Donald Trump
Central bank of the year: The Federal Reserve System
Overwhelming Fed interventions in March 2020 forestalled a damaging global financial crisis, as policy overhaul prompts introspection in Europe and Japan
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
SNB still ready to depreciate franc despite US condemnation
Swiss central bank stands firm after US Treasury labelled Switzerland a currency manipulator
US brands Switzerland a ‘currency manipulator’
Treasury also accuses Vietnam of manipulating exchange rate to gain “unfair competitive advantage”
People: New deputies named in China and Mexico
Plus ECB appoints senior supervisors, and Donald Trump tries to install new OCC chief
Otmar Issing on the art of central bank communications
EMU architect speaks about Draghi’s “whatever it takes” intervention, forward guidance failures, the Fed’s average inflation target ‘miscommunication’, and why the ECB may be overreaching in its strategy review
Trump nominee Shelton moving closer to Senate vote
Observers say Murkowski’s statement removes one potential barrier to Shelton being approved
Fed not considering negative rates – Powell
More fiscal support may be needed, as Fed’s lending will only be effective “for a while”, says Fed chair
The Belt and Road Initiative 2020 Survey – A more sustainable road to growth?
The third annual Belt and Road Initiative (BRI) survey reveals that central banks view BRI investment as sustainable compared with other forms of external debt, particularly given it is often proportionally less significant. Despite growing global trade…
Should the Fed be next to implement yield curve control?
The Reserve Bank of Australia is now the second G20 central bank trying to control longer-term interest rates. Could the Fed be next?
Central banks grapple with dollar funding crunch
Indicators of stress hit highest levels since global crisis; dollar backstops may soon be tested
The Tokyo Olympics: downside risks prevail
The Bank of Japan’s latest stimulus effort seems to be weak, and comes at a time when the benefits of hosting the Tokyo Olympics may be overstated – even if the games still take place
IMF confirms it has abandoned fifteenth quota reform
US thought to oppose proposals to increase emerging economies’ voting power
Trump’s criticism undermining confidence in Fed – Yellen
Political pressures could hurt central bank independence, says former Fed chair
Canada’s fiscal stimulus worth 100bp of rate cuts – Poloz
Infrastructure investment has also helped to reduce financial vulnerabilities
Will the Fed pass its year-end funding test?
An unprecedented rate spike in September prompted the Fed to inject billions into funding markets. But will its efforts be enough to foil year-end pressures? Could opening the standing repo facility to foreign central banks help?
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Bank of Canada governor Stephen Poloz speaks about stagflation risks from trade wars, the importance of market signals, Canada’s CBDC plans and why he is not a fan of minutes
Book notes: The Bank of England and the government debt, by William Allen
Required reading for Treasury, Debt Management Office and Bank of England staff
Interview: Seth Carpenter on the US outlook, trade and a ‘disingenuous’ Fed
UBS chief US economist and former Fed director of monetary affairs sees a gloomy outlook for first half of 2020
Seven threats from big tech’s libra
Can central banks avoid a ‘big tech’ monetary meltdown?
Fed cuts rates and makes further ‘technical adjustment’
Fed doesn’t see funding pressure episode having implications for its ability to control rates
US senator calls for hearings on Fed’s role in 2020 elections
Republican accuses former NY Fed chair Dudley of trying “sabotage” Trump’s trade talks
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
The Fed’s trade policy dilemma
FOMC should loosen, but members must speak out more forcefully against tariffs, writes Barry Eichengreen