By Michael Every of RabobankNonmarket ForcesIn a speech titled ‘Nonmonetary Forces and Appropriate Monetary Policy’ at “the Economics Club of New York, New York, New York” -- a Frank Sinatra as sung by Jay Powell?-- new FOMC member Miran implied from now the Fed needs to see things Trump’s Way. He argued the neutral Fed Funds rate sits around 2.5% due to “nonmonetary forces” and their impact on inflation. Meanwhile, ‘Most CEOs say Trump policy has harmed their businesses, new survey finds’ (Axios) as the ‘Trump admin is to get tough on companies that abuse the H-1B visa’ (Washington Post) but may exempt doctors. Regardless, nonmonetary --or at least non-market-- forces are all around us, if we look. In the interim, Poland’s PM Tusk threatened to shoot down Russian jets crossing into his airspace.