Federal Reserve System
Fed joins Network for Indigenous Inclusion
Australian, Canadian and NZ central banks established group earlier this year
Quarles term as Fed vice-chair ends without replacement
Fed supervision committee will continue without a chair, acting on consensus basis
US CPI inflation rises to 5.4%
Prices continue upward climb, but policy-makers still see pressures as temporary
Clarida: ‘Stagflation is not my baseline case’
Fed vice-chair says inflation situation not akin to 1970s
Summers: digital yuan unlikely to threaten US dollar
Traceability of Chinese CBDC amid “financial thunderbolts” from Beijing may limit appeal
Unemployment falls across North America
US recovery is weaker than expected, while Canada reaches pre-pandemic jobs levels
Summers fears for Fed’s ability to remove ‘punchbowl’
Central banks may not be able to counter inflation threat, says former US Treasury secretary
People: US Senate confirms CFPB head
Israel adds new member to MPC; Swiss deputy governor will undergo heart surgery
Fed asks watchdog to review controversial trading
Move follows resignation of Boston and Dallas heads, as Warren asks for SEC probe
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
Ex-US Treasury head speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord and ‘unknown unknowns’
US PCE inflation rises to 4.3%
Fed’s preferred rate reaches new high in August, but “trimmed” measure steady at 2%
Yellen warns of ‘catastrophic’ effects of not raising debt limit
Treasury secretary says failing to raise ceiling would be a “manufactured crisis”
Elizabeth Warren publicly rejects Powell reappointment
Senator calls Jerome Powell “a dangerous man to head up the Fed”
Brainard cites Delta in dovish speech
Fed governor warns “employment is still a bit short of the mark” for taper
Dallas Fed president resigns, following Boston’s Rosengren
Both faced criticism for equities trading and holdings, but are not unique among Fed leaders
Wide range of financial stability arrangements among central banks
Boards are prime financial stability decision-making body at many participants
Biden nominates law professor for OCC
Saule Omarova favours more regulation and suggested the Fed take over deposits, alarming banks
Powell’s remarks show Fed set for November taper
Markets remain calm as analysts agree Fed is intent on cutting back asset purchases in November
BIS paper explores Fed’s ‘whatever it takes’ moment
Covid facility had most of its impact without the Fed actually buying any bonds, authors find
MMT and the challenge of fiscal monetary co-ordination
Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance
Book notes: Robert Triffin, by Ivo Maes with Ilaria Pasotti
Triffin’s story is well told by Maes, whose extensive personal and academic research shines through
Fed saved US from even larger pandemic downturn – ECB paper
Unemployment would have risen by 20% more without Fed’s bond buying, researchers find
Regional Fed presidents sell equities after media reports
Rosengren and Kaplan divest assets to avoid “even the appearance” of conflict of interest
OCC issues $250 million penalty against Wells Fargo
US regulator says bank has failed to meet commitments on loss mitigation