Central Banks
Book notes: Labor in the age of finance, by Sanford M Jacoby
A fascinating attempt to document the US labour movement’s efforts to use pension fund money to bolster its voice
Policy has not been tight long enough – governors
Hot labour markets boost wages and core inflation, making inflation persistent
Low rates have small effect on bank profitability – researchers
A 100bp rate cut results in 5bp fall in banks’ net interest margins on average, study shows
No significant risk of US recession – St Louis Fed research
Sahm Rule and leading economic data indicate low – but not zero – recession risk
New Zealand rejects RBNZ’s call for single price-stability goal
Updated central bank remit retains twin goals of price stability and maximum sustainable employment
EC proposes legal tender status for digital euro
Legislation envisages digital wallet available on- and offline, while safeguarding cash
Ex-Fed vice-chair Quarles linked to bank seeking master account
Quarles’s involvement recalls controversy over Sarah Bloom Raskin
A letter to Andrew Bailey
As the Bank of England struggles to bring inflation down, Jagjit Chadha warns the governor not to let markets take control
Italian government picks ECB’s Panetta as new governor
Italy may struggle to maintain seat at ECB’s executive board if Panetta heads Bank of Italy
Few central banks brief fiscal authorities on monetary decisions
But practice is more common in institutions from the Americas
Communications Benchmarks 2023 – presentation
Specialist Jimmy Choi discusses communication strategies, social media, staffing and more
Austria introduces new clearing service
Central bank welcomes lender-owned company’s oversight of new system
ECB ‘cannot declare victory yet’ over inflation – Lagarde
President stresses rates will need to be higher for longer to defeat persistent inflation
Caution needed with forward guidance and QE – IMF’s Gopinath
“Straitjacket” of ultra-loose policies may have delayed response to inflationary shock
Fed’s Bowman questions Barr’s bank failures report
Governor says supervision is preferable to higher capital requirements
SBP reverses course and hikes rates 100bp
State Bank of Pakistan raises key rate in emergency session as IMF deadline looms
Corridor systems most used to set monetary policy
Floor systems less popular overall but widely used with asset purchase programmes
Georgieva says $100 billion in SDRs donated
IMF chief says 2021 goal reached, but critics note Congress has not approved US pledge
Ecuador approves contingent credit line
Flar offers up to $230 million to Central Bank of Ecuador
Philippines names Eli Remolona as new central bank governor
Incoming governor previously worked 14 years at the New York Fed and 19 years at the BIS
Deposit insurance: what lies ahead?
Proposals to redesign deposit insurance may be neglecting the market’s role, says Manoj Singh
Payments Benchmarks 2023 – executive summary
Payments are undergoing rapid technological change, creating opportunities – and challenges