Author: Alton Drew

I graduated from The Florida State University with a Bachelor of Science in economics and political science (1984); a Master of Public Administration (1993); and a Juris Doctor (1999). I am a member of the Maryland Bar and practice political law. You can email me at altondrew@gmail.com.
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Interbank market news scan: HR 146 provides no rationale for prohibiting payment of interest on reserve balances

Tomorrow is President’s Day in the United States, so banks and the US government are closed for the holiday. Back on 9 January, I discussed the introduction of HR 146, Prohibition of IOER Act of 2025, a bill that would prohibit the payment of interest on reserve balances in excess of minimum requirements. During my … Continue reading Interbank market news scan: HR 146 provides no rationale for prohibiting payment of interest on reserve balances

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Interbank market news scan: Ten-year note, thirty-year bond, see decline in yields.

U.S. Treasury rates On 14 February 2025, the one-month T-bill rate stayed at 4.37%. The ten-year note saw its rate fall from 4.52% to 4.47% while the thirty-year Treasury rate moved down from 4.72% to 4.69%. Board of Governors of the Federal Reserve System According to data as of 14 February 2025 from the Board … Continue reading Interbank market news scan: Ten-year note, thirty-year bond, see decline in yields.

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Interbank market news scan: Not much change in Federal Reserve Bank of New York reference rates.

U.S. Treasury rates The one-month, ten-year, and thirty-year Treasury rates moved down between 9:00 am this morning and 4:30 pm this afternoon. According to Treasury data, the one-month rate stayed relatively the same, moving from 4.38% to 4.37%. The ten-year rate fell from 4.62% to 4.52%, while the 30-year rate fell from 4.83% to 4.72%. … Continue reading Interbank market news scan: Not much change in Federal Reserve Bank of New York reference rates.

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Interbank market news scan: The bitcoin bros need to make an argument as to why a bitcoin strategic reserve is constitutional.

Proponents of bitcoin were very excited about the prospects of President Donald Trump creating a bitcoin strategic reserve. This prospect was fueled by support from Senator Cynthia Lummis, Republican of Wyoming, who last year introduced S.4912, the BITCOIN Act of 2024. S.4912 would require the Secretary of the Treasury to establish a “decentralized network of … Continue reading Interbank market news scan: The bitcoin bros need to make an argument as to why a bitcoin strategic reserve is constitutional.

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Bitcoin and Artificial Intelligence will combine to create a restricted currency union inside the United States.

Bitcoin and Artificial Intelligence will combine to create a restricted currency union inside the United States. Bitcoin nation, made up of very wealthy owners of large plots of land and productive capacity, will need a US dollar reserve. Bezos, Musk, and Branson have the intellectual and financial power to build a real, suborbital Elysium with … Continue reading Bitcoin and Artificial Intelligence will combine to create a restricted currency union inside the United States.

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Interbank market news scan: On interest rates, traders be advised that Mr. Trump is out of his lane

Yesterday, U.S. President Donald Trump stated that he would demand that the Board of Governors of the Federal Reserve System lower interest rates. Mr. Trump’s off the cuff remarks reminded me of a scene from “Air Force One” where Harrison Ford’s character during a speech made in a central Asian country shared a position on … Continue reading Interbank market news scan: On interest rates, traders be advised that Mr. Trump is out of his lane

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Interbank market news scan: Did Trump say anything scary to Davos participants? Nothing they have not heard before.

Speaking today via satellite before approximately 3,000 attendees at the World Economic Forum, President Donald Trump provided his agenda for where he wants to take the American and world economies. It was basically a rehash of some of his written executive orders over the last three days. Mr. Trump declared that the election provided him … Continue reading Interbank market news scan: Did Trump say anything scary to Davos participants? Nothing they have not heard before.

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Trump’s America First Trade Policy: Applying Law to the Manifest Destiny Narrative.

There is mumbling amongst the narrative class that legal action is being prepared to address some of President Donald Trump’s executive orders issued yesterday. I cannot say with specificity that Mr. Trump’s America First Trade Policy is among the executive orders targeted for legal action. I am particularly focused on the portion of his America … Continue reading Trump’s America First Trade Policy: Applying Law to the Manifest Destiny Narrative.

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Interbank market news scan: Trump makes an inflation promise that he can’t keep.

U.S. President Donald J. Trump promised today during his inaugural address that he would address the levels of inflation brought on by government overspending and high energy costs. He offered as a solution the old mantra, “Drill, baby, drill” implying that increases in the supply of American extracted and processed oil and gas would increase … Continue reading Interbank market news scan: Trump makes an inflation promise that he can’t keep.