Federal Reserve System
Fed’s Bowman to ‘prioritise’ SLR exemption for US Treasuries
Reinstating Covid-era relief is a ‘no brainer’, dealers say, as bond markets reel from tariff chaos
US Treasury volatility highlights repo market risks
Yields spiked overnight as tariffs came into effect, piling pressure on heavily leveraged hedge funds
CFOs gloomy about impact of tariffs on US – Atlanta Fed study
Survey shows C-suite’s early worries about trade barriers
Current and former Fed officials lambast Trump tariffs
Bloom Raskin says central bank is now “last bulwark” against measures’ inflationary impact
‘Declaring war on the world economy’: economists react to Trump tariffs
Early estimates point to stagflation in US, as tariffs hit highest level since early 20th century
Do Trump/Doge materially threaten the Federal Reserve?
Experts weigh in on the danger levels for the US central bank, including whether it is overstaffed
Fed independence is under threat
US central bank faces increasing pressure although monetary policy autonomy looks safe for now
US monetary policy affects income inequality – Fed research
Surprise rate hikes affect lowest paid, authors find
Gould stands by OCC decision to end reputation risk exams
Comptroller nominee also blames SVB failure on poor supervision, not tailoring rule
Banknotes: January to March 2025
A round-up of news and salient issues that have affected central bankers in the past three months
US banks create ‘new payment rail’ with tokenised deposits
Custodia and Vantage launch what they say is first tokenisation of a dollar demand deposit
US life insurers more exposed to ‘risky’ debt than in 2007 – study
Fed research compares current situation to subprime exposure that preceded financial crisis
Central Banking Awards 2025: the winners in full
Awards recognise extraordinary achievements in another challenging year for central banks
Default levels do not explain high US credit card rates – study
NY Fed paper shows levels of interest charged far exceed those for other loans
Bowman’s ascent sparks office intrigue at the Fed
Trump’s vice-chair for supervision pick is said to have a prickly relationship with Powell
Can Bessent lower 10-year yields? Investors have their doubts
Unconventional tools won’t sway bond markets, say buy-siders, with yields as likely to go higher as lower
Effects of ‘Mar-a-Lago accord’ are ‘highly speculative’ – BdF deputy
Agnès Bénassy-Quéré casts doubt on proposed collaboration to deliberately devalue dollar
Fed’s NBFI scenario may be more use than CCAR – experts
Main severely adverse scenario does not capture contagion risks from any squeeze on non-banks
FOMC holds rates amid uncertainty and stagflation risks
Fed chair Jay Powell says inertia also a factor as committee opts for caution
US stagflation risk is significant and rising, experts say
Path of tariffs will largely determine level of risk, academics tell Central Banking
US dollar dominance: beyond the ‘exorbitant privilege’
Biagio Bossone argues that dollar ‘seigniorage’ extends into the very structure of global finance and its ‘exorbitant privilege’ is worth up to $804 billion annually
NY Fed credit survey shows consumers are strapped
Study finds more people are having applications rejected and expect loans to be harder to secure
Trump taps Bowman to become Fed’s vice-chair for supervision
Designated chief regulator has opposed Basel III endgame and pushed for lighter capital rules
US farmers need extra revenue to make ends meet – research
Costs largely outweigh income generated by agri, says Richmond Fed study