Must-Reads: June 16, 2016

• FOMC: Press Release–June 15, 2016
• Gauti B. Eggertsson, Neil R. Mehrotra, Sanjay R. Singh, and Lawrence H. Summers: A Contagious Malady? Open Economy Dimensions of Secular Stagnation
• Y. Berman, O. Peters and A. Adamou: Far from Equilibrium: Wealth Reallocation in the United States
• Tierney Sneed: Inside Louisiana’s Blockbuster Medicaid Expansion Roll Out

Should Reads:

• Paul Krugman: Bondage Fantasies at the WSJ: “Back in early 2009… rising rates, the paper declared, were a sign that all-wise markets feared budget deficits and inflation… government was the problem. Seven years on… [has] the Journal has apologized for getting it all wrong?… Hahahahaha. Instead… low rates are not a sign that governments should build infrastructure, or that inflation is too low. They ‘reflect a lack of confidence in options for private investment.’ So rising rates show that government is the problem, and falling rates also show that government is the problem.”
• John Holbo: Walton’s Republic
• Cardiff Garcia: Reminder: Macro Live, Janet Yellen presser edition, starting at 1:50pm EST: “Matt Klein and I will be joined by Alex Scaggs…. For some light pre-statement reading, we recommend: Recession Watch and the Global Reach of Fed Policy, by David Beckworth; Five Questions for Janet Yellen, by Tim Duy; QE, Basel III and the Fed’s New Target Rate, by Zoltan Poszar; The Fed is making the same mistakes over and over again, by Larry Summers”
• Matt Klein: Markets keep fighting the Fed, will the Fed keep letting them win?: “In the past, the Fed has reacted to diminished expectations for the longer-term level of short-term interest rates by adjusting its own forecast. We’ll be sure to check if the pattern continues today.”