Federal Reserve System
People: new Indonesian governor confirmed
Perry Warjiyo and new deputy approved in Indonesia; Richard Clarida mooted for Fed vice-chair; Central Bank of Chile appoints new deputy governor
John Williams’ candidacy for New York Fed job draws fire
Selection process criticised for failing to promote diversity among top Fed officials
Critic of regulation likely to become next head of FDIC
Jelena McWilliams to appear before senate prior to FDIC chair appointment
Lagarde proposes new European fiscal fund
The mechanism would reduce reliance on monetary policy to respond to future crises
Fed policy should become more neutral – Bostic
As the economy operates close to potential and inflation approaches target, rates can be raised, the Atlanta Fed president says
Fed profits shrink as interest expenses bite
The Fed’s profits in 2017 were more than $10 billion smaller than a year earlier, as the effects of interest rate hikes begin to show
Powell strikes cautiously upbeat note in first policy press conference
Federal Open Market Committee shifts economic forecasts up marginally
New York Fed director involved in selecting new president resigns
David Cote stepped down shortly after the institution revealed it was considering “a handful of final candidates”
Fed’s unconventional policies similar to measures in 1920s, says research
Market operations early in the 20th century more than tripled Fed’s Treasury portfolio
People: Bank of Finland to select new governor
Finnish governor Liikanen finishes final term in July; Seychelles reappoints governor and deputies; South Africa sets up foreign exchange committee; Atlanta Fed’s vice-president retires
Fed issues AML enforcement order on China’s largest bank
Bank must submit to third-party review of “high risk” transactions and customers, Fed says
Treasury official calls on Fed to review foreign bank rules
Senate bill aims to relax US Sifi threshold but offers no relief for foreign banks
Deregulatory bill gathers bipartisan support in US Senate
The amendment lifts the asset threshold beyond which banks are submitted to stricter oversight
Quarles reveals plan to simplify Volcker rule
The Volcker rule is too complex and “is not working well”, says Fed vice-chair; regulators preparing a package of “material changes”
Dudley goes against Trump’s protectionist line
New York Fed president criticises protectionism as Donald Trump steps up rhetoric; questions value of excessive reserves accumulation
Tighter policy policy may increase financial instability, researcher says
Higher rates may pressure banks’ balance sheets and increase assets held by money market funds, says paper published by San Francisco Fed
Yellen says central banks should consider moving inflation targets
But former Fed chair says changing targets would be “a tricky business”
Fed’s Powell expects strong US growth
Robust labour market likely to support income and consumer spending rises, Fed chair says
Fed’s Dudley says Puerto Rico must ‘start from scratch’
Territory must face up to “painful” decisions to tackle debt and infrastructure problems
Fed should review monetary policy framework – Mester
Several FOMC members raised policy review at January meeting, Cleveland Fed president says
Researchers develop new index to measure geopolitical risk
Heightened threats slow growth and equities returns in advanced economies, paper finds
Fed paper examines financial spillovers of US monetary policy
Authors find that conventional and unconventional policies create different spillover effects
US Treasury hones its bank resolution regulations
Treasury proposals look to overhaul Chapter 14 from the bankruptcy code to limit use of Orderly Liquidation Authority, while restricting FDIC powers
UK firm chosen for Fed cash management overhaul
CPS will take part in “competitive development” to replace high-speed cash-processing machines; firm’s software already used by Norges Bank