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What I learned today: Mexico has become the cornerstone of AI boom, providing 40% of US imports of computer servers used in data centers powering artificial intelligence.Taiwanese manufacturers are rapidly expanding factories in Mexico. www.ft.com/content/ac32...

How Mexico became a surprise cornerstone of America’s AI boomFactories churning out servers for data centres are pushing exports to record levelswww.ft.com

Maybe I should skip the papers in the morning once in a while

Another (non-voting) Fed bank president is heard from (Richmond's Barkin), but he says it was a "close call" whether to raise rates at the last FOMC meeting, doesn't know if he'd have voted to do so. www.wsj.com/economy/cent...

Exclusive | Fed’s Barkin Says It’s a ‘Close Call’ Whether Rates Are High EnoughThe Richmond Fed president said he doesn’t know whether he would have joined the three colleagues who dissented in favor of a rate increase.www.wsj.com

St Louis Fed's Musalem (who doesn't have a FOMC vote this year) says he favored a rate hike. “Mr Market spoke this week, and I took signal from it. We need to continue to earn our credibility every day with both effective communications and actions as needed.” www.ft.com/content/2735...

Bond sell-off sent warning on Federal Reserve’s credibility, says top central bank officialAlberto Musalem says he supported dissenters’ calls for a quarter-point interest rate risewww.ft.com

And who is the 'socialist' now? The Department of Commerce quietly announced this week it will designate more than $870 million in federal incentives for semiconductor manufacturing in exchange for a minority equity stake in seven companies. thehill.com/policy/techn...

Commerce Department quietly announces 7 new equity stakes in private companiesThe Department of Commerce quietly announced this week it will designate more than $870 million in federal incentives for semiconductor manufacturing in exchange for a minority equity stake in seve…thehill.com

Hutchins Fiscal Impact Measure shows local, state & federal fiscal policy shaved 0.2 pct pts over US GDP growth in Q2 2026. We expect fiscal policy to be moderately restrictive over the remainder of 2026. www.brookings.edu/articles/hut...

Hammack: Given the stability of the labor market, with unemployment rate near my estimate of maximum employment, I view high inflation as more pressing problem. A higher federal funds rate would help restrain economic activity and reduce inflationary pressures. www.clevelandfed.org/collections/...

Kashkari explains his dissent: 'To manage against the risk that high inflation could become entrenched, I would rather tighten policy incrementally as we gather more data on the path of inflation and employment.' www.minneapolisfed.org/article/2026...

Kashkari explains his dissent: 'To manage against the risk that high inflation could become entrenched, I would rather tighten policy incrementally as we gather more data on the path of inflation and employment.' www.minneapolisfed.org/article/2026...

Statement on My FOMC Dissent | Federal Reserve Bank of Minneapoliswww.minneapolisfed.org

Jon Faust (adviser to Bernanke, Yellen, Powell): "Warsh’s bold assertions also give off more than a whiff of false bravado." krieger.jhu.edu/financial-ec...

Oops! www.reuters.com/world/africa...

US government map of Africa mislabels every country at global conferenceA U.S. government map of Africa mislabeled every country during a State Department presentation at ‌a global conference taking place in Brazil this week, causing a stir among attendees who took screen...www.reuters.com

Iran war shines spotlight on the increasing tendency of countries to impose export restrictions on key commodities at times of crisis. Kari Heerman (and I) observe how costly that is for the world economy, especially poorer countries. www.brookings.edu/articles/exp... via @brookings.edu

Export restrictions don’t solve scarcity; they redistribute it | BrookingsThe immediate consequence of imposing export restrictions is greater scarcity, which is especially impactful for import-dependent countries.www.brookings.edu

FT's Robert Armstrong: Warsh’s description of his communications policy is nonsense. Unless Warsh (and the rest of us) get lucky, this will become a bigger problem over time. Warsh’s forward guidance omertà: I don’t believe it can last for ever. www.ft.com/content/fe3f...

Fed funds futures market (CME Fed Watch) sees >60% odds of a rate hike at the Sept FOMC meeting.

One lasting consequence of the Iran war may be an erosion of confidence that international markets will remain a reliable source of critical supplies during crises. Export restrictions don't solve scarcity; they redistribute it. By Kari Heerman & me @brookings.edu www.brookings.edu/articles/exp...

Export restrictions don’t solve scarcity; they redistribute it | BrookingsThe immediate consequence of imposing export restrictions is greater scarcity, which is especially impactful for import-dependent countries.www.brookings.edu

New from IMF: A hidden cost of tariffs is that they lead importers to turn to lower quality suppliers. Consumers and firms buying imported inputs are increasingly getting a lower-quality product for their money. www.imf.org/-/media/file...

A sizable, sensible downward revision to official measures of foreign direct investment in the US via Gian Maria Milesi-Ferretti @brookings.edu www.brookings.edu/articles/dow...