North America
Acting US currency comptroller defends pre-emption
Hood says principle is in line with federal law and court precedent
Quarles to lead review of FSB monitoring
Appointment of former Fed vice-chair reflects shift in focus for global body
Tariffs will raise US prices throughout 2025 – Fed governor
Kugler says progress on core goods inflation has been reversed and trade policy could make things worse
Inflationary shocks hurt US labour market and output – Fed study
As real wages decline, workers search for new, less economically productive jobs, research finds
Chance of US recession lower, but still high – NY Fed study
Authors say model puts chances at 75%, compared with 83% at beginning of 2024
Jobs, not prices, are main reason for dissent on FOMC – study
Votes show unemployment in presidents’ districts is of greater concern to them than inflation
Trump’s trade policy a ‘wildcard’, says Bostic
Atlanta Fed president says tariffs picture is “unsettled” and calls for patience on monetary policy
Trade trends favoured China over US even before tariffs – study
St Louis Fed research shows long-term re-anchoring of countries’ trade links between 2002 and 2022
Supreme Court ruling raises storm clouds for Fed
Decision to allow dismissal of agency staff without cause poses risks to bank’s independence, say experts
Stablecoins impact US Treasury yields – BIS paper
Sector’s continued growth could affect monetary policy transmission, authors say
Why making cents no longer makes sense
Experts praise US Treasury’s decision to stop minting pennies, but question policy’s implementation
Fannie, Freddie … and Donald
Trump’s plan to privatise GSEs may pose systemic risks if not done properly – and Fed may have to intervene, say experts
Leverage ratio reform: the good, the bad and the Treasury
A simple cut would be less likely to stoke interest rate risk than exempting US government bonds
Supply chains more normal than they seem – Richmond Fed study
Research says index compiled by New York Fed points to business as usual
US faces mounting costs if trade war escalates – study
Fed economists monitor effect on asset and consumer goods prices under blanket 25% tariff
Why US banks are not taking their eye off reputational risk
The concept may be removed from supervisory exams, but the 2023 crisis showed the risk is real
Tariffs not the only policy causing uncertainty – Fed presidents
Officials highlight risks from US administration’s approaches to deregulation and immigration
US citizens increasingly reluctant to relocate – study
Richmond Fed research cites multiple causes, including narrowing gender gap and seniors’ wish to stay put
Mr Bessent goes to Basel: the fate of global bank regulation
US resistance to international standards could spark greater fragmentation of prudential rules
Growth in US CRE loans hits 11-year low – research
St Louis Fed study says developers responding to higher costs and lower demand
Muted consumer sentiment may not presage low US growth – study
Kansas City Fed research says people’s pessimism does not automatically mean they will spend less
GSEs not lending as much as they appear to be – NY Fed paper
Much of enterprises’ loans to “real economy” are in fact financed by other types of institution
Bank of Mexico puts growth before prices with rate cut
Economists say decision reflects concerns about possible tariff-induced recession
Dallas Fed study adds to official scepticism of US tariffs
Research says potential for domestic gains will depend on other countries not responding