Asha Bharadwaj is a research associate at the Federal Reserve Bank of St. Louis.
Unauthorized immigration to the U.S. grew rapidly from 1990 to the Great Recession but has leveled off since then.
Civilian aircraft, soybeans, motor vehicles and microchips are the biggest U.S. exports to China, and production of these goods is geographically concentrated. In the case of soybeans, 10 states produced 79 percent of the U.S. crop in 2016.
The Fed has been raising short-term rates. This lifts borrowing costs for everyone, including the U.S. government, but the effect on longer-term Treasury rates is less predictable.