What Claudia Sahm thinks about government

@claudia-sahm · 14 positions · On ppll ↗

Economist and creator of the Sahm Rule recession indicator; writes the Stay-At-Home Macro newsletter.

Claudia Sahm did not write this page.

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1 dated position, 2026, in their own words. Our reading of what Claudia Sahm has said — not written or endorsed by them.

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1. 17 Aug 2026

   Our readingCeding control of the Fed's balance sheet to the Treasury so it can keep interest rates low for more government borrowing would be a real inflation risk.

   inflationinterest rates

   Their wordsIf you get in a place where we're handing the keys of the Fed's balance sheet over to the Treasury to say "get interest rates low," because they want to do more borrowing, that's a real inflation risk.

   ↗Go to the mountains, come down from 30,000 feetstayathomemacro.substack.com 2nd of 2 in this piece