United States
Federal Reserve posts largest operating loss ever
As of March 21, the Fed owed $157.8 billion to an accounting device, a “deferred asset”
Debt-related driving bans create instability – Fed research
Punishments disproportionately affect low-income and minority communities
Switch to gold standard could stabilise prices – Philadelphia Fed research
Hypothetical return to monetary system would only lead to short-term price movements, study finds
FOMC holds rates again
Experts say Fed faces difficult choices despite easing inflation
Some US banks vulnerable due to non-deposit funding, paper finds
Banks reliant on capital markets saw profits fall during tightening cycle, researchers say
US should tighten macro-pru to reduce recession risk – BdF study
Research recommends higher capital requirements and counter-cyclical buffers
Stablecoins show ‘flight to safety’ dynamics – NY Fed paper
Researchers argue these runs on stablecoins could cause wider financial instability
Current US wage trends may be here to stay – NY Fed research
Researchers present new tools for predicting wage growth in US
UK floats plan to seize Russian central bank assets
Foreign secretary says country is prepared to act without all its Nato partners
Expect more soft landings – Dallas Fed study
Nature of current job vacancies in US is helping to keep unemployment levels stable, research finds
Dallas Fed chief says pace of QT may need to slow down
Lorie Logan argues US central bank should take more measured approach to normalising balance sheet
US students struggling to repay loans after end of relief – study
Survey found borrowers unable, or unwilling, to service debt after pandemic support ceased
Long-term real rates will be low in US – Minneapolis Fed study
Dampened productivity and ageing population will drag down actual cost of borrowing, say authors
Standardised FRTB leaves banks befuddled on residual risk
Benchmarking exercises find “weak consensus” among banks over notional values for exotics
Book notes: Number go up: inside crypto’s wild rise and staggering fall, by Zeke Faux
The book would be a great, comic obituary of crypto, if only crypto were dead
‘Cost of money’ explains depressed US consumers – NBER research
Larry Summers and co-authors highlight “disconnect in inflation measurement”
Philly Fed study shows growth in ‘buy now, pay later’ products
Users of deferred-payment schemes are generally people in financial difficulty, say authors
Machine learning can increase credit access – Philadelphia Fed
However, study finds trade-off between profit and fairness
Minneapolis Fed study cites credit barriers for Native Americans
Authors say indigenous-owned businesses suffer unduly from limited access to loans
Fed governor says rate cuts shouldn’t be rushed
Christopher Waller argues that US economy is strongly positioned
Pandemic inflation fuelled by food and energy prices – BoJ study
Inflation in Japan and US driven by similar product market shocks, research finds