
Professor @ColumbiaLaw. Author, DIRECT @HarperBusiness. Research explores the Fed, banking and other forms of intermediation. Mom of two.
New York, NY
Joined August 2019
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Kate Judge retweeted
As Kevin Warsh takes the helm at the Fed, BWC Member @ProfKateJudge and Mickey D. Levy make the case in @WSJ for why the 12 regional Federal Reserve Banks are essential to central bank independence, accountability, and credibility. Read the full piece: wsj.com/opinion/a-key-to-fed…
Kate Judge retweeted
Guys…I wrote a book.
If you like my work to pull back the curtain on how companies like Google, Delta, Instacart, & more are deploying new technologies to empty your wallet, then you’re not going to want to miss it.
This book will send shivers down CEOs’ spines. The mere mention of this book has already caused at least one K-Street lobbyist to blurt out “Oh shit!” in polite company.
It is deeply researched, indignant, but also hopeful. And I think you’re really going to like it.
Preorder it now (link below) so you don’t miss it in September.
Kate Judge retweeted
From @WSJopinion: A key to the Fed’s independence is its 12 regional banks. Kevin Warsh should appreciate the benefits of the central bank’s federalist structure, write @ProfKateJudge and Mickey D. Levy
on.wsj.com/4389izR
Kate Judge retweeted
Yesterday, I had the great honour to deliver the 5th Charles Goodhart lecture @FMG_LSE. Charles has left his intellectual footprint on many of us, and my speech was intended to honour his legacy. 1/15
Kate Judge retweeted
Powell today: "After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. .. I had long planned to be retiring. And the things that have happened in really, the last 3 months have, I think, left me no choice but to stay.."
Kate Judge retweeted
“That’s the appropriate legal understanding.”
NEC Director Kevin Hassett tells Bloomberg’s @SalehaMohsin he agrees with Fed Chair Jay Powell’s view that the law “calls for” him to stay on as the Fed’s acting leader if a successor isn’t confirmed by May 15.
White House National Economic Council Director Kevin Hassett says he supports Federal Reserve Chair Jerome Powell’s plan to stay on at the central bank’s helm on a temporary basis if a successor hasn’t been confirmed by the Senate bloom.bg/4cL4ncL
Kate Judge retweeted
"Banks are spotting opportunities to also step in as some private-credit firms pull back"
bloomberg.com/news/articles/…
Kate Judge retweeted
As a Michigan sports fan, I feel like I’m stumbling through a surreal fever dream. It’s as if the universe has been transformed into some sort of simulation designed to see how much pleasure one man can tolerate. It wasn’t enough to win two national titles in the two major sports in such short succession. Somehow the championships were won in a manner that exacted maximum rage from rival fanbases. It’s one thing to just win a vanilla championship that fades with time only to be one of many footnotes of a bygone era. It’s another to have your successes cemented in the heads of so many haters, whose anger only serves to reanimate the legacy over and over again. Gore Vidal once said “it’s not enough to win, others must lose” and my petty ass wishes we could turn that into a maize and blue banner to hang in the rafters. Hail hail to Michigan and also to the haters.
Kate Judge retweeted
Congratulations to @CoachDustyMay, Elliot Cadeau, and @UMichBBall on winning their first title since 1989! This team dominated the tournament from start to finish. Well deserved. Go Blue!
Michigan Men's Basketball@umichbballApr 7United States
United StatesConnected via WebAccount-level information, not a live location or per-post device.
🏆 CHAMPS 🏆
Kate Judge retweeted
The idea of "apolitical" independent institutions always runs up against the fact that regulation is political.
This thread is a good argument for placing bank regulation fully under exec branch control in the Treasury. The Fed should focus exclusively on monetary policy.
Kate Judge retweeted
NEW w/ @bencasselman: Throughout a series of economic shocks that pushed up consumer prices in the past five years, Americans maintained faith that the Fed would eventually get inflation under control.
The war with Iran presents another shock that is testing that conviction, putting pressure on the central bank as it debates whether to lower rates this year.
nytimes.com/2026/03/27/busin… @nytimes
Kate Judge retweeted
Trump’s rumored plan to require proof of citizenship for a bank account would be a disaster, debanking many Trump supporters like married women who changed their name as @chasserehwinkel and I show in @BankThink.
americanbanker.com/opinion/t…
Kate Judge retweeted
Replying to @ProfKateJudge
Greetings to @anatadmati & Martin Hellwig #TheBankersNewClothes
Kate Judge retweeted
Spot on comment from @ProfKateJudge in @morningmoneypro if @federalreserve Gov are exercising “independent judgment on matters of financial regulation. If they aren’t, or if they feel like they cannot, then perhaps the Fed should play a smaller role in financial regulation.”
Kate Judge retweeted
My partner @kieranwgoodwin has been so right about this space for over a year which has really sharpened my vision.
Outflows beget outflows. Gating begets outflows. Selling some of the underlying portfolio to meet minimum redemptions creates losses and begets outflows. Four recent fake abs frauds begets outflows. NAV write downs beget outflows.
How is this not going to get way worse, when ‘Frankenstein’s Monster’ of 700bn of products that vastly overpromised liquidity to retail, are so out of favor?
wsj.com/articles/banking-pro…
1) This article explains some of the risks of shadow banks but misses a huge risk.
It fails to mention that all private credit funds use leverage in order to be able to generate net returns of 8-10% to their investors. @boazweinstein
Kate Judge retweeted
SO banks have ~ $2.8 trillion in unused credit lines to NBFIs.... 200% Exposure at Default for Basel III Just saying. IRA Bank Book industry quarterly released tomorrow. @FDICgov @bankpolicy @BankRegData @tomkeene @SheilaBair2013 @rbrtrmstrng
Kate Judge retweeted
CPI and PPI translations into PCE suggest core prices in January rose around 0.43%, give or take.
That would be the highest month-over-month reading since February (which was +0.448%) and annualizes to 5.3%.
It corresponds to a 3.1% y/y rate, the highest since March 2024.
Kate Judge retweeted
SCOOP: There’s only one enforcement attorney left at the CFTC’s Chicago office.
Known as a group of heavy-hitters, attorneys and investigators in the Chicago office have had a role in most major CFTC enforcement actions since the birth of the agency in 1975. In recent months, that office has become a ghost town.
Three former CFTC attorneys say the office’s reputation made it an appealing target for reductions in force. “I believe I was retaliated against, along with some of my colleagues,” says one who lost their job last summer.
“Chicago is the spiritual home of the futures markets; it’s where it all began,” says one former attorney in the Chicago enforcement division. “To wipe out the enforcement staff in a place like Chicago sends a very bad signal to market participants about whether the government is watching what they’re doing and whether or not they have to abide by the law.”
Many attorneys pushed out of the agency were mid-career. “If I was a different person,” one told me, “I would launch a crypto scam right now, because there’s no cops on the beat.”
Kate Judge retweeted
So predictable and so devastating.
After the pandemic, an understaffed IRS answered less than 20% of calls it received and tens of millions of taxpayers waited years for their returns to be processed.
Rather than modernizing the IRS for the 21st century, we are going backward.
Kate Judge retweeted
Historical trivia given the focus on whether or not Powell will resign his Fed board seat at the end of his term as chair:
Alan Greenspan would “almost certainly” have stayed on the Fed’s board if Clinton hadn’t reappointed him to another term as chair in 1996, according to Bob Woodward’s 2000 biography.
“If he had to move down the table out of the chairman’s seat, he felt that there was enough respect for his views that he could still have some influence,” Woodward wrote.
H/t @sam_a_bell
Will Powell stay on the Fed board or go?
He won’t say.
The silence is a bit awkward—and strategic. It’s the last card he’s got, and the DOJ probe illustrates why he hasn’t played it. (It’s also making his decision harder than it had to be.)
wsj.com/economy/central-bank…



























