Federal Reserve System
US unemployment falls sharply in May
Unemployment rate declined to 13.3% from 14.7% in April, despite widespread fears it would rise
Former officials say Fed should impose tighter regime
Donald Kohn and Jeremy Stein warn of risks and say Fed should stop US banks paying dividends
Chilean central bank requests access to NY Fed’s repo facility
Central Bank of Chile also seeks to expand renminbi swap line with PBoC
Central banking enters a new era
‘Monetary financing’ and ‘buyer of last resort’ traps lie in wait
US needs aggressive fiscal policy and negative rates – St Louis Fed economist
Policy response must be powerful enough to overshoot previous growth trend for a period
Stress levels rising: investment funds and the Covid-19 shock
Extreme market stresses are underscoring central role non-banks play in crisis contagion
What would yield curve control mean for Fed’s asset purchases?
Policy may imply shift in rationale from crisis to recovery, and potentially more volatility in purchases
Fed lifts lid on ETF purchases
Biggest holding is of a BlackRock ETF, the same firm managing the purchases
US disinflation accelerated in April
Core inflation sees steepest drop since the 9/11 attacks
Carstens, Jordan, Weber: respect the boundaries of fiscal and monetary policy
Axel Weber says huge US deficit could pose problems for global financial stability
Fed could exploit helicopter money with digital currency system – former officials
Simon Potter and Julia Coronado propose recession insurance bonds and Fed-backed digital currency as crisis tools
No date in sight for Fed Board nomination vote
Delays in voting on Judy Shelton and Christopher Waller leave board understaffed during crisis
Crisis exposes flaws in US financial stability regime
Former Fed chair Yellen urges Congress to reform US’s financial stability framework
OCC chief resigns immediately after finalising controversial regulation
FDIC abandons support at final hour after facing strong criticism from Democratic senators
Covid-19 biggest threat to Fed mandate ‘in our lifetimes’ – Clarida
Fed may not provide further forward guidance until September, Richard Clarida says
Book notes: Central banking before 1800, by Ulrich Bindseil
A new standard reference point for the history of central banking
FOMC considers more aggressive forward guidance
Officials discussed state-contingent forward guidance and yield curve control, April minutes show
Bank of Italy paper analyses Fed’s ‘gradualist’ policy
Monetary policy had stronger effects when markets thought Fed was “acting gradually” – researchers
Final Fed lending facilities to go live this month
Complexity of main street facility has been “in a class by itself”, Jerome Powell says
Most Fed emergency funds not yet spent, lawmakers find
Less than 8% of the $500bn set aside for Fed and Treasury lending has been spent, report finds
Lower-income households feel worst of Covid-19 economic shock – Fed survey
Nearly 40% of low-earning households faced at least one job loss in March, survey finds
Fed flags ‘elevated’ risk of financial stability pressures
System coped with immediate Covid-19 stresses, but trouble may be building, central bank says
PBoC’s post-pandemic policy is still up in the air
China's central bank has resisted radical easing, but this could change after NPC meeting
ECB widens scope of female recruitment targets
Central bank’s efforts to recruit women will now reach down past senior roles