Federal Reserve System
Top Fed officials speak out to calm markets
Two Federal Reserve governors and the New York Fed president emphasise a change in monetary policy will be driven by data, not the date; further easing remains a possibility
Fed's Stein clarifies unemployment ‘threshold' for rate change
Permanent FOMC voter seeks to provide extra clarity over Bernanke statement last week; emphasises that interest rates could stay at rock-bottom even if unemployment falls to 6.5%
Monetary policy links to financial stability ‘are not straightforward', says Fed paper
Research paper from Fed's Finance and Economics Discussion Series finds monetary policy and financial stability concerns can be complementary - but the connections are complex
Fed presidents in conflict over 'too-big-to-fail'
Lacker, Fisher, Hoenig and Bair called before US Congressional committee to voice their opinions on Dodd-Frank Act's Orderly Liquidation Authority
Fed proposals seek to shine light into money markets
Proposals for daily data reporting by a panel of 155 banks aim to improve the Federal Reserve's ability to supervise shadowy money markets
King defends Bernanke over communication of Fed policy
Bank of England's Mervyn King says Fed chairman Ben Bernanke could ‘hardly have been clearer’ over future of monetary policy; vents his frustration at slow pace of economic reforms
Fed's monetary policy deviates from best practice, says Bullard
Fed monetary policy has deviated from central bank best practice and should be used ‘to meet policy objectives, not calendar objectives', says St Louis Fed president
Bernanke plays down Jackson Hole importance
Kansas Fed's renowned symposium is a conference sponsored by just ‘one of the 12 reserve banks' says Bernanke, who declined to comment on his future following FOMC meeting
Central banks laying the seeds for ‘crisis in fiat money’, says UK MP Baker
Chair of UK parliamentary group for economics says a sharp correction in developed world sovereign bond prices could spark a collapse in confidence and challenge the sustainability of fiat money
IMF expects Fed to hold QE steady until 2014
IMF releases Article IV consultation with United States; praises impact of Federal Reserve's asset purchases but criticises ‘excessively rapid and ill-designed' deficit reduction
NALM Americas 2013: Panellists play down expectations of QE wind-down
Central bankers think it unlikely the US Federal Reserve will wind down its quantitative easing programme – but some acknowledge an exit could hit emerging markets hard
UK mulls US-style bank stress tests
Bank of England seeks to improve bank stress tests by including publicly disclosed remedial actions as debate intensifies over independence and the use of a leverage ratio in the UK
Fed research models optimal monetary and fiscal policy under uncertainty
Discussion paper seeks to improve on previous models by introducing uncertainty; finds it is optimal for the government to spend more at the zero lower bound under uncertainty
Fed researchers find little QE impact on emerging market capital flows
Discussion paper finds Fed’s quantitative easing has not had a statistically significant impact on net capital flows to emerging markets, although behaviour changed post-crisis
Fed’s Raskin warns of shortcomings in leverage ratio
Sarah Bloom Raskin says a leverage ratio can guard against the failings of risk-weighted capital requirements, but cautions that the ratio has issues of its own
Fischer gives high marks to Bernanke and Draghi
Outgoing Bank of Israel governor Stanley Fischer believes the world owes a great debt to Fed chairman Ben Bernanke and praises ECB president Mario Draghi; says Israel can live with side effects of QE
Bank of Israel’s outgoing chief, Stanley Fischer, on the challenges of central banking
Stanley Fischer believes his work as governor of the Bank of Israel is done. He tells Chris Jeffery about the reform process in Israel as well as the challenges facing the world economy and the IMF
Kansas City Fed article finds markets anticipated QE announcements
Article in the Federal Reserve Bank of Kansas City’s latest economic review says that markets foreshadowed changes in asset purchase programme; may have affected long-term interest rates
Fed’s Yellen moots higher capital requirements for US banks
Janet Yellen says Basel III capital requirements may not be enough to end the too-big-to-fail problem; sizes up risk in the shadow-banking sector
Volcker calls for end to inflation targets
Former Fed chairman tells New York audience the Fed must have the 'backbone' to exit QE before it is too late; says no need for a 'specific target or target zone' for inflation
Fed paper analyses impact of public views on FOMC forecasts
Working paper says FOMC forecasts are influenced by both internal and external views; analyses the weighting given by committee members to each
Fed research digs deeper into operation of QE
Working paper looks at the composition of investors selling assets in the Federal Reserve’s quantitative easing programmes, finding evidence for a ‘preferred habitat’ theory of transmission
Fed minutes hint at end to era of expansion
A number of participants would like to adjust asset purchases downwards as early as next month, pending positive economic data
Bernanke remains dovish in face of stability threats
Fed chairman says low interest rates are providing significant benefits to growth and heading off ‘incipient’ deflationary pressures; hints QE could be reduced soon, but only if data allow