Commentary

Kevin Warsh, the new chairman of the Federal Reserve, has frequently invoked Alan Greenspan. There reasons go beyond his inscrutability.

Fixing the housing affordability crisis is in the hands of state and local government, not Congress, Edward Pinto and Arthur Gailes write.

Leniency on debt repayment will compromise emerging markets’ future access to liquidity, Cem Karacadag writes.

The historical data show the risk might not be exactly what advisors have ingrained in retail investors for decades, Robert Pozen writes.

SpaceX is being granted accelerated entry to several indexes, and passive funds will have no choice but to buy the stock at peak hype, Christopher Collins writes.

The new chairman of the Federal Reserve would be wise to copy the European Central Bank’s hawkish tone on inflation, Desmond Lachman writes.

Municipal bonds don’t usually get much attention. But in some host cities this summer, they are playing a leading role, Dan Close and Margot Kleinman write.

Federal Reserve reforms are long overdue. But new chair Kevin Warsh might have to rethink some of the assumptions underlying modern monetary policy, Brij Khurana writes.

The stratospheric valuation of SpaceX is a classic case of herd mentality, Brian Hamilton writes.

The governance structures in rising tech companies are adolescent at best, Mike O’Sullivan writes.

An inexperienced, overconfident new boss is to blame, Bill Grueskin writes.

Getting rid of the agency’s gag rule is a step in the right direction to protect defendants’ freedom of speech, J. Marc Wheat writes.

Private credit woes are real, but there is good reason not to panic, writes Michael Malone.

Comprehensive peace in the region will happen eventually, but Trump’s unforced errors in Iran have delayed it, writes Brian Katulis.

Dollar hegemony isn’t as vulnerable as some like to say, write Marc Chandler and Adam Farhat.

Young people should be steered toward a more mundane way of finding returns, Burton G. Malkiel writes in a guest commentary.

The new Fed chair believes inflation is linked to money. That will serve him well.

Giving Americans access to high-quality, low-cost Chinese cars would enshrine him as a champion for struggling American households, Christopher Smart writes.

Applying 1970s-style price or export controls on gas could make things worse, Joseph Brusuelas writes.

Making high-income retirees shoulder the burden of much-needed cuts isn’t a fair solution, Brenton Smith writes.

Benefit caps on wealthy retirees could prevent Social Security insolvency, Maya MacGuineas writes.

The economic consequences of slashing government-funded research would be far-reaching, Steph Batalis, Katherine Quinn, and Rebecca Gelles write.

With the U.A.E.’s exit, the group of oil exporting countries will have less capacity to stabilize prices, Ben Cahill writes.

Markets seem sure that either Trump or Iran will give in when the Gulf blockade proves too painful. But what if they don’t?