Federal Reserve System
Fed open to more than one Libor replacement – Powell
Lawmaker voices concerns that current replacement rate lacks credit sensitivity
Stress test capital buffer ‘on track’ for 2020 testing – Powell
Plans were floated nearly 22 months ago, but Fed yet to offer final rule
Yield curve models overstate chances of US recession – ECB research
Models need to account for effects of QE asset purchases on bond premia, authors say
Fed forecasters now less optimistic on growth – San Fran Fed paper
Forecasters have eliminated “overoptimism” bias in recent years, researchers find
How might Shelton and Waller reshape the Fed?
The Fed board nominees face Senate hearings later this week
Fed to stress-test banks’ leveraged loan exposures
Test features leveraged loan shock; scenario includes biggest-ever rise in unemployment
Coronavirus is new risk to US outlook – Fed report
Virus risks disruption in China spilling over to the global economy, the Fed says
Fed’s Quarles warns big balance sheet could harm credibility
Fed official proposes tweaks to discount window and G-Sib surcharges to improve monetary framework
US must review payments system oversight, Brainard says
Big tech’s currency plans could mean payments oversight is further weakened – senior Fed official
Fed’s repo tapering plans hit snag
Banks demand double what was on offer at Fed’s first reduced repo offering
Economics in central banking: Matteo Maggiori, Brent Neiman and Jesse Schreger
The Global Capital Allocation Project has helped pick apart the tangled network of cross-border capital flows. The work may prove essential to those looking to shore up the international monetary system
US regulators propose third Volcker rule revision
Banks could soon regain permission to invest in speculative funds, but one official dissents
Rising US rates can be ‘good news’ for EMEs – Fed paper
Researchers examine difference in spillovers from growth- and inflation-driven rate increases
Custody initiative: Euroclear
The securities depository has debuted instant dollar settlement in central bank money outside the US – a service that has virtually eliminated settlement risk
De Guindos stresses uncertainty from coronavirus outbreak
Powell and Carney said Fed and BoE are closely monitoring the virus’s impact on the economy
US leveraged lending rose further from 2018–19
Regulators urge banks to adopt risk-management measures to reflect changing market conditions
Fed will ‘probably’ join green central banking group – Powell
Public has right to expect the Fed to ensure the system is resilient against climate change, says governor
US Democrats strongly criticise regulator
Some lawmakers accuse OCC head Otting of ignoring Congress over controversial lending proposals
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