Federal Reserve System
Fed unveils plan to cut leverage ratio requirements
Bowman says proposed eSLR reform will free up banks’ capacity to deal in Treasury market
Hedge funds scale back steepener positions as risks rise
Uncertainties around US Treasury issuance and timing of Fed rate cuts see investors trim ‘consensus’ trade
Brain drain at OCC raises concerns about US model supervision
Quant team cull will reduce capacity to validate bank models, but that could be part of the plan
Bowman is latest Fed member to call for July rates cut
Vice-chair for supervision joins Waller in saying risks to growth outweigh risks to inflation
Regulatory confusion hinders euro stablecoins, says DRW founder
Conflicting interpretations of EU rules will divert more capital away from euro assets, says Don Wilson
Fed maintains wait-and-see approach with rate hold
Powell ignores Trump’s calls for easing amid president’s continued insults
US Senate passes ‘Genius Act’ to regulate stablecoins
Regulators express concerns over stability risks; senator says bill could trigger “next financial meltdown”
US Basel III delay to 2026 seen as almost inevitable
Reprioritisation and leadership changes cast doubts on timing of new proposals
Experts expect Fed to hold firm in face of Trump’s attacks
Economists believe FOMC will hold rates, despite White House’s calls for policy to be eased
Trump: Powell is a ‘numbskull’ for not cutting rates
President calls for 100bp easing, while vice-president says Fed policy is “monetary malpractice”
Central Banking Awards 2025 ceremony honours shining stars
Oscars of central banking recognise excellence in the community
Should the Fed mandate collateral pre-positioning at the discount window?
Supervisor wants lenders to be ready to access central bank facilities, but formalising pre-positioning has some drawbacks
Tariffs will raise US prices throughout 2025 – Fed governor
Kugler says progress on core goods inflation has been reversed and trade policy could make things worse
Inflationary shocks hurt US labour market and output – Fed study
As real wages decline, workers search for new, less economically productive jobs, research finds
People: April to June 2025
A round-up of central bankers in the news and on the move during the past three months
Bank notes: April to June 2025
A round-up of news and salient issues that have affected central bankers in the past three months
CCAR at a turning point, but which way is forward?
Banks sniff an opportunity to push the Fed for more openness over stress test models – and seize capital benefits
Obituary: Stanley Fischer, 1943–2025
Fischer had a profound impact on central banking, as path-breaking academic and top policy-maker
Reflections on the international financial situation
Former IMF head Jacques de Larosière writes that markets are blind to Trump's policy shocks that are fragmenting the monetary ‘system’, causing strain in the eurozone and may result in stagflation
Supreme Court ruling raises storm clouds for Fed
Decision to allow dismissal of agency staff without cause poses risks to bank’s independence, say experts
Why making cents no longer makes sense
Experts praise US Treasury’s decision to stop minting pennies, but question policy’s implementation
Fed agrees to unveil stress test models in transparency U-turn
US regulator commits to September 30 deadline for new measures
Fannie, Freddie … and Donald
Trump’s plan to privatise GSEs may pose systemic risks if not done properly – and Fed may have to intervene, say experts
Leverage ratio reform: the good, the bad and the Treasury
A simple cut would be less likely to stoke interest rate risk than exempting US government bonds