Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals.

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• A Fed easing move being immediately followed by a sharp jump in long-term rates suggests the Federal Reserve has lost control over the narrative governing bond-market expectations. BDBrad DeLong15 Oct 2026
• The simplest explanation for rising long-term interest rates is a surge in demand for funds from the AI boom. PKPaul Krugman10 Sept 2026
• The price level behaves as the aggregate of mostly backward-looking decisions rather than as an asset price, except during hyperinflation, so expected future primary balances barely affect it today. OBOlivier Blanchard1 Jun 2022
• A new monetary network with its own unit can only bootstrap from zero to mass adoption through a period of upward price volatility. LALyn Alden6 Jul 2025
• Milton Friedman's best-known policy prescription, targeting the money supply, is no longer regarded as correct. TCTyler Cowen1 Oct 2023

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