United States
SEC criticised for belt-and-braces ban on volume-based pricing
Legal experts question need for rules to prevent firms disguising agency trades as proprietary
People: Egyptian president extends acting governor’s term
BCIE elects first woman president; Esquivel joins Sheinbaum team; and more
PCE inflation falls in the US
Atlanta Fed president says data suggests inflation will only continue to fall
Heatwave cost Texas 1% of GDP in 2023, says Dallas Fed research
Higher temperatures have significant effects on productivity, but less on jobs, paper finds
ECB paper studies ESG ratings’ effects on debt costs
Downgrades had only temporary effect on US firms’ bond spreads, researchers find
CBDC features will have financial stability effects – Fed paper
Design choices could cut chance of bank runs and disintermediation, authors say
Smaller US banks face unequal real estate risk, paper says
St Louis Fed research finds lenders hold 40% to 75% of commercial real estate debt
Treasuries market is robust, NY Fed officials tell conference
Financial markets need more data transparency, though
Chinese regulators grant Mastercard bank card licence
PBoC gives US firm approval to issue yuan-denominated cards after Xi-Biden meeting
FDIC to review sexual misconduct and discrimination allegations
Agency promises ‘independent review’ as chair faces charges of improper behaviour
Foreign real estate investment increases employment – research
The authors found the properties are often left empty, but drive up home values and employment
US cash usage may have hit its floor, says Boston Fed
Consumers prefer credit cards, the top payment method in 2022, for online payments
US-China trade is falling, Fed researchers find
Fall driven by advanced technology trade, but other US allies are not following suit, paper finds
People: Philadelphia Fed hires new number two
Indian and UK central banks make senior appointments; and more
Fed’s Cook is concerned about non-banks and real estate prices
Hedge funds could rapidly pull out of Treasury cash futures market
CFPB proposes supervising large non-bank payment firms
Regulator says this is a part of a larger programme to monitor big tech
IMF proposes 50% increase in quotas but no voting reform
Proposal likely to be acceptable to US but would not boost emerging markets’ representation
Asian bond spreads with US not widening, BIS research finds
Central banks’ actions have decoupled EME bonds from stronger dollar, researchers say
US fiscal stimulus decreases output in rest of world – research
A helicopter drop policy could be the most effective co-ordinated effort
Fed holds rates steady again
Powell said the question the committee is asking is should it hike rates more
Book notes: The economic government of the world 1933–2023, by Martin Daunton
A deep dive into the politics, personalities, trade theory and trade practice of the era, but missing a crucial element: the collapse in the US stock of money
US sanctions Russia-linked investment bank in Hungary
Orbán government withdraws from lender called “spy bank” by opponent
Fed proposes lowering permitted debit card fees
Proposal draws ire from Michelle Bowman and banking trade associations
Remittances to Mexico reach record high, says Dallas Fed
Researchers say strong US construction sector fuels funds transfers