Federal Reserve System
Fed paper looks at effects of negative rates on banks
Banks with large holdings of liquid assets could be hurt by negative rates, researcher says
Biden promises new Fed mandate on racial inequality
Candidate wants Fed to take responsibility for economic concerns of Black Lives Matter movement
Flight to safety was not enough to fund credit line draws – Fed research
Many banks had to turn to non-deposit forms of borrowing, researchers find
Share buybacks limits monetary policy- BdF paper
Use of low-cost debt for buy-backs cuts spending on employment and capital good- researchers
Fed extends swap lines and warns of slowing US economy
More fiscal and monetary stimulus will be needed as cases surge in US, chair Powell said
Fed extends emergency facilities for three months
Move comes as US Covid-19 reported cases surge to record highs ahead of July FOMC decision
Fed’s forward guidance has significant bond yield impact – DNB paper
Researchers say data indicates that Fed managed to preserve monetary policy credibility
Structural changes may increase dollar funding strains – IMF paper
Some emerging markets still face “significant funding pressure”, researchers find
Chile and China expand bilateral swap line
Central banks more than double size of swap line and expand scope of use
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face pressures from the health crisis and global financial forces, says Steve Kamin
Dealer capacity tightened significantly in March – Fed research
US primary dealers’ capacity to absorb Treasuries fell by 17% in March, economist finds
Shelton and Waller reach final stage of Fed nomination process
Both candidates received enough backing in first of two key votes, but neither escaped criticism
Yellen and Bernanke call for Treasury market reform
March's market gyrations demand close look at infrastructure and regulatory framework, former Fed chairs say
Fed expands ‘Main Street’ facility to serve non-profits
New loan options and wider eligibility to support credit flows to charities, hospitals and universities
Two FOMC members back overshooting target
Brainard and Harker suggest Fed should leave rates low until inflation rises above 2% target
Chinese banks’ dollar needs are large but unclear – BIS research
Swap lines meet most banks’ dollar needs, but firms may still struggle to access dollars, authors warn
Brainard urges caution about US recovery
Bounce in activity came earlier than expected but major risks still loom, Fed board member says
Fed’s repo market footprint goes back to zero
NY Fed has no outstanding repo interventions for first time in 10 months
Banks will be tested in next phase of pandemic – FSB chair
Reforms are needed to improve resolution planning and non-bank resilience, Randal Quarles says
Hélène Rey on macro-financial distortions and ‘phase 2’ of Covid-19
Economist speaks about policy distortions, debt and AI ‘early-warning’ models
Have equities passed the Covid-19 test?
Reserve managers face major rebalancing and asset allocation challenge
US forward guidance is contractionary for Canada – BIS paper
Model highlights “beggar-thy-neighbour” effect of Fed’s forward guidance
EMEs should lower rates when faced with capital outflows – Fed research
Not cutting rates could worsen GDP and accelerate outflows, researchers find
Yellen calls for ‘new Dodd-Frank’
Fed prevented financial crisis in March, says former chair, as Brainard backs calls for reform