Central Banks
Fed aims for 24/7 instant payment system in US
FedNow Service should be available in 2023 or 2024, and Fed promises upgrade to existing systems
Institutional approaches are key factor in mortgage defaults – BoE paper
European countries show major differences in mortgage default factors, researchers find
RBA lowers growth and inflation forecasts
Australian governor says central bank is ready to cut rates further from record-low 1%
PBoC is navigating into uncharted waters on RMB
Beijing and its central bank need to think carefully and act responsibly as the renminbi is steered into uncharted waters
PBoC vows to keep currency stable
Central bank governor says renminbi is at an appropriate level after it breaks ‘7:1’ against the US dollar
African governors discuss concerns over rising debt
Central bankers stress need for African cooperation in face of weakening global economy
Turkey increases reserve requirements on forex deposits
Authorities aim to discourage citizens from transferring their assets into other currencies, weakening the lira
European bank capital to rise by €135bn to meet Basel III
Minimum capital requirements would increase on average by 24.4%, says the European Banking Authority
Jordan cuts rates for first time in four years
Central bank stresses country’s struggle with low inflation
RBNZ publishes new FMI regulation bill
Proposal would enhance central bank’s ability to hold market participants to binding standards
Irish officials increase criticism of incoming governor
Media reports that former governors and ECB all raised concerns over Makhlouf’s appointment
Book notes: Shadow networks, by Francisco Louçã and Michael Ash
While not all central bankers will read this book, the problems it presents should not be left to politicians to solve
Powell says Fed will decide on 24/7 RTGS system ‘soon’
Fed under pressure to act amid flurry of legislative activity around payments
Mexican president pressures central bank to focus on growth
Bank of Mexico should cut interest rates “to kickstart the economy”, says Andrés Manuel López Obrador
HKMA cuts rate by 25bp after Fed easing
Hong Kong cuts rates for the first time in more than a decade to avoid pressure on the peg
Carney indicates interest in IMF top job
Outgoing BoE chief says IMF role is important, but there are many “highly qualified” candidates
Hurricane forecasting has ‘significant effects’ on financial markets – Fed
Cutting forecast errors could reduce additional volatility, researchers say
Four Gulf states cut rates following Fed decision
Bahrain, Qatar, Saudi Arabia and UAE have currencies pegged to US dollar
Dominican Republic’s central bank cuts rates again
Caribbean nation’s central bank cuts rates as inflation continues to fall well below target range
People: Estonia appoints new deputy governor
Appointments in Estonia and India, while one official steps down at the Bank of Israel
Carney issues sharp warning over Brexit
MPC says future inflation path is unclear as governor says uncertainty is damaging economy
Dallas Fed paper looks at impact of tech shocks
Researchers exploit forecast data for “more precise” identification of technology shocks
Bank of Israel unlikely to raise rates in the near future, says governor
Israel sees monthly inflation drop below target range
Trump says Powell ‘let us down’
US president calls for looser policy and criticises Fed as Powell gives no clues on future path