AI has the potential to transform lives and the US economy. Michael Barr warns that artificial intelligence could dramatically narrow or widen economic inequality in the US, depending on the policy choices society makes in the coming years

The financial system is constantly evolving, and the regulatory and supervisory framework must keep pace. Michelle Bowman discusses the work of the US and urges global financial watchdogs to be flexible

Liberation Day raised an immediate question in policy circles: would other countries follow suit? Barthélémy Bonadio, Andrei Levchenko and Nitya Pandalai-Nayar study the implications of the US withdrawal from free trade

The US–Iran relationship appears to be at its lowest point in decades. Simon Johnson and Amir Kermani describe how the twin blockades of the Strait of Hormuz create the possibility of a time-consistent agreement linking the nuclear issue, sanctions relief, and uninterrupted navigation

Christopher Waller emphasises the need for the Federal Reserve to modernise its operations to adapt to a changing world. This includes reducing costs, effectively managing risk, and delivering value to the American taxpayer

Uuriintuya Batsaikhan discusses the outline plan to reduce stigma associated with short-term borrowing from the Federal Reserve, and argues that the reform package may be doing banks too many favours, and risks amplifying liquidity risk, potentially threatening more bank failures