North America
NY Fed’s push for repo haircuts gets a tepid response
New risk management standards could make it harder to finance US Treasury purchases
Fed unveils plan to cut leverage ratio requirements
Bowman says proposed eSLR reform will free up banks’ capacity to deal in Treasury market
Hedge funds scale back steepener positions as risks rise
Uncertainties around US Treasury issuance and timing of Fed rate cuts see investors trim ‘consensus’ trade
Experts expect Fed to hold firm in face of Trump’s attacks
Economists believe FOMC will hold rates, despite White House’s calls for policy to be eased
US bank profitability measure continues rising – study
Net interest margin climbed throughout 2024 and Q1 2025, St Louis Fed research finds
Mexico’s deputy governor hints at rate hold
Heath says analysts disagree with central bank over timeline on taming inflation
Trump: Powell is a ‘numbskull’ for not cutting rates
President calls for 100bp easing, while vice-president says Fed policy is “monetary malpractice”
Capping interchange fees would benefit cash and card users – Fed study
Authors say limit on payment card charges would be advantageous for both customers and merchants
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