Federal Reserve System
Bank of Italy paper analyses Fed’s ‘gradualist’ policy
Monetary policy had stronger effects when markets thought Fed was “acting gradually” – researchers
Final Fed lending facilities to go live this month
Complexity of main street facility has been “in a class by itself”, Jerome Powell says, as lawmakers criticise delays
Most Fed emergency funds not yet spent, lawmakers find
Less than 8% of the $500bn set aside for Fed and Treasury lending has been spent, report finds
Lower-income households feel worst of Covid-19 economic shock – Fed survey
Nearly 40% of low-earning households faced at least one job loss in March, survey finds
Fed flags ‘elevated’ risk of financial stability pressures
System coped with immediate Covid-19 stresses, but trouble may be building, central bank says
PBoC’s post-pandemic policy is still up in the air
The Chinese central bank has resisted radical easing, but with the NPC meeting this week, more loosening could be on the way, despite debt-level concerns, writes Hui Feng
ECB widens scope of female recruitment targets
Central bank’s efforts to recruit women will now reach down past senior roles
Fed not considering negative rates – Powell
More fiscal support may be needed, as Fed’s lending will only be effective “for a while”, says Fed chair
Fed will begin ETF purchases today
Central bank outlines fund selection strategy but keeps investors guessing on specifics
Scale of Covid-19 impact shows up starkly in US stats
All of the US’s key macroeconomic indicators point to a dramatic slump
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for a Janet Yellen-supported Fed move to adopt elements of price-level targeting. But questions remain about the timing of such a move
Could engineering higher inflation help manage fiscal deficits?
Fiscal and monetary co-ordination could be a workable option for the Covid-19 recovery, Chicago Fed paper finds
Fed could purchase $750 billion of corporate debt in new facilities
Fed clears staff to purchase investment- and non-investment-grade debt and ETFs
Lower refinancing can dampen economic recovery – Fed research
US mortgage refinancing activity remained muted after falling during 2008 crisis, researchers find
Debts, deficits, central banks and inflation
Forrest Capie and Geoffrey Wood ask what insights history can provide for central banks and governments managing abrupt, large increases in debt
Fed expands main street lending plans
Central bank faces criticism for appearing to respond to oil and gas lobbying
Fed predicts ‘unprecedented’ economic shock
Policy on hold as Q2 may see data “worse than any data we have seen”, Powell warns
Charted: rush for dollar liquidity fades
Figures from central bank dollar repo facilities show waning demand, but outstanding swaps still high
Fed expands local government liquidity facility
Programme faced criticism for leaving out regions with heavy Native American and African-American populations
Coronavirus latest: Central banks respond to the Covid-19 crisis
Live coverage as central banks respond to the virus outbreak (live feed is now closed)
FedNow: the road to non-bank access to US instant payments
Debate over granting non-banks access to Fed systems reveals possible flaws in US regulation
Fed to expand paycheck liquidity facility after criticism
Some observers say Paycheck Protection Program not reaching most affected firms
Fed’s balance sheet increases by 50% since March
Total assets now just shy of $6.4 trillion, a new record high
Fed banks ramp up Covid-19 surveying
Real-time and weekly surveys reveal deepening economic fallout