Federal Reserve System
Hammack: explaining Fed moves is accountability via transparency
Cleveland Fed CEO says setting out the reaction function is not the same as forward guidance
Fed to overhaul supervision along regional lines
Bowman says restructuring aimed at implementing ‘culture of accountability’ following SVB collapse
Kansas City Fed warns of long-term AI financing risks
Highly leveraged entities may cause financial stress to spill over to broader economy
Investors price in sanctions risk for US equities – study
NY Fed authors say geoeconomic risk driven by firms’ exposure to sanctioned countries’ supply chains
Villeroy de Galhau rejects ‘populist’ critique of central banks
Independent institutions belong in driver’s seat ‘more than ever’, says former BdF governor
Fed should avoid communicating without a framework – Musalem
St Louis Fed president outlines his preferred view of monetary policy comms
Goodhart and Pradhan on the end of monetary independence
The unanchored central banker authors speak about how ageing populations, soaring healthcare costs and rising fiscal deficits will force central bankers to compromise on inflation targets and bail out indebted governments
Stablecoins issuers’ debt wish not enough to meet US needs – study
SF Fed authors say demand for Treasuries will be much smaller than government’s requirements
ECB should become global lender of last resort – report
Academics put forward policy recommendations to further internationalise euro
Firms are rejecting stablecoins – Cleveland Fed study
Local businesses express scepticism about technology, with one saying ‘just pay me in US dollars’
Stress-testing Brazil’s credit co-operative safety net
Rapid growth in credit co-operatives has made a public test of FGCoop’s liquidity, replenishment and resolution capacity necessary, argues Gustavo Pessoa
US firms are actively divesting from China – Fed note
Businesses have been shrinking Chinese holdings since 2020, research suggests
Sarb hikes rates 25bp, citing persistent global supply shock
Global economy not in a healthy space, governor says
Low- and middle-income US households most hurt by housing inflation – Barr
Governor signals more rate hikes to come to tame inflation
Washington is guarding against the wrong dollar threat
Brics nations did not launch a common currency in New Delhi. The payment networks they are building may matter more
US rates surge sparks new wave of FX net investment hedging
Corporates pile into currency hedges to protect value of foreign assets and capture positive carry
Regulatory risk aversion contributed to SVB failure – Bowman
Supervisors ‘knew, or should have known’ about risks a year before bank’s collapse, says Fed vice-chair
BoE holds rates and reveals talks to sell gilts to Treasury
Economists voice concerns over blurred fiscal and monetary policies
Federal Reserve delivers first rate hike since 2023
FOMC expects policy to remain around 4.1% for 2026–27 and inflation to reach 2% by 2029
Dollar losing ‘convenience yield’ outside US – NBER paper
US-based investors favouring repo over Treasuries, authors find
Geopolitical tensions raising rate hike expectations – BIS
Quarterly review highlights new communication challenges for central banks