Federal Reserve System
A changing of the guard
Risks emerge amid leadership changes at the US Federal Reserve Board and the People’s Bank of China
Reserve managers made financial crisis worse for central banks – paper
Synchronised withdrawal of funds from commercial banks made central bank stabilisation efforts “more difficult”, IMF paper says
Canada effecting a cautious normalisation – deputy governor
Uncertainties related to trade, high debt levels and slower growth may delay new rate hikes
Higher inflation in the US pushes up yields
The headline consumer price index rose by 2.1% year on year
Mester advocates continuing 2017 rate path this year
Cleveland Fed president says the current policy balances inflation and growth risks
Powell faces balancing act as normalisation proceeds
New Fed chair likely to continue policy normalisation even as market volatility tests his resolve
US real GDP growth accelerating in 2018 – Atlanta Fed
The real-time index GDPNow forecasts an annualised expansion of 4% in the first quarter
Bank of Mexico hikes again as inflation remains high
The prospect of tighter policy in the US affects the monetary decisions in its major southern trading partner
A dangerous unknown: interest rate risk in the financial system
Urgent action is needed to tackle the little-understood build-up of interest rate risk in the global financial system; macro-pru tools still inadequate to tackle the issue
Plunging shares may be another sign of economic strength
The sell-off may be a reaction to stronger economic indicators and expectations of a hawkish Fed, say analysts
Lower unemployment may not create inflation, Bullard says
The relationship between employment and prices has changed, warns US policymaker
Fed imposes growth cap after ‘consumer abuses’ at Wells Fargo
Troubled lender is not allowed to expand its assets further until it improves governance and controls
Yellen to join former Fed colleagues at Brookings
Janet Yellen returns to her research roots with position at Brookings Institution
Fed unveils 2018 stress tests for big banks
The severely adverse scenario would take the unemployment rate to 10% from 4.1%
Rates on hold after Yellen’s final FOMC meeting
New committee finds unanimity on rate hold, as Janet Yellen prepares to step down
Global custodian of the year: BNY Mellon
The US asset specialist has made strong progress in its effort to offer a seamless overlay of its disparate legacy systems, while also providing improved training to official institutions
Weaker dollar may indicate markets expect US slowdown
Weakening currency despite strong growth presents puzzle for policymakers
Obituary: William McDonough (1934–2018)
The former New York Fed president helped avert several crises during his time in office
People: US Senate confirms Powell as new Fed chair
PBoC’s Zhou Xiaochuan not included in key advisory body; Buhari set to appoint new deputy governor at CBN
Central bank of the year: Bank of Canada
The Canadian central bank has stood out for its ever-improving levels of transparency, forward-looking management and best-practice review of its policy mandate
Goodfriend’s economic views challenged by US senators
Nominee to Fed’s board criticised the dual mandate of low inflation and unemployment in the past
Fed paper models risk-taking channel of monetary policy
Model in which monetary expansion increases risk-taking appears to fit with the data
Revised Basel output floor could hit US banks after all
Fall in operational risk weights could push up capital requirements for market and credit risk
Quarles signals plans for US regulatory revamp
Fed vice-chair outlines some initial plans for a readjustment to post-crisis regulations