News
Podcast: Financial innovation and stability in the US
In the latest episode of the FedSpeak podcast, the Atlanta Fed’s Larry Wall discusses stablecoins, reserve currencies and credit loss accounting through the lens of financial stability
ECB widens scope of female recruitment targets
Central bank’s efforts to recruit women will now reach down past senior roles
CBDCs unlikely to be based on blockchain – Central Banking survey
New Central Banking survey finds central banks favour DLT for possible digital currency projects
Fed not considering negative rates – Powell
More fiscal support may be needed, as Fed’s lending will only be effective “for a while”, says Fed chair
UK economy faces 30% contraction in Q2
NIESR estimate comes as official GDP figures show sharp decline in opening stages of lockdown
RBNZ nearly doubles asset purchase programme
Policy-makers aim to front-load stimulus as economy faces “significant and unprecedented decline”
Bank of Japan appoints first female executive director
Tokiko Shimizu becomes first female executive director since bank was established in 1882
ECB backs use of EU central banks for job subsidies
“Sure” scheme to pay job subsidy funds would be within EU law, ECB says
Fed will begin ETF purchases today
Central bank outlines fund selection strategy but keeps investors guessing on specifics
Scale of Covid-19 impact shows up starkly in US stats
All of the US’s key macroeconomic indicators point to a dramatic slump
IMF considers Peru credit line and gives further aid packages
Kyrgyzstan receives second aid package while IMF grants debt service relief to Djibouti
Brazil changes law to allow QE amid chaotic response to virus
Finance minister says central bank will “shower” country with liquidity if needed
Central banks shift focus to retail CBDCs
Central Banking survey reveals shift away from wholesale experimentation, as central banks consider whether the general public should be able to hold CBDC accounts
Hong Kong’s Exchange Fund reports record loss in first quarter
State fund’s assets lose $11 billion and investment chief warns of further losses
New York Fed paper finds possible failings in US pandemic aid
Research on Paycheck Protection Program says some heavily virus-affected areas of US may be losing out
HKMA sets up inter-agency group for green finance
New initiative aims to co-ordinate regulation as ADB says Asia has huge green finance needs
BoE predicts sharp fall and fast recovery for UK
Forecasters predict limited long-term scarring from virus shock; banks are in strong position to lend, stress test finds
Could engineering higher inflation help manage fiscal deficits?
Fiscal and monetary co-ordination could be a workable option for the Covid-19 recovery, Chicago Fed paper finds
ECB research finds Phillips curve still matters
Underlying relations are complicated, but slack and expectations still drive prices, economists say
UK statisticians turn to online prices to cope with Covid-19 lockdown
Around 80% of prices are usually collected in person, forcing rethink of data gathering approach
German court rules ECB must provide more evidence on PSPP
Judges strongly criticise ECJ’s ruling on QE programme, but stop short of declaring it unlawful
CBRT battles external imbalance with dwindling reserves
Turkish central bank loses battle to keep lira under 7 as reserves shrink, but pressures may be easing
Dominican Republic governor opposes ‘inadmissible’ pension proposal
Allowing workers to withdraw savings could create long-term crisis, Héctor Valdez Albizu warns
Fed could purchase $750 billion of corporate debt in new facilities
Fed clears staff to purchase investment- and non-investment-grade debt and ETFs