Federal Open Market Committee (FOMC)
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
Fed contemplates rate hike or ‘skip’
Top officials indicate the terminal rate is not yet reached – but a pause is possible
Banknotes: April to June 2023
A round-up of news and salient issues that have affected central bankers in the past three months
Financial security of US households ‘fell sharply’ in 2022
Inflation comes first in list of financial worries, Fed survey finds
US household debt passes $17 trillion
Mortgage originations fall to lowest level since 2014
Quantitative tightening and forward guidance need rethink, say economists
Forward guidance removes options to respond to shocks, say academics and experts
Biden nominates Jefferson as Fed vice-chair
President chooses first Latinx candidate for Fed board, and names Cook for full term
Fed walking a financial stability ‘tightrope’
Experts disagree over US regulators’ use of systemic risk exception for deposit insurance
US CPI inflation slows to two-year low
Shelter costs contribute to sticky core inflation, but headline CPI comes in below expectations
Biden may nominate Kugler, promote Jefferson on Fed board – reports
Adriana Kugler would be the first Latinx Fed governor in the central bank’s 109-year history
Fed inspector says FOMC should look at extending trading rules
Internal watchdog also finds shortcomings in enforcement and review
ECB, BoJ, BoE and SNB reduce Fed dollar liquidity operations
Seven-day operations will decrease from daily to once a week