Federal Reserve System
Fed’s ‘operational error’ disrupts key payment services
Fedwire, ACH and other transfer systems suspended for several hours, Fed says
Will Treasury yields keep on rising?
Falling price of US bonds may force reserve managers to change duration to preserve capital
Powell: US economy still ‘a long way’ from meeting Fed goals
Fed chair predicts continued need for low interest rates and QE, as recovery remains “uneven and far from complete”
US regulators issue emergency guidance on Texas storms
Joint statement addresses disruptions caused by last week’s snowfall
People: Former Bank of Tanzania governor dies
Fed appoints chief innovation officer; World Bank names new head of International Finance Corporation; and more
Kenneth Montgomery on the Fed’s progress with instant payments
The FedNow project leader explains how the US will develop ubiquitous, real-time payments
IMF chief economist has ‘no concerns’ over inflation in US
Biden plan likely to cause 2.25% inflation, within Fed’s framework, Gopinath says
Fed extends reach of netting rule
Amendment extends regulation’s scope to BIS and foreign central banks
Brainard sets out Fed’s approach to climate risk
Fed board member sets out agenda similar to that of other major central banks
Fed’s Bowman discusses changes to antitrust law
Board member wants competition policy to take better account of smaller banks
Virus impacts consumer credit more than restrictions – Fed paper
“Pandemic itself” was main driver of credit contraction in US, not lockdowns, paper finds
Green finance: new initiatives in China, Europe and Americas
Eurosystem adopts common investment principles; China pushes climate modelling; and more
Fed’s 2021 stress test includes major asset price shock
CCAR will evaluate 19 largest banks; scenario includes 55% fall in equity prices
Book notes: The political economy of the special relationship, by Jeremy Green
Unsatisfactory story about the decline and resurgence of the UK’s importance in the global financial system
Fed small business survey paints grim picture
Most small businesses report revenue declines; many fear collapse without government aid
Riksbank extends swap agreement with Fed
$60 billion line set up in response to Covid-19 extended until end of September 2021
Fed on hold in first policy meeting under Biden administration
Unanimous vote comes amid signs of possible further fiscal stimulus; new voting members join FOMC
Fed creates committee on climate change impacts
New York Fed supervision chief moves to DC to chair new body
Bundesbank paper estimates effects of Fed’s QE policies
Purchases of private securities were most expansionary measure, researchers find
Design flaws in Covid relief package cost millions of jobs – Fed paper
Delay to paycheck protection programme had “very substantial” impact, economists argue
Banks must be able to explain AI models – Brainard
Fed governor says solving ‘black box’ problem is important first step in improving AI governance
US Fed facility bought Libor bonds with ‘weak’ fallbacks
Industry figures express surprise over purchases linked to doomed benchmark
Bank of Lithuania paper explores spillovers of US policy uncertainty
Authors find “significant recessionary and deflationary effect” and synchronous response worldwide
Fed’s Clarida says vaccine rollout has ‘brightened’ 2021 economic outlook
Rising Covid cases are downside in near term, but economy should bounce back, says vice-chair