Federal Open Market Committee (FOMC)
Monetary policy tops US CFOs’ concerns
Survey finds high rates curtailing spending in 40% of firms
FOMC members express different views for policy path forward
Bowman and Kashkari expect further rate hikes but Daly is less certain
Policy-makers should shun ‘black box AIs’, Fed’s Cook warns
AI could displace jobs while raising productivity, Federal Reserve governor says
FOMC members’ narratives add value to projections, finds paper
Both staff and FOMC members' projections aid forecasting, refuting Romer and Romer
Asian central banks hold rates
Philippines, Indonesia, Taiwan and Hong Kong stay put
Federal Reserve holds rates and revises projections upwards
Powell says path for soft landing has “widened apparently”
Pandemic may have altered US credit score reporting – paper
Government support and spending changes improved many individuals' ratings, researchers find
Tight monetary policy can scar economy, SF Fed research finds
Central banks may not be able to undo effects on productivity and potential output, paper says
Supply shocks drive greater dissent on FOMC – BIS paper
Tougher trade-offs appear to reveal differences in policy-maker preferences, authors say
Banknotes: July to September 2023
A round-up of news and salient issues that have affected central bankers in the past three months
Monetary policy impacts innovation, says research
Paper presented at Jackson Hole conference finds tighter policy can cut long-term growth
US wage expectations rising, says NY Fed labour market survey
Both lowest acceptable transitionary wage and expected salary hit series highs
Some FOMC members sought pause in July, minutes show
Participants pointed to signs of loosening labour market and slowing consumption
US credit card debt passes $1 trillion for the first time
NY Fed says credit is stabilising at pre-pandemic levels despite historic figure
US CPI inflation rises slightly
Rising shelter prices cause more than 90% of increase, but SF Fed predicts they will fall
Fed unveils new crypto supervision programme
Smaller banks need Federal Reserve authorisation before issuing stablecoins and dollar tokens
Government employment has not recovered from pandemic – Fed
Low wages could be responsible from 450,000 missing state and local government workers in US
Kansas City Fed names new president
Former bank chief executive Jeffrey Schmid takes over from Esther George
DeSantis attacks Federal Reserve
Republican candidate suggests he would name new Fed chair
Fed raises interest rates again after June pause
Powell says FOMC may increase rates again as it faces risks of both inflation and downturn
US banks need higher capital levels, warns Kashkari
Banking stress may re-emerge if inflation is entrenched, Minneapolis Fed president says
Bullard steps down as St Louis Fed president
FOMC hawk will become dean of Purdue Business School after 15 years leading regional Fed
Senate committee backs Biden’s Fed nominees
Legislators unanimously back Jefferson, but most Republicans oppose Cook and Kugler
Largest US banks pass the Fed’s stress test
Scenario saw banks continue lending despite losses three times greater than those of 2008 crisis