Affordability

So, on average, the Report’s discussion of housing supply and affordability eventually gets things mostly right. It’s just a shame the authors allowed an otherwise clear message to be muddied by other far less defensible arguments. 

The Credit Card Competition Act would cap credit card swipe fees, harming consumers by triggering higher annual fees and reducing rewards and other benefits. Markets will serve better than regulation: Competition in payments is growing, from stablecoins to open-payment systems like Brazil’s Pix.

Following a monetary policy rule will allow the Fed to respond in a consistent and predictable manner to keep markets and expectations anchored.

Spain is doubling down on rent control. Argentina tried that, but then reversed course. The results could not be more different.