Federal Reserve System
US agencies move to protect swaps after week of Brexit chaos
Legacy swaps can be transferred without facing onerous requirements, Fed says; week of parliamentary wrangling produces little progress on a final agreement
Fed official suggests reforms to tackle ‘credit deserts’
Brainard advocates greater geographical flexibility in banks’ obligations; FDIC chair appears to agree
NY Fed activates motion to dismiss TNB’s lawsuit
“The relief TNB seeks is wholly incompatible with the public interest” – New York Fed
Fed to limit use of qualitative stress tests this year
The move enables some large banks to avoid capital planning capabilities examination
Fed IOER amendment aimed at ‘thwarting’ The Narrow Bank
The move appears to specifically target The Narrow Bank’s business model, the firm says
Brainard hints at Fed’s monetary policy plans
Governor’s speech signals plans on policy rates and Treasury bills purchasing after QT end
Two FOMC members signal Fed may hold rates steady
New York and Boston Fed presidents expect US growth to slow to 2% this year
Interview: Sheila Bair on US regulatory reform and rollback since 2008
Crisis-era FDIC chair “saddened” by former Fed chairs’ focus on bailout powers
Markets still in thrall to central banks – BIS
But some apparent anomalies may be signs of healthier market function, says Claudio Borio
Trump criticises Powell over strong dollar
President complains about Fed’s rate hikes and quantitative tightening in driving up the dollar
Timing of US intraday payments may be useful signal – New York Fed paper
Lenders made intrabank payments earlier once Fed expanded balance sheet, researchers say
Bernanke argues for ‘time-limited price targeting’ policy framework
Committing to make up inflation shortfalls in past year would avoid overshooting, paper finds
Powell hints at long-term goals for Fed balance sheet
Proposed reserves buffer is more than enough, Charles Goodhart says
Trump’s tariffs may have caused inflation – researchers
Estimates indicate tariffs may have already contributed 0.1 percentage points to CPI, authors find
Foreign banks expect Fed proposal imminently
New framework for tiering foreign bank requirements could come as early as this week
Monetary policy frameworks need modifying, former Fed governor says
Lower r* requires two key modifications to flexible inflation-targeting regimes, Frederic Mishkin says
Trump does not grasp macroeconomic policy – Yellen
Former Fed chair doubts president could recite Fed’s dual mandate goals
Fed officials reveal further details of balance sheet plans
Fed discusses letting assets fall off its balance sheet at the same pace as economic expansion
Dallas Fed launches economics website
New site aims to cater for wide range of readers, officials say
FOMC members want plan to end balance sheet reduction, minutes show
Some FOMC members say further rate rises may be necessary in 2019
Former Fed chairs join over 3,000 economists in call for carbon tax
Economists including central bankers and Nobel laureates demand action on climate change
Fed must account for spillovers of monetary policy – Yellen
Janet Yellen reflects on Fed monetary policy and “treacherous” currency manipulation in Brookings podcast
Central banks disagree over cash regulation
The BoE has issued legislation demanding banks supply certain denominations, but other regulators remain on the fence about how they should manage the future of cash
Volcker rule helped curb equity market risk – researchers
Banks had large trading exposures to equity market risk before the rule was introduced, they find