The Americas
DFAST monoculture is its own test
Drop in frequency and scope of stress test disclosures makes it hard to monitor bank mimicry of Fed models
World Bank Ramp membership stronger among smaller teams
Share of central banks participating in network rises year on year
Central banks on average intervened in FX markets 21 times in past year
Minority of respondents expanded access to swap lines
Central bankers’ compromised immunity
Just how much legal protection should officials have from spurious lawsuits or wrongful dismissal?
Majority of reserve management strategies unchanged by US tariffs
Some central banks have changed duration or currencies, but for most, business remains as usual
Brazil holds rates at 15% with hawkish guidance
Rate-setters say they would “not hesitate to resume” hiking cycle if necessary
Fed eases by 25bp as concerns grow over US labour market
Experts differ over impact of tariffs on inflation and unemployment
Securities lending banks engage external managers for new assets
Allocation to third parties rises year on year to 15.6% on average
Investment remains largest tranche of most FX reserves
Asset-screening central banks more likely to operate other tranches
Senate confirms Miran, while court allows Cook to stay
President’s nominee and person he tried to fire will both attend this week’s FOMC meeting
Smaller reserve holders rarely lend securities or conduct stress tests
CVAR remains widely used risk management technique
Reserve managers typically do not employ negative screening
Central banks with short-term import coverage more likely to utilise tool
Be proactive on AI and quantum, Riksbank deputy says
Authorities should collaborate despite geopolitical tensions, says Aino Bunge
Many managers assess reserves with benchmarks and other approaches
Central bank board remains top body granting approval for reserve benchmarking
European central banks shift reserves from US Treasuries to euro assets
US Treasuries still make up largest share of respondents’ reserves globally
Cook wins latest round in battle against dismissal from Fed
Court rules that Trump does not appear to have sufficient grounds to fire governor ‘for cause’
How FX pricing is adapting to Trumpian markets
Dealers are tying pricing engines to new signals in effort to cope with out-of-the-blue moves
Two in five large reserves holders reduce dollar allocations
Yet central banks’ FX holdings remain broadly denominated in US currency
Reserve managers widely satisfied with staff strength and resources
Large reserve management teams tend to earn higher salaries
The investors who aren’t fretting over Trump’s stat sulk
Some see dismissal of statistics agency chief as an assault on US institutional integrity; for others it offers a chance to throw off outdated methods
How much do investors really care about Fed independence?
The answer for some is more nuanced than you might think
How to solve the Fed’s $300bn FRTB problem
A sacrifice will have to be made to ensure new market risk rules meet demands for capital neutrality
Six central banks report increase in AML/CFT risks
Nine in 10 institutions indicate having sufficient powers to deal with risks
Central banks see cyber attacks as key financial stability risk
Respondents also reveal other elevated risks, including geopolitics and tariffs