Federal Reserve System
Fed faces longer-term challenges under new policy strategy
Steve Kamin warns central bank may not have paid enough attention to why r* has fallen
Federal Reserve joins NGFS
Seven other organisations join as Trump defeat frees Fed to join green network
Quarles: Fed’s supervision should evolve
Fed vice-chair says supervision has not been adequately scrutinised in the past
New Isda ‘fallbacks’ critical to making Libor transition a ‘non-event’
New protocol and supplement offer a transition away from Libor rates in 2021, despite CFTC saying 2,400 companies still exposed and Fed extending some US libor contracts until mid-2023
Fed joining NGFS would be a ‘game changer’ – Després
NGFS to increase study of monetary policy’s climate implications, head of secretariat says
The dawn of average inflation targeting
The Fed has failed to explain how it will calculate the ‘average’ for its new AIT framework, raising new risks that central bankers would do well to reflect on
Otmar Issing on the art of central bank communications
EMU architect speaks about Draghi’s “whatever it takes” intervention, forward guidance failures, the Fed’s average inflation target ‘miscommunication’, and why the ECB may be overreaching in its strategy review
Christopher Waller narrowly passes Senate vote
St Louis Fed economist approved for Fed governor role, despite opposition from Democrats
Rehn says ECB should adopt average inflation targeting
Finnish governor says current target has “asymmetric downward bias”
Olli Rehn on AIT, market neutrality and EU fiscal policies
The Bank of Finland governor talks about the ECB’s strategy review, market failure on climate change, lessons from the sovereign debt crisis, and the Draghi legacy effect on Covid-19 responses
Biden to nominate Janet Yellen as Treasury secretary
Former Fed chair would become first person to have led central bank, Treasury, and Council of Economic Advisers
Fed and US Treasury in public dispute over emergency aid
Fed disagrees with Treasury secretary over proposal to end five stimulus programmes
Brainard criticises Fed’s diversity efforts
Lack of diversity is holding back the economics profession, says senior Fed official
Public policy lines blur: implications for reserve managers
Crisis-fighting has pushed central banks into new forms of risk-taking, and this is now spilling into reserve management, says Jennifer Johnson-Calari
Trump nominee Shelton moving closer to Senate vote
Observers say Murkowski’s statement removes one potential barrier to Shelton being approved
Powell, Lagarde and Bailey express caution on CBDCs
Jay Powell says Fed must get any future CBDC right, rather than “being the first”
Regulatory frameworks should apply to activities not institutions – Mester
Cleveland Fed president says policy-makers must increase co-operation and co-ordination on fintech
Fed examines climate risks in stability report for first time
It is “vitally important” that climate risks are “assessed and addressed”, says Lael Brainard
Fed holds rates as US recovery falters
Powell calls for fiscal stimulus and says further Covid-19 wave is hitting poor hardest
Fed eases terms on emergency facility as uncertainty rises
High-frequency indicators suggest US recovery is slowing amid resurgence of virus cases
Fed paper presents model of Covid-19 trade-offs
Data-driven model implies lockdown can work if a vaccine can be developed quickly enough
Quarles: policy-makers have ‘work to do’ on non-bank fragilities
FSB chair outlines areas where non-banks may have amplified the Covid-19 shock
Fed’s Covid-19 response drove euro’s appreciation – ECB paper
Effects of QE on exchange rates are comparable to conventional monetary policies, researchers find
Transparency on financial stability not always optimal – Fed paper
Author finds upside to opacity, but says central banks may face time inconsistency problem