As explained in Prof. Robert Jarrow's book cited below, forward rates contain a risk premium above and beyond the market's expectations for the 3-month forward rate. We document the size of that risk ...

The U.S. stock market closed sharply down Friday, booking weekly losses as investors fretted over the potential for tariffs to weigh on consumer spending and weaken the economy. The Dow Jones ...

The “five things I did this week” email just became a weekly task for Defense civilians. On Friday, Defense Secretary Pete Hegseth added to guidance he issued last week, instructing the department’s ...