Federal Reserve System
Central bank credibility not just about legislation – paper
NBER researchers say once independence has been granted, trust still has to be earned
Warsh declines to outline Fed’s reaction function
Chair tells Jackson Hole that ‘humble, never naïve’ approach will work and assesses US economy
Book notes: The almighty dollar, by Brendan Greeley
The history of the currency that came to be ‘the dollar’ is the centrepiece in an otherwise confused book
People: July to September 2026
A round-up of central bankers in the news and on the move during the past three months
How credible is Venezuela’s debt restructuring?
Aggressive timetable and lack of IMF involvement raise feasibility concerns for restructuring up to $240 billion of debt
Exim shutdown stymied US firms’ export earnings – paper
Shutting down export credit agency led to large capital misallocation, Atlanta Fed researchers say
CPI quirk helps explain low Swiss inflation, says SNB’s Tschudin
Central bank official shares her views on monetary policy strategy
Book notes: The banker who made America, by Richard Vague
This well-researched book makes a strong case that without the efforts of Thomas Willing, the US war of independence may well have been lost
Warsh called for fewer FOMC meetings in July
Minutes show committee agreeing on above-target inflation but disagreeing over AI’s effect on prices
Tariff-induced inflation pressure begins to recede in US – study
Lower effective levies are translating into slower consumer price growth, St Louis Fed researchers say
UK has a new prime minister, but the same fiscal woes
Debt, spending and bond markets present challenges for Burnham and BoE, say former MPC members
Strong recovery in US treasury purchases is ‘unlikely’ – paper
Central banks’ demand for US government bonds has ‘plateaued’ as reserve managers diversify
Comms staff need to reflect on how their messages are perceived
BoE’s Eric Tong discusses research probing how the public receives central bank messages via the media
CFTC uses emergency powers to overturn prediction market ban
Temporary US-wide ban would make financial instruments “waste away”, chairman says
Study compares private credit and leveraged loan market structure
Some firms better able to substitute between funding types than others, authors find
Resolution reforms may cut credit supply – CEPR paper
Easier requirements on smaller US banks helps reveal impact of ‘living wills’
Trump downplays reports of regular calls with Warsh
Talks between president and Fed chair have precedent, but frequent communications would be unusual, economist says
Trump renews push to sack Fed governor Lisa Cook
White House formally notifies Cook of possible dismissal, and gives governor until August 26 to respond
Iraq receives $500m from Fed as government faces cash shortage
Oil-exporting country’s income comes under strain as Hormuz uncertainty persists
New York and Dallas Feds to launch private credit survey
Firms with over $50 million invited to discuss lending standards and monetary policy implications
Basis trade loses its bite as banks move in
Returns on popular hedge fund strategy dwindle to as little as three basis points, while dealers make use of softened capital rules to replicate the trade