Federal Reserve System
Fed weighs reforms to stress tests
Powell says tests must evolve; Quarles and Fed watchers present potential improvements
Strong labour market complicates Fed outlook
Non-farm payrolls stronger than expected, focusing extra attention on Jerome Powell’s testimony this week
Higher US capital buffers leave firms’ debt unchanged – Fed paper
Individual banks cut lending due to higher capital buffers but firms find other lenders, researchers say
Riksbank shies away from global easing cycle
Swedish central bank maintains rate hike plans despite accommodative policy shift in Europe, US, Australia
Trump nominates two candidates for Fed board
Judy Shelton and St Louis Fed’s Christopher Waller will now face Senate confirmation hearing
Doves vs hawks: IMF advice on unconventional monetary policy
Funds’ advice on innovative measures has not always “stood the test of time”, writes Philip Turner
Large US banks pass Fed’s second round of stress tests
Fed approves capital plans of 17 of the largest banks, which now can increase dividend payments and share buybacks
Could the Fed cut short its balance sheet plans?
Fed watchers weigh in on possible balance sheet moves in July meeting
Senior Fed officials weigh in on potential rate cut
Bullard, Brainard, Clarida and Kashkari highlight strengthened case for cuts, while Kaplan warns on financial stability implications
US banks pass first round of stress tests
Deutsche Bank fares well despite last year’s failure and recent bad bank plans
Central banks cannot fight a populist Tweet storm – panel
Populist leaders such as Donald Trump comfortably outgun central banks on social media; total approach to communications needed
Fed eases regulatory burden for small US banks
Rule change introduces streamlined reports for banks with assets of $1 billion to $5 billion
Fed opens door to future rate cut
Policy-makers adopt dovish tone, but choose not to cut yet
Euro internationalisation pushes ECB to rethink policy approach
Wider euro use forces policy-makers to consider ever more global factors in monetary policy analysis
Fischer warns Trump could sabotage Fed crisis response
Fed independence under “unprecedented” threat and second Trump term would harm US – Fischer
Facebook unveils new ‘currency’
Social media group says it plans to “reinvent money” with payment system backed by liquid reserves
Draghi becomes latest target of Trump’s ire
Dovish comments at ECB conference draw accusation of manipulation from US president
NY Fed researchers develop new natural rate of unemployment measure
Estimate is 50–60 basis points lower than other mainstream estimates
Review calls on IMF to deepen monetary expertise
Independent report says IMF broadly made the right calls on risks around unconventional policy, but shortage of expertise leaves fund behind the curve
Martin Feldstein, 1939–2019
The US economist was hugely influential in shaping both policy and economic research
Fed pushes big banks to tally CVA for central counterparties
Banks told to quantify exposure to CCPs for annual stress tests
Fed banks collaborate on economic education
“We have a ‘power-in-numbers’ approach,” says officer at the San Francisco Fed
Trump claims Fed is giving China the upper hand
Chinese president “can do whatever he wants”, Trump complains
Lagarde sends warning on US corporate and fiscal debt
Non-financial corporate liabilities reached nearly $20 trillion in Q1 2019, Fed data shows