Federal Reserve System
How (not) to review your monetary policy framework
The Fed made some mistakes in its last strategy review. As it prepares to have another go, it could learn from other central banks
Banxico study points to knowledge gap in analysis of Fed policy
Examining “information shocks” can lead to better assessment of the impact of FOMC decisions
Fed’s new liquidity rule spells more pain for US regional banks
Limit on HTM assets follows move to deduct unrealised losses from capital buffers
Banks should account for Fed facilities in stress tests – Barr
Vice-chair says doing so would help alleviate stigma over using discount window
Handful of central banks expanded swap lines in past year
Vast majority of swap lines offer US dollar liquidity
Experts split on impact of Fed’s new Basel III proposal
Economists divided over financial stability ramifications of vice-chair’s new capital ratios plan
Bank of Japan holds policy rate
Decision comes as core inflation accelerates for fourth consecutive month
Hong Kong raises rate and Taiwan holds
Decisions come a day after Fed’s 50bp rate cut
Running the numbers on Barr’s Basel III endgame revisions
Fed vice-chair’s plan to ease capital requirements for big banks still lacks critical details
FOMC initiates rate cutting with 50bp reduction
Experts say Fed’s credibility is not on the line, but Powell remains under significant pressure
Book notes: The monetarists: the making of the Chicago monetary tradition, 1927-1960, by George S Tavlas
A fascinating, scholarly and sympathetic account of the Chicago monetary tradition
Endgame manoeuvre: US banks put SLR reform back in spotlight
Plan to ease Basel III brings renewed focus to impact of leverage ratio on US Treasury market
OIG says Bostic violated Fed’s rules and policies
Atlanta Fed president created “appearance of acting on confidential FOMC information”
Fed’s vice-chair unveils watered-down capital requirements
Barr proposes reducing rise for largest banks from 19% to 9%
FOMC members signal rate cut
Waller, Bostic, Daly, Schmid, Goolsbee and Williams speak towards balancing both sides of dual mandate
Phillips curve differs depending on labour market – Fed study
Research finds curve to be flat in normal markets and steep in tight ones
US Bancorp ever more reliant on LCR relief
HQLAs would only cover 91.4% of bank’s net cash outflows without Fed’s cap
Yuan will not rival dollar for foreseeable future – Fed study
Figures show aggregate usage of currency lags behind that of euro, yen and pound
The post-Archegos risk model rebuild begins… slowly
Following regulatory prodding, banks start to overhaul counterparty risk models. A flurry of new research on the topic may aid the effort
Bank closures lead to job cuts at small businesses – Fed study
Research finds that if 25% of local branches close, employment growth falls by four percentage points
Fed hikes stress capital buffers for 18 US banks
Nine dealers face record-high SCBs as poor performance in latest DFAST weighs on capital requirements
All eyes on the Fed
The US central bank faces a challenging path to fulfil its mandated goals
Wildfire pollution depresses home values and rents – study
Dallas Fed research finds effects extend to areas “thousands of miles” from where fires take place
Fed study finds there are no truly offline payment systems
Hybrid solutions mitigate some risks, say researchers