HeyJaredBrad W. Setser
- Indexed articles, last 90 days
- 8
- Latest publication
- Sep 15, 2026
- Outlet visibility, for Council on Foreign Relations
- Top 500K sites
- Earliest in this view
- Jul 7, 2026
Latest articles
De-reservification, Not De-dollarization | Council on Foreign Relations (opens the original)
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This is a joint blog with Alex Etra, Senior Macro Strategist and head of Flow of Funds at Vanda Research. The IMF’s data on the currency composition of foreign exchange (FX) reserves is scrutinized carefully for any signs that the world is shifting way from the dollar. Yet it doesn’t really matter that much if the dollar’s share of reserves has shifted from 56.5 percent to 57 percent. The ink-to-impact ratio of the quarterly reporting on the latest COFER data is all off. Neither the stock of glo
The U.S. Corporate Tax Base That Now Resides in Ireland | Council on Foreign Relations (opens the original)
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This is a joint post with Michael Weilandt, a Research Associate at the Council on Foreign Relations. Foreign multinationals, mostly American multinationals, booked just under $300 billion in profits in Ireland last year. That isn’t just because Ireland used to have a 12.5 percent headline corporate tax rate, and its current 15 percent rate on large firms is below the U.S. headline rate of 21 percent. Ireland also permits deductions for qualifying expenditure on intangible assets, including the
The Renminbi Appears to be Undervalued by 30 Percent | Council on Foreign Relations (opens the original)
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Harvard’s Dr. Gopinath (formerly of the IMF) asked about the basis for my estimate (in Greg Ip’s excellent WSJ column) that the RMB is now undervalued by 30 percent.* The simple answer: I used the IMF’s own current account methodology but didn’t take China’s reported current account surplus at face value. I believe that the surplus is significantly understated, as it doesn’t map to other known numbers about China’s economy and trade performance.** The IMF’s current account gap methodology hinges
The Real Cost of the U.S.-Canada Trade Breakdown | Council on Foreign Relations (opens the original)
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Brad W. Setser served as a senior advisor to the U.S. Trade Representative from 2021 to 2022. He had previously served in the U.S. Treasury from 2011 to 2015, where he worked on currency policy, financial sanctions, commodity shocks, and other issues. He is the author of the Follow the Money blog. Trade talks between the United States and Canada collapsed last week, clearing the way for the Trump administration to impose new tariffs on Canadian goods. President Donald Trump laid out the administ
Why the U.S. Intervened to Prop Up Japan’s Yen | Council on Foreign Relations (opens the original)
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Brad W. Setser served as a senior advisor to the U.S. Trade Representative from 2021 to 2022. He had previously served in the U.S. Treasury from 2011 to 2015, where he worked on currency policy, financial sanctions, commodity shocks, and other issues. He is the author of the Follow the Money blog. The United States intervened in currency markets this past Friday, July 31, selling euros from its international reserves and buying the Japanese yen. Secretary of the Treasury Scott Bessent confirmed
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