Reinvention at the Fed and in Las Vegas

Welcome to the Wall Street Week newsletter, bringing you stories of capitalism about things you need to know, but even more things you need to think about. I’m David Westin, and this week Glenn Hubbard took us through the Fed decision, and we went to Las Vegas to see how its business model is changing. If you’re not yet a subscriber, sign up here for this newsletter.

The FOMC held its meeting this week, and Fed Chair Jay Powell presided over what will likely be his final news conference. Glenn Hubbard of the Columbia Business School says that, although it didn’t change rates, there were some changes happening “under the hood.” Three members dissented from the view that there was an “easing bias,” while Stephen Miran repeated his view that instead of a mere “bias” the Fed should simply cut rates outright.