United States
Rethinking the CCyB
As central banks rush to replenish bank capital reserves, the countercyclical buffer may need some fine-tuning
Kentucky restaurant sues Fed
Restaurant latest plaintiff to argue that debit interchange fees are illegally high
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
Currency round-up: Yellen’s signature added to US money
Singapore ends practice of printing new year notes; new coins in Canada and Ghana; and more
Fed slows rate rises with 50bp increase
Powell stresses possibility of soft landing supported by “structural labour shortage”
Prosecutors call FTX ‘one of the biggest frauds’ in US history
Sam Bankman-Fried arrested in Bahamas as US authorities file charges
Inflation falls more than expected ahead of Fed meeting
Inflation expectations also drop, prompting calls for caution from the Fed
The canary in the goldmine
Gold accumulation may herald broader concerns about dollar holdings, writes Jennifer Johnson-Calari
Law change set to make Fed reveal holders of master accounts
Amendment grew out of dispute between Republican senators and Kansas City Fed
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
Fed policy roundtable II: recession risk and sticky inflation
Academics look at forward guidance, asset purchases, and the “magic” in forecasting models
Fed policy roundtable: inflation targeting, asset purchases and uncertainty
Academics look at forward guidance, asset purchases, and the “magic” in forecasting models
Fed’s climate risk guidance splits governors
Consultation on climate risk principles criticised by two Fed governors
Austan Goolsbee will be next Chicago Fed president
Former Obama adviser will succeed Evans and become voting FOMC member in 2023
Powell signals FOMC may slow pace of hikes
Fed hopes to remove labour market pressure by cutting number of job openings, Powell says
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
US needs regulatory framework for non-banks, Treasury says
Non-banks’ provision of core banking services causes risks to privacy and stability, says report
Fed outlook: officials urge caution amid uncertainty
Pace of rate hikes doesn’t need to be as “rampant” as recent moves, says Mary Daly
Project shows blockchain making FX trades faster and safer – NY Fed
Tests by NY Fed and BIS settles FX spot trades in less than 15 seconds
Fed’s stability report warns over global tightening and stablecoins
Stablecoins face possible runs while strong dollar poses EM risks, Fed says
Fed might make smaller rate hikes, says Susan Collins
Boston Fed president hopes FOMC can cut inflation with “relatively modest” unemployment
Central bank assets enjoy ‘99%’ immunity
Why central bank assets possess legal immunity – but not from sanctions
Book notes: Yellen, by Jon Hilsenrath
This book offers new insights into the tough decisions and tremendous efforts Yellen has made as a pre-eminent economic policy-maker