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"The Internal Revenue Service announced today that more forms can now be amended electronically. These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico) and Forms 1040-PR, Self-Employment Tax Return – Puerto Rico." "Taxpayers can also amend their return electronically if there is change to their filing status or to add a dependent who was previously claimed on another return." more »

"So, it should not have been a surprise that the policy rate would rise fast in 2022. Rate hikes would need to be larger and more frequent, relative to the 2015-2018 tightening pace, to get back to neutral. Looking back, should the Committee have signaled a steeper rate path once the liftoff criteria had been met? Perhaps another lesson is that giving forward guidance about liftoff should also include forward guidance about the possible path of the policy rate after liftoff." more »

Ferida Wolff writes: "And then one day, while trimming the bushes on the other side of the yard, a nest with blue eggs appeared! Was this robin protecting that nest even though it was away from the house? And were these eggs actually the robin’s eggs? Other birds lay blue eggs. Plus, within the bush was a different bird that was warning us to stay away. I guess we will have to let nature take its course. If this nest is the robin’s, then when the birds hatch and eventually fly off, the aggressive window banging should stop. After all, parents need to protect their young. But wait, did I just see another robin gathering bits of dry grass and bringing them to the bush by the window?" more »

May 30, 2022; Governor Christopher J. Waller At the Institute for Monetary and Financial Stability (IMFS) Distinguished Lecture, Goethe University Frankfurt, Germany: To sum up, the relationship between vacancies and unemployment gives me reason to hope that policy tightening in current circumstances can tame inflation without causing a sharp increase in unemployment. Of course, the path of the economy depends on many factors, including how the Ukraine war and COVID-19 evolve. From this discussion, I am left optimistic that the strong labor market can handle higher rates without a significant increase in unemployment. more »