Desmond Lachman

Desmond Lachman

Desmond Lachman is a former deputy director of the International Monetary Fund’s Policy Development and Review Department.

Jerome Powell’s Finest Hour

Just as Winston Churchill is primarily remembered for facing down the Nazi onslaught in World War II, outgoing US Federal Reserve Jerome Powell is likely to be remembered for his courageous defense of the Fed’s independence against President Donald Trump’s attacks. Like Churchill, he will be forgiven his major policy errors.

Desmond Lachman

May 6, 2026 at 3:14 AM IST

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Federal Reserve

Can the US Afford Trump's Iran War?

Geopolitics

With the outlook for US employment and inflation already becoming increasingly grim, President Donald Trump's war of choice against Iran is bound to weaken public finances and the broader economy further, creating yet another reason for international investors to think twice about buying US debt. What ever happened to America First?

Desmond Lachman

March 10, 2026 at 3:56 PM IST

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White House

Scott Bessent Is in Denial – and the Bond Market Is Watching

Bessent has continued to choose loyalty to Trump’s reckless whims over any semblance of fiscal responsibility.

Desmond Lachman

January 23, 2026 at 10:31 AM IST

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The US Department of the Treasury

How the Stock Market Could Sink Trump in 2026

It would be an understatement to say that stocks are priced at lofty valuations; in fact, they are priced for economic perfection.

Desmond Lachman

January 7, 2026 at 3:23 AM IST

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White House

A Stock-Market Crash Foretold

Why are US stocks soaring even as debt balloons, tariffs bite, and foreign investors lose faith in America’s fiscal credibility? Is Wall Street in denial, or bracing for the next big crash?

Desmond Lachman

August 21, 2025 at 12:58 PM IST

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Damien VERRIER/iStock.com

The End Of America’s Exorbitant Privilege

If Donald Trump refuses to heed investors’ warnings, as seems likely, the US should brace for a dollar and bond-market crisis in the run-up to next year’s midterm elections.

Desmond Lachman

July 7, 2025 at 3:05 PM IST

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baona/iStock.com

The Bureau

Deficient Monsoon, Iran War: A Double Shock to India’s Rural Economy
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