Federal Reserve System
Inside the week that shook the US Treasury market
Rates traders on the “scary” moves that almost broke the world’s safest and most liquid investment
Waller is latest Fed governor to sound warning over tariffs
Board member says effect on growth and jobs likely significant, but inflationary hit could be transitory
Fed ‘absolutely’ prepared to stabilise markets, says Collins
Head of Boston Fed says bank ready to deploy tools as and when they are needed
Average inflation targeting raised post-Covid prices in US – study
Dallas Fed research argues Fait framework contributed to surging prices
Policy should respond to long-run expectations – Fed study
Such a framework would enhance price stability, paper argues
Dallas and Minneapolis Fed chiefs sound alarm over tariffs
Logan and Kashkari highlight risks to inflation and employment
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