Federal Reserve System
Mester puts forward innovations in policy communication
The president of the Federal Reserve Bank of Cleveland proposes focusing on explaining policy decisions
Higher inflation in the US could accelerate Fed’s tightening
US Treasury yields rise as GDP growth accelerates and inflation expectations increase
Big data can give valuable labour market signal – Fed paper
High-frequency private payroll data is useful in forecasting the labour market, researchers find
Dudley warns Trump tax plan leaves US finances ‘unsustainable’
New York Fed chief says policymakers may have to tighten rates harder to offset stimulus
Fed economists tackle question of optimal balance sheet size
Cutting balance sheet would significantly reduce interest rate risk, economists find, as Fed acknowledges lower profits due to interest payments
Bernanke says Fed likely to review policy framework
Former Fed chair says analysis on change to inflation targeting is likely; panel of experts presents wide range of views on what any change should be
Fed could use rates to counter instability – Mester
2015 exercise showed major problems in use of macro-prudential tools, says Cleveland Fed chief
Fed proposes expanding risk regime to foreign subsidiaries
New consultation suggests widening the scope of the August 2017 proposals to foreign-owned operations
Richmond Fed paper explores Fed’s monetary policy history
The author identifies a lack of consensus on the nature of the monetary regime as a policy weakness
People: Bank of England official to become FCA chair
Charles Randell to take over as FCA chair in April; BoE appoints its first job sharers at executive director level; Vietnam names deputy governor; Mark Mullinix to leave Fed; and more
New US tax plan promising for growth – Fed minutes
FOMC members revise the growth outlook upwards for next 12 months, as tax cuts promise to provide “some boost” to consumer spending
Fed paper studies inequality in three dimensions
Authors find examining three dimensions simultaneously gives new insights
2017: The year in review
Over the past year, the global economy regained some strength, and some central banks began to return their policy to normal; but it was not all smooth sailing
Some banks’ living wills have ‘shortcomings’ – US agencies
The latest assessment finds previous “deficiencies” have been corrected, but four banks show less serious “shortcomings”
Fed paper sets out model of financial panics
Mark Gertler, Nobuhiro Kiyotaki and Andrea Prestipino examine banking panics in a DSGE model
Macro-pru tools helped offset taper tantrum – paper
Macro-prudential measures helped reduce the impact on cross-border lending growth, say authors
Fed backtracks on CCAR cleared swaps exposure
Regulator had also postponed plan to feed cleared client exposure into G-Sib rankings
People: Fed appoints new payments security strategy chief
Boston Fed vice-president to lead payments security; director of prudential regulation of UK banks to stand down; Kuwaiti governor to chair Council of the Islamic International Board in 2018; and more
Fed hikes as Yellen hails strong job growth
Janet Yellen gives her last press conference as Federal Reserve chair
Fed finalises new market benchmarks
Three transaction-based alternatives to US dollar Libor will launch in 2018
Fed proposes sharing more information about stress tests
Proposal includes insights about how the regulator estimates hypothetical losses
Richmond Fed appoints McKinsey executive its next president
Tom Barkin will serve as a full FOMC member as of 2018
Small open economies benefit from QE spillovers – IMF paper
Fed’s QE had a similar net positive effect in Canada to that in the US
Goodfriend nominated to Fed board
Central bank veteran to fill one of the four vacant spots on the board of governors