North America
Trump sets up committee to investigate Cook
Courts had previously ruled US president had not followed due process in trying to fire Fed governor
AI not having major impact on US graduate jobs – study
NBER researchers say changes in employment market are not statistically significant
Dollar losing ‘convenience yield’ outside US – NBER paper
US-based investors favouring repo over Treasuries, authors find
Dollar’s decline has been overstated, says NY Fed study
Fall in greenback’s share of FX reserves driven by concentrated drop among small number of states
DNB moves North America-held gold, citing ‘geopolitical unrest’
Dutch central bank insists it has ‘excellent relationships’ with NY Fed and Bank of Canada
Taxing unrealised gains could support financial stability – study
BoE paper finds conventional capital gains tax cuts historically increased asset price volatility
Sticky wages help explain depressed US sentiment – paper
Lack of salary indexation, rather than inflation, to blame for decline in sentiment, authors find
Federal Reserve holds rates with three members dissenting
Hammack, Kashkari and Logan push for 25bp rise in what FOMC chair says was a collegial ‘family fight’
Closer PBoC-CBL ties reflect China’s strategic aims, says expert
Central Bank of Libya to enter China’s payment system and bond market
MBS convexity hedging: back with a vengeance, or ghost story?
More bonds now sit with active hedgers but market is split on whether flows can move US rates again
Have regulators gone soft on enforcement? (And should we care?)
US agencies are scaling back punishments for technical rule breaches, raising concerns that small but crucial risks may be ignored
Unclear whether AI will reduce or heighten inequality – Barr
Fed governor’s caution contrasts with Warsh’s more bullish stance
How US regulators could stop management driving Camels
Supporters flag disconnect from other indicators; critics fear early warnings will go unnoticed
US regulators throw banks a curveball on committed credit lines
New Basel III charge on undrawn facilities will hit largest banks in areas like fund finance and credit cards
Fed will ‘follow the law’ and ‘the data’ – Warsh
Chair tells Congress his aim is to keep US central bank out of politics
Bowman shuns CECL. Friends say it just needs a little help
How far should FASB go in reforming credit-loss accounting rules?
NY Fed study points to more tariff-related inflation in US
Survey shows many firms plan to pass on further costs to customers over coming months
Rajan, King and Stein to head Warsh’s Fed task forces
Former governors among experts asked to help ‘advance the cause’ of US monetary policy
FOMC worried about inflation despite rate hold
Minutes of June meeting highlight ‘broad-based’ price rises and persistent core inflation
Supreme Court ruling does not end threats to Fed, say experts
Trump likely to continue pursuing Cook while seeking further influence over monetary policy
EUR vs USD stablecoins is the wrong debate
Market structure and regulatory cohesion is at the centre of the stablecoin liquidity evolution, says Flow Traders’ digital assets head