United States
Fed should avoid communicating without a framework – Musalem
St Louis Fed president outlines his preferred view of monetary policy comms
US firms are actively divesting from China – Fed note
Businesses have been shrinking Chinese holdings since 2020, research suggests
AI not having major impact on US graduate jobs – study
NBER researchers say changes in employment market are not statistically significant
Book notes: The unanchored central banker, by Manoj Pradhan and Charles Goodhart
A book sparkling with provocative opinions that challenges readers to rethink central banking amid evolving macro trends
Low- and middle-income US households most hurt by housing inflation – Barr
Governor signals more rate hikes to come to tame inflation
Washington is guarding against the wrong dollar threat
Brics nations did not launch a common currency in New Delhi. The payment networks they are building may matter more
US rates surge sparks new wave of FX net investment hedging
Corporates pile into currency hedges to protect value of foreign assets and capture positive carry
Canadian households and firms adapting to volatility – Macklem
Country has gone through ‘several stages of grief’ over death of open trade with US, says governor
Regulatory risk aversion contributed to SVB failure – Bowman
Supervisors ‘knew, or should have known’ about risks a year before bank’s collapse, says Fed vice-chair
Dollar losing ‘convenience yield’ outside US – NBER paper
US-based investors favouring repo over Treasuries, authors find
PRA struggles to follow Fed’s FRTB modelling moves
Market risk experts say minor differences in US rules add up to more incentives for IMA adoption
The Fed enters a new epoch
Chair Kevin Warsh takes his first steps to transform the US central bank
Resolution planning needs to be broader and more intense – report
Strengthening capital alone will not prevent bank failures, Bretton Woods Committee finds
Fed’s AML plan may mean ‘inconsistent’ supervision
Industry groups says Fincen should have co-ordinating role
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
Waller steps up to the plate with rationale for rate setting
Fed governor compares himself to baseball umpire and says data will determine his next FOMC vote
Bank of Canada extends rate hold as trade war intensifies
Macklem says surprise uptick in growth is fragile thanks to new US tariffs and high petrol prices
Central bank credibility not just about legislation – paper
NBER researchers say once independence has been granted, trust still has to be earned
Central bank reserve managers unnerved by Treasury market woes
Officials are unsettled but constrained as US creditor base shifts to private hands
Warsh declines to outline Fed’s reaction function
Chair tells Jackson Hole that ‘humble, never naïve’ approach will work and assesses US economy
Book notes: The almighty dollar, by Brendan Greeley
The history of the currency that came to be ‘the dollar’ is the centrepiece in an otherwise confused book