Federal Reserve System
Wide range of financial stability arrangements among central banks
Boards are prime financial stability decision-making body at many participants
Biden nominates law professor for OCC
Saule Omarova favours more regulation and suggested the Fed take over deposits, alarming banks
Powell’s remarks show Fed set for November taper
Markets remain calm as analysts agree Fed is intent on cutting back asset purchases in November
BIS paper explores Fed’s ‘whatever it takes’ moment
Covid facility had most of its impact without the Fed actually buying any bonds, authors find
MMT and the challenge of fiscal monetary co-ordination
Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance
Book notes: Robert Triffin, by Ivo Maes with Ilaria Pasotti
Triffin’s story is well told by Maes, whose extensive personal and academic research shines through on page after page
Fed saved US from even larger pandemic downturn – ECB paper
Unemployment would have risen by 20% more without Fed’s bond buying, researchers find
Regional Fed presidents sell equities after media reports
Rosengren and Kaplan divest assets to avoid “even the appearance” of conflict of interest
OCC issues $250 million penalty against Wells Fargo
US regulator says bank has failed to meet commitments on loss mitigation
Demand shocks can have permanent impact on US economy – Fed paper
Authors find hysteresis is an important driver of longer-term growth trend in US
In-depth reports less frequent than monetary policy meetings
Over 80% of central banks set monetary policy without always publishing in-depth reports
Pandemic Treasuries market calmed quickly – research
Dallas Fed analysis finds “headwinds” early on, but not lasting pandemic disruptions
Pandemic increased US demand for faster payments, says Fed paper
Vast majority of business expect to be using speedier options by 2023, survey finds
US regulators warn Wells Fargo of new penalties, report claims
Bloomberg says OCC and CFPB believe US bank is moving too slowly on compensating scam victims
Majority of central banks use corridors to set market rates
A handful use floors due to unconventional policy, and some use other methods
Powell says taper test has been met ‘with regard to inflation’
Fed chair tells Jackson Hole conference that slowing QE this year “could be appropriate”
Fed may taper asset purchases this year, say FOMC minutes
Federal Reserve staff warn US financial system has “notable” vulnerabilities
Fixing market-based finance: duct tape or deep reform?
Central banks are increasingly having to act as market-makers of last resort. But deeper reforms may be needed to avoid stretching their balance sheets to breaking point
How we can improve gender diversity in economics
Mary Suiter and Oksana Leukhina say gender diversity in economics must be championed
Link between US labour costs and inflation has weakened – ECB paper
US can sustain robust labour markets without risking inflation outbreak, researchers say
Fed decisions barely noticed by households – BIS paper
Researchers find even major events have only a muted impact on household inflation expectations
Waller ‘highly sceptical’ Fed needs a CBDC
Existing and planned payments system upgrades appear sufficient, governor says
The distant cry of hawks? Fed begins tightening talk
Richard Clarida gives a date for hiking interest rates, as debate on taper timing continues
Central banks split on non-bank access to RTGS systems
Benefits of innovation must be weighed against risks of financial instability