Federal Reserve System
Bessent floats audit of Fed’s perceived failures
Treasury secretary is latest Trump official to attack central bank, but says chair need not step down
Non-banks pose hidden stability risks – Fed research
Credit lines to NBFIs are off firms’ balance sheets, thereby concealing potential hazards, say authors
Barr slams weakening of bank supervisory tests
Fed governor warns deregulation during boom times ushers in crises
Judy Shelton on gold, tariffs and where the Fed went wrong
The potential successor to Jerome Powell discusses why she thinks the Fed is too powerful, why her stance on gold is not a ‘crank’ position, and why she feels events have vindicated her and president Trump on the need for rate cuts
ECB fine-tunes plans for digital euro
Bank hails improvements to CBDC in latest progress report
Will Fed’s HQ cost overruns be enough for Trump to fire Powell?
Chair’s defenders say administration wants to use renovations bill as pretext for his removal
Former OCC chief on the sting of peeling the Basel III ‘onion’
Michael Hsu warns successors not to cut bank capital or neglect rate risks that destroyed SVB
Splits on FOMC are no bad thing, say experts
Former policy-makers say economic uncertainty means dissent over US rates path is inevitable
AI demands ‘deep organisational changes’ at central banks – paper
NBER study finds around half of Fed roles could be impacted significantly by adoption of technology
Ex-OCC chief urges new approach to AI explainability
Michael Hsu suggests shift from academic analysis to decision-based techniques
Tariffs worsen monetary policy trade-offs and inflation – study
Fed researchers find evidence of persistence in cost pressures stemming from levies
High-emission jobs in US more exposed to shocks – research
Kansas City Fed study says wages in ‘dirty’ industries are rising, but employment growth is not
Fed succession planning: will Trump stick to the script?
The race to succeed Jerome Powell as head of the world’s most powerful central bank has already begun
Economist flags stability risks if Genius Act becomes law
Runs on stablecoins could spill over to traditional financial markets, warns Barry Eichengreen
Book notes: The young Fed, by Mark Carlson
A thoughtful book on an important topic and a less widely studied period of US financial history from which every central bank economist could learn
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
No changes to Fed swap lines, Lagarde worried about ‘truth’ – panel
Fed, ECB, BoE, BoJ and BoK governors discuss tariffs, stablecoins, r*, scenario analyses and the future
Book notes: Our dollar, your problem, by Kenneth Rogoff
An excellent overview of the evolution of the world economy during the last seven decades, and a warning against complacency
Economists denounce Trump’s ‘bullying’ of Fed chair
Experts also back Powell’s assessment rates would probably be lower were it not for tariffs
Climate change among issues that became ‘taboo’ during QE – study
Central banks also exercised “strategic silence” on house prices to avoid becoming politicised
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
Fed unveils plan to cut leverage ratio requirements
Bowman says proposed eSLR reform will free up banks’ capacity to deal in Treasury market
Hedge funds scale back steepener positions as risks rise
Uncertainties around US Treasury issuance and timing of Fed rate cuts see investors trim ‘consensus’ trade
Brain drain at OCC raises concerns about US model supervision
Quant team cull will reduce capacity to validate bank models, but that could be part of the plan