Federal Reserve System
US regulators gear up for CBDC work
US Treasury and Fed governor hint at the next steps in CBDC development
Cash, not trash: the second lives of substrate
Central banks and their banknote providers are taking a range of approaches to recycling cash
FOMC ready to tighten policy further, minutes show
Members worried about inflation becoming entrenched but see some signs of pressures easing
US risks slipping back into secular stagnation, says Rajan
Fed has “good chance” of defeating inflation but US economy has deeper problems, economist says
US core inflation continues decline
Headline PCE inflation flat as food and energy inflation remains buoyant
G30 warns US Treasury market remains vulnerable
Group says US regulators need to do more to prevent dysfunction in the critical market
Top central bankers admit inflation models fell short
Reliance on Phillips curve and demand-driven models may have created blind spots
Williams also expects US to avoid recession this year
Unemployment will likely rise to 4% as growth slows due to tightening process, says NY Fed head
Fed’s Evans and Bullard downplay recession risks
Both presidents looking to increase the policy rate to around 3.5% by the end of the year
Fed finds major banks able to withstand ‘severe recession’
All banks pass stress test despite tougher scenario than in 2021
Bank of Mexico orders largest-ever rate hike
Mexico matches Fed as inflation continues well above target
US senator attacks regional Fed over fintech firm’s payments access
Kansas City Fed president Esther George refuses to release correspondence about terminating account
Legal certainty: the Achilles’ heel for CBDCs?
Many central banks lack legal certainty when it comes to issuing digital currencies, despite all the research and trials. Isn’t it time to get the lawyers involved?
Filipe Dinis on Bank of Canada’s cyber strategy and tackling cyber risks
The Canadian central bank’s chief operating officer calls for heightened vigilance, more collaboration, info sharing and tabletop exercises, and less reliance on similar, siloed systems
Brazil’s MPC continues hikes, but slows pace
Central bank orders eleventh consecutive increase, and says it expects more, but smaller, rises
Hong Kong and Taiwan raise rates
HKMA raises rates by 75bp, but local banks don’t follow, while Taiwan increases by 12.5bp
Gulf central banks raise rates after Fed hike
Qatar, UAE and Bahrain make 75bp hikes, while Kuwait raises by 25bp and Saudi 50bp
People: April to June 2022
A round-up of central bankers in the news and on the move during the past three months
Fed meets inflation surge with 75bp hike
Unexpected spike in inflation and expectations spurs committee into rare policy aggression
The signal and the noise: cash forecasting in uncertain times
From big data tools to Arima models and structural time series, cash forecasting methods are evolving. The work could prove critical to the future of cash during uncertain times
Virtual asset service provider sues Fed
Crypto firm wants “master account” but critics warn of regulatory problems
Fed paper argues capitalism killed the Phillips curve
Shift in the balance of power between capital and labour likely to hold down inflation, authors find
Fed’s Waller joins chorus of concern over crypto
Growing number of central bankers now talking about crypto regulation
Reserve Bank of Australia joins 50bp club
Australian central bank continues post-pandemic tightening with second, larger hike