Federal Reserve System
Fed leaves monetary stance unchanged but tweaks IOER
FOMC also announces updated plans on its balance sheet and repo market interventions
Fed paper models new transmission channels of forward guidance
Allowing for household borrowing amplifies forward guidance effectiveness, researchers find
ETFs are exposing EMEs to global capital flows – Fed paper
Sensitivity of ETF flows to global financial conditions is 2.5 times higher than mutual fund flows, researchers find
Inside the 2020 FOMC
How might the dove-hawk balance shift with five fresh voters?
Optimal US reserve regime is between scarcity and abundance – research
Former NY Fed official Simon Potter and co-authors map post-crisis demand curve for reserves
Brookings paper examines impact of governance structures on use of CCyBs
Countries with strong governance mechanisms are more likely to use the macro-prudential tool, researchers find
People: Trump nominates Shelton and Waller to Fed posts
Judy Shelton and Christopher Waller nominated as Fed governors; Kingsley Obiora in line to be Central Bank of Nigeria deputy; Jill Forde named BIS head of communications
Regional Fed presidents warn asset purchases are creating risks
Robert Kaplan expresses concern over Fed’s response to market funding pressures
Central banks must learn lessons of BoJ’s inflation target rise – Fed paper
Failure to hit old targets and disagreement among policy-makers will harm credibility, paper argues
Brainard lending proposal gets boost in Congressional hearing
Participants applaud Fed proposal, while strongly criticising plan by OCC’s Otting
Trump threatens to cut off Iraq from New York Fed account
Central Bank of Iraq risks losing access to New York Fed account if government ousts US soldiers
Liquidity operations squeezed Fed’s net income last year
Repurchase agreements cost the Fed $6 billion in 2019, preliminary results show
Trump’s criticism undermining confidence in Fed – Yellen
Political pressures could hurt central bank independence, says former Fed chair
Fed to wean banks off daily repos later this year
Total reserves may need to be higher than Fed initially judged as demand for repo operations remains strong
Fed’s Brainard criticises other US regulators over lending proposals
Fed governor warns proposed reforms from FDIC and OCC could harm poorer areas
Fed governors are losing influence, financial historian argues
Peter Conti-Brown examines the eroding influence of the democratically accountable members of the FOMC
Higher oil prices dampened impact of Fed spillovers in Gulf – IMF paper
Changes in Fed rates likely to have minimal impact on GCC growth with current oil prices, researchers say
Bernanke offers ideas for Fed’s policy framework review
Unconventional policies are “preferable” to raising inflation target and can still be enhanced, Bernanke argues
Central bank research may be too focused on narrow topics – paper
Network analysis finds many central banks are limited in the scope of their research
Fed avoids year-end cash crunch
Repo market shows barely a ripple over New Year’s Eve after Fed injects a quarter of a trillion dollars
2019: The year in review
The past year was marked by a persistent weakening of the global economy, and some radical financial innovations
Central banks need to avoid dependence on markets, officials say
ECB and Fed officials reflect on relation between bond market expectations and their policy decisions, in farewell conference for Benoît Cœuré
FOMC calls halt to cutting cycle
Unanimous decision keeps rates on hold; Powell signals no move likely for some time
Tribute to a great man
Peter Bakstansky highlights Paul Volcker’s legacy of probity and integrity