Federal Reserve System
Leading central banks make emergency swap lines permanent
Six leading central banks are leaving bilateral swap agreements introduced during the financial crisis in place until further notice; US dollar liquidity-providing operations will continue as normal
NY Fed's Checki to retire; Minneapolis hires new head of research
New York Fed head of international affairs ends 46-year tenure, while acting communications head wins permanent post; Minneapolis Fed names new research director
Fed targets tougher LCR for US banks
Federal Reserve proposes a liquidity coverage ratio for country’s largest financial institutions that goes above and beyond the Basel III minimums
Taper surprises could cause more volatility, warns Mexico deputy
Structural reforms should put the Mexican economy on a stronger footing, deputy governor Manuel Sánchez says, but warns economic rebound could suffer from tapering without stronger US growth
Fed heavyweights warn new bank resolution laws won't end ‘too big to fail'
Dudley, Lacker and Tarullo say 'single point of entry' framework under 'Title II' provision is important but inadequate; FOMC members call for long-term debt requirement for Sifis
Central Bank of Chile cuts interest rates for first time in 18 months
Central bank cuts rate 25bp to 4.75%, amid slowing demand growth and below-target inflation; analyst says inflows, not outflows, biggest concern despite current account deficit
Fed’s Beige Book reveals ‘modest’ employment growth
Summary of the economic conditions across the 12 Federal Reserve districts finds both employment and economic activity were ‘modest’ in September, while price pressures were ‘limited’
San Fran economists suggest labour market leading indicators
Economists identify the six best indicators for assessing the degree to which labour market conditions are improving; find the existing rate of recovery will continue ‘if not accelerate’ in coming months
Fed’s Powell insists FOMC communication remains credible
Jerome Powell defends forward guidance on asset purchases after fellow FOMC member Plosser says September decision undermined its credibility; Eric Rosengren lays out communication challenges
Opposing Fed camps dig heels in on QE
Minutes from the FOMC’s September meeting highlight the deep and persistent divide between its participants; Obama points to Yellen’s ability to build consensus and personal strength
New $100 bill the ‘most sophisticated piece of currency' to date, says Fisher
Most counterfeited US bill is embellished with new security features to 'deter bad guys' and protect consumers and businesses from losses
Janet Yellen set for nomination as Fed chair
US President Barack Obama expected to nominate Janet Yellen as Ben Bernanke’s successor; would be first female appointment to top job
‘Unprecedented' US rate normalisation is global economy's biggest challenge, says IMF
Overshooting interest rates prompted by Fed taper may expose substantial financial weaknesses in both advanced and emerging countries, warns stability report; shadow banking of particular concern
Chorus for Fed taper grows louder
Sandra Pianalto dismisses concerns over labour force participation and argues economic data was and is strong enough to warrant taper; Charles Plosser says Fed has damaged its credibility
Fed's Stein seeks right regulatory mix on fire-sales for SFTs
Fed governor Jeremy Stein calls for new mix of rules to ensure ‘fire sale’ of securities financing transactions work at the system-wide level
Kocherlakota urges Fed to do ‘whatever it takes’ to boost labour market
Persistently low inflation means the Federal Reserve can throw all its resources behind the fledgling labour market recovery, according to the Minneapolis Fed president
Fed's Williams questions future of unconventional tools
San Francisco Fed president John Williams says forward guidance will help to improve transparency in more conventional times, while asset purchases should only be used as a last resort
Close elections kryptonite for foreign investors, Fed research finds
The timing of national elections causes FDI flows from US firms to affiliates in more than 40 countries to drop by an average of 12% compared to non-election years, according to Fed research paper
Lagarde says US has ‘special responsibilty' to unwind QE responsibly
IMF director says failure to raise US debt ceiling could seriously damage the global economy; warns emerging markets will have to adjust to new economic reality for remainder of the decade
NY Fed paper compares tools for managing short-term market rates
Researchers at the Federal Reserve Bank of New York evaluate the benefits and drawbacks of paying interest on excess reserves, offering term deposits and engaging in reverse repos
FOMC members unpick Fed's ‘no taper' decision
Jeremy Stein suggests clear-cut forward guidance for QE wind-down as several members highlight Fed's ‘communication challenge'; Esther George says decision poses a risk to future credibility
Crisis prompted both ‘re-discovery' and overhaul of CBs' emergency liquidity
Walter Bagehot's dictum to lend freely at high interest rates and against good collateral during a financial panic was revived, then altered during the crisis, according to Thomas Baxter of the NY Fed
Basel update shows biggest banks' CET1 position improving
Latest periodical review of progress towards Basel III standards shows the world's biggest banks are closing the gap on core Tier I capital requirements; US issues guidelines for Basel compliance
Fed paper models monetary and fiscal policy interdependence
Working paper analyses interdependence between monetary and fiscal policy-making, testing policy experiments and finding a ‘non-negligible’ interaction between the two