Federal Reserve Bank of New York
People: January to March 2024
A round-up of central bankers in the news and on the move during the past three months
Monetary policy more effective when inflation is high – NY Fed
Study casts doubts on linear models that average out impact during periods of high and low inflation
Racial wealth disparities in US ‘have accelerated post-Covid’
Research attributes gap to kinds of assets typically held by white, Black and Hispanic investors
US loan delinquency rates ‘rising across the board’ – NY Fed
Rising household debt burden ‘merits monitoring’ in months ahead
Governance and diversity at the Federal Reserve
Could changes in governance practices have contributed to poor performance in 2021–22? asks Jeffrey Lacker
Local preferences affect US bank lending to minorities – research
Ethnic minorities’ credit access is affected by stakeholders, NY Fed paper finds
Fed paper presents new way to measure consumer welfare
Consumer preferences change in line with incomes, researcher argues
People: Egyptian president extends acting governor’s term
BCIE elects first woman president; Esquivel joins Sheinbaum team; and more
Treasuries market is robust, NY Fed officials tell conference
Financial markets need more data transparency, though
Somalia’s Abdullahi on the challenges of re-integration with the international system
The Central Bank of Somalia governor speaks about capacity building, reintroducing the shilling, securing donor support and climate change
‘Buy now, pay later’ may target the financially fragile – NY Fed
Researchers warn sector may not be resilient
Will the use of CBDCs improve cross-border payments?
International trials using CBDCs highlight significant architectural and practical challenges, writes Warren Coats
Inflation revisions are significant, finds NY Fed research
Understanding inflation in real time poses major difficulties, researchers say
US wage expectations rising, says NY Fed labour market survey
Both lowest acceptable transitionary wage and expected salary hit series highs
Focus is needed on improving central bank forecasts
Charles Goodhart believes tougher action over forecasting errors is preferable to policy-maker performance-related pay
US credit application rejections increase sharply
Automobile loan rejections hit highest level since NY Fed began measuring in 2013
Cash for a very rainy, tremorous or lava-filled day
Are central banks well-positioned to keep cash flowing during natural disasters?
Guillermo Avellán on BCE independence, capacity-building and dollarisation
Central Bank of Ecuador general manager speaks about the need to bolster the central bank’s legal autonomy, dollarisation challenges, payments developments and monetising local gold production
New York Fed completes global digital dollar proof of concept
Wholesale CBDC project tested 24/7 payment and settlement
Fed economists estimate natural rate still at rock bottom
Analysis implies policy rate is firmly in restrictive territory and may not remain high
Ex-Fed vice-chair Quarles linked to bank seeking master account
Quarles’s involvement recalls controversy over Sarah Bloom Raskin