Federal Reserve System
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
Why US banks are not taking their eye off reputational risk
The concept may be removed from supervisory exams, but the 2023 crisis showed the risk is real
Book notes: The political economy of central banking, by Alessandro Roselli
Roselli’s book offers a comprehensive history of the relationship between governments and central banks
Tariffs not the only policy causing uncertainty – Fed presidents
Officials highlight risks from US administration’s approaches to deregulation and immigration
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
Mr Bessent goes to Basel: the fate of global bank regulation
US resistance to international standards could spark greater fragmentation of prudential rules
Growth in US CRE loans hits 11-year low – research
St Louis Fed study says developers responding to higher costs and lower demand
Muted consumer sentiment may not presage low US growth – study
Kansas City Fed research says people’s pessimism does not automatically mean they will spend less
GSEs not lending as much as they appear to be – NY Fed paper
Much of enterprises’ loans to “real economy” are in fact financed by other types of institution
Fed’s SLR reform must address interest rate risks – experts
Planned change receives support from some, but others warn of slippery slope to excessive deregulation
Fed official: SLR tweaks likely unbundled from Basel III
Complexity of endgame proposals means any leverage ratio changes will probably be proposed separately
NY Fed and BIS explore monetary policy in a tokenised world
Project Pine’s smart contracts are designed so central banks can adapt them to their currencies and frameworks
US has got what it wanted from Basel, say former regulators
Process has been "essentially driven" by US interest, says former Fed vice-chair
Fed researchers call for new definition of ‘unbanked’
Economists support paper’s more nuanced approach, but caution against dropping current terminology
Tariffs already raising US inflation – Fed study
Researchers say trade policies were starting to affect consumer prices in March
Fed holds rates as experts sound alarm over stagflation
FOMC says risks have risen on both the employment and inflation sides of its mandate
FOMC vote rotation ‘distorts’ rates – NBER paper
Regional Fed presidents make decisions based on local conditions, research finds
Experts divided over contraction in US economy
Ex-NY Fed chief says latest figures are an anomaly, though others point to Trump policies’ impact
Target inflation traditionally, G30 tells Fed
Working group says its proposed changes to Fed framework might prevent repeat of 2023 banking crisis
‘Liberation day’ likely to cause US recession – NBER study
Paper sets out conditions for tariff-driven downturn and says US is likely to meet them
‘This is not a wobble’: Brunello Rosa on the path to de-dollarisation
Digital currencies will play a central role as China challenges US hegemony, says economist
Fed lifts supervisory requirements for crypto investments
Easing of regulations for banks is latest example of US’s increasingly pro-crypto stance
Trump makes a U-turn on Powell
President “might” call Fed chair about lowering rates, but claims he never had any intention of firing him