Institute

We are closer to the conditions for stagflation than at any time since the term became ubiquitous in the 1970s. Plus thoughts on bank liquidity, crypto, teaching business ethics to executives, and my affection for toe warmers. Take a look!

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Monday Links: The Pultification of Scott Bessent? My thoughts on Treasury Secretary's critiques of Jay Powell, the 10% cap on credit card rates, the Trump lawsuit against JPMorgan Chase, the eternal debate on lifting heavy, and our dark moment in MN

My thoughts on Bessent's recent critiques of Powell, the proposed 10% cap on credit card rates, the Trump lawsuit against JPMC, whether I would support a government shutdown over the murder of Alex Pretti, and more. Take a look
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What just happened at the Supreme Court The arguments got technical and focused mostly on procedure. Here is my take on who will win—and how—in Donald Trump’s legal war against the Federal Reserve.

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What just happened at the Supreme Court?

It was a fascinating and strange argument about Fed independence, writs of mandamus, for cause removal, and much else. My deep dive at the link below.

Monday Links: Jay Powell, the Savviest Politician in America My thoughts on Jay Powell's political strategy, the (over?) stimulated economy, bad ideas from Mohamed El-Erian, an ultra-light titanium road bike, and honoring the legacy of Martin Luther King, Jr.

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What does MLK Day mean to me? A legacy, but nothing promised.

Also why Jay Powell is the savviest politician in America, the long-term risks of all this stimulus, and why the lightest titanium bike in production looks delicious to me.

Ten Questions Answered about Trump’s Attack on the Federal Reserve I have questions, I have answers, on what Donald Trump is trying to do to the Federal Reserve and its Chair, Jerome Powell.

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I have ten questions — and ten answers — about the Trump Administration’s attack on the Federal Reserve. Link below

I rode my bike because I wanted to live deliberately Some two-bit philosophizing courtesy of a break in the weather, Henry David Thoreau, and some parenting missteps.

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This week I had a bike ride that changed me.

And I fell short as a dad.

This week’s personal post connects these experiences in a quest to live deliberately. Take a look.

Candy-Striped Bell Bottoms and the Power of Deliberate Mentoring What a mentor taught me about leadership & parenting, courtesy of weird 90s thrift-store fashion & the Mormon sacrament, or: herewith some controversial PCB thoughts on parenting

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Today’s personal post is about a mentor whose deft correction of me, a cocky kid with authority issues, taught me a lot about parenting and leadership. Take a look!

Monday Links: What are the FHLBs good for? Thoughts on the Federal Home Loan Banks, supervisory resilience, SoFi's new stablecoin, Flowers for Algernon, Train Dreams, and 29 Day

What are the FHLBs good for? Also, resilience in supervision, Flowers for Algernon, and why Train Dreams is the best movie of the 2020s.

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The Conti-Brown Christmas Top 10 Merry Christmas from the Conti-Browns! We had a wonderful day, perhaps the best I can remember. Herewith, some of the top memories that made it so special.

A special multimedia post for today, the top 10 moments of Christmas 2025 featuring some original music, plenty of pictures, and a mandolin and classical guitar performance of O Come, O Come Emanuel, + some 6-year-old blue humored Mad Libs Take a look!

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The Miracle of my Charlie Brown Christmas My father, Charlie Brown, had a hard, short life that left behind pain and trauma in his wake. Today's Christmas Eve post remembers the time I learned to live with his legacy

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My father, Charlie Brown, lived a short and troubled life, leaving pain and trauma in his wake. In today’s Christmas Eve post, I describe coming to terms with his legacy.

Monday Links: Not all debanking is created equal Some thoughts on the new Financial Growth Oversight Council, the Fed's reversed hostility to novel banking, the OCC's unserious debanking report, lessons on cycling in the wind, and a guest podcast.

Monday links on Scott Bessent’s changes to the FSOC, debanking good and bad, biking through wind chill, and a recent narrated podcast for Faith Matters. Take a look:

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Declarations of Independence In 2025, I changed my party affiliation from Democrat to independent, even though I have never been more alienated by the Republican Party. Today I declare that independence and explain it.

In 2025 I changed my party affiliation from Democrat to independent. Today’s post explains why

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The Kevins and the Magic Beans Coalition Are Kevin Hassett and Kevin Warsh members of the Magic Beans Coalition? Who will have the spine to say no to Donald Trump? Here's one way to find out.

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As the Fed chair sweepstakes enters its final days, the question for those of us who want to see a narrow conception of Fed independence survive is this:

What do the Kevins believe about the macroeconomy? Are they part of the Magic Beans Coalition? See below for the context and how we can know.

Monday Links: The Fed Divided, the Fed United Some thoughts on last week's FOMC, the unanimous reappointment of Reserve Bank presidents, zigs & zags in supervisio n, Mormons & civility, and the importance of the boring deload week

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What should we make of Miran's "inflation outlook"? I think the only real way to describe his views is to call it the Magic Beans Coalition in monetary policy. More on this and much else at the link below.

Resolutions I look forward to 2026 as a milestone year that follows a milestone 2025. I have many goals.

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This time of year I am thinking about goals and resolutions. Today’s personal post is about what I hope to accomplish in 2026 after a marvelous 2025. Link below.

Monday Links: Deep Divisions at the FOMC Plus more on bank supervision, European digital currency, Larry Summers in exile, Radiohead, and more

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We’re heading into a potentially wild #FOMC meeting, plus thoughts on a recent Q&A on supervision with Randy Quarles, the digital euro, the scandal of Larry Summers, and Radiohead in Berlin. Take a look!👇

My Newsletter has been a source of great joy and engagement over the past year. Today I describe some changes and reflections as I seek to ramp it up. I hope you’ll join me for the ride – we’re going to start cooking with gas. Link 👇

Scott Bessent Wants Diversity for Reserve Bank Presidents Treasury Secretary Scott Bessent floated today a new “rule” that would require Reserve Bank presidents to have three years of residency in their district prior to appointment. Is this a good idea?

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