The paper

Standards and corrections

How The Fed Gazette separates news from analysis, where its figures come from, and how it fixes a mistake.

The Fed Gazette is independent and is not affiliated with the Federal Reserve System, the Board of Governors, or any Federal Reserve Bank.

News and analysis

News reports say what the Federal Reserve, the Treasury, or a Reserve Bank did or published, with the source named. A news report does not argue. It is labeled Report.

Analysis is labeled Analysis. It is written from this paper’s view of money: inflation is a monetary phenomenon, and a central bank serves the public better by following a stated rule than by deciding anew at each meeting. That view comes from Milton Friedman and the monetarist tradition. It is an editorial position, not a finding of the Federal Reserve, and it does not keep score for a party. Analysis states the strongest case against its own view.

Where figures come from

Every number on this site is copied from a feed published by the agency that produced it: the New York Fed, the Board of Governors, the Treasury, or FRED. Each figure is printed with that source and the feed’s as-of date. Rates display at two decimal places. Other figures stay as the agency published them. This paper does not compute a change, a percentage, or a converted unit that the feed did not publish. When a feed does not answer, that panel is left off.

A quotation is printed only when it was actually said or written. It is copied from the transcript, the statement, or the speech text, and the source is named and linked. Headlines from the Board and the Reserve Banks are copied as published and not rewritten.

Sample stories

Some slots on this site are layout specimens. They carry a Sample story badge, say that they report nothing, and contain no figures or quotations. A sample is replaced only by a sourced report.

Corrections

When a report gets a fact wrong, the paper corrects it on the page and adds a dated note under the story saying what changed. A figure that was copied correctly but later revised by the agency is updated and noted as the agency’s revision, not as this paper’s correction. Corrections are not removed.

Independence

The Fed Gazette is independent and is not affiliated with the Federal Reserve System, the Board of Governors, or any Federal Reserve Bank. The paper does not take direction from the Federal Reserve, a Reserve Bank, a political party, or a campaign. The name echoes the Minneapolis Fed’s former newspaper, Fedgazette. This site is not that newspaper.

Tools

The data feeds are fetched and printed by software. Software may also help with layout and drafts. A person is responsible for every published report, and no figure or quotation is printed unless it can be traced to its source.