Federal Reserve Bank of New York
El-Erian on Covid-19 policy risks, ‘zombie’ markets and central bank capture
Former Pimco chief says Fed move into high yield is a step too far, new rules needed on leverage and false liquidity, and narrow window emerges for central banks to shed some of their policy load
People: Sarb and BoE renew senior appointments
Senior Sarb and BoE officials receive new terms; MAS picks new assistant managing director; ECB appoints director; William Dudley takes consulting job
Fed opens dollar funding to majority of central banks
New repo facility aims to ease strains caused by global flight to the safety of dollars
Fed’s balance sheet could see massive further growth
Response to coronavirus has already pushed Fed’s holdings up to record levels
New York Fed to offer $1 trillion per day in repo funding
Move sends message the Fed stands ready to meet any increase in funding demands over coming period
Central banks step up liquidity support
RBA, Bank of Canada, Norges Bank and Riksbank all increase their liquidity interventions
Fed to flood repo market with up to $5.5 trillion
NY Fed unveils substantial liquidity package as analysts warn massive market disruption is possible
Book notes: After the crash, by Sharyn O’Halloran and Thomas Groll
The book seeks to identify seeds of the next crisis, and the overriding impression is a plea for more regulation
Fed’s Brainard backs ‘flexible inflation averaging’
Governor hints at possible outcome of Fed’s policy framework review
Fed could postpone stress buffer beyond CCAR – experts
Delays prompt speculation that the new rules will only be known after the stress-test results in June
UK's FCA dismisses Libor credit component concerns
Regulator bemused by distress raised by US regional banks to Fed
Fed’s repo tapering plans hit snag
Banks demand double what was on offer at Fed’s first reduced repo offering
Custody initiative: Euroclear
The securities depository has debuted instant dollar settlement in central bank money outside the US – a service that has virtually eliminated settlement risk
Cyber attack could freeze liquidity in US financial system – NY Fed paper
Attack on one bank could affect more than a third of banking system’s assets, researchers warn
Fed slims down repo market interventions
Relative to year-end, the Fed will cut $250 billion of the cash offered to banks
Inflation expectations risk continuing downward trend – John Williams
New York Fed president urges policy-makers to hold themselves accountable for below-target inflation
New York Fed launches longer-term liquidity fix
Markets desk tells overseas central banks that foreign repo pool rate will be revised
Fed avoids year-end cash crunch
Repo market shows barely a ripple over New Year’s Eve after Fed injects a quarter of a trillion dollars
‘Sharp tightening’ can create multiple equilibria – New York Fed paper
“Multimodality” means economy could be stuck in “bad equilibrium” for a long time, authors warn
People: Logan to head NY Fed market ops; Norges Bank deputy departs
Lorie Logan and others get senior roles at the New York Fed; deputy steps down early from Norges Bank; payments firm Sia names new chairman
New York Fed expands year-end repo operations
More cash to be made available both overnight and in term repos
Tribute to a great man
Peter Bakstansky highlights Paul Volcker’s legacy of probity and integrity
Signs of US banks’ year-end funding concerns continue
New York Fed’s second 42-day term operation oversubscribed by $18 billion
NY Fed’s Stiroh: ‘More work to be done’ on bank culture
Kevin Stiroh discusses progress in reforming banking culture and how technology is changing the risk management equation for both firms and supervisors