United States
ZLB increases equities-oil correlation – St Louis Fed research
The assets were uncorrelated until late 2008, when Fed took federal funds rate to zero
Don’t unwind financial regulation, says Fed’s Mester
Tighter regulatory measures have increased resiliency, Loretta Mester says
Housing inequality creates credit inequality – NY Fed’s Hirtle
Older people with less need of credit have seen the value of their collateral rise more
Mester backs review of Fed’s inflation targeting framework
Cleveland Fed president says 2% target may not be suitable for low interest rate environment
San Francisco Fed stresses diversity in search for new president
Mark Gould to serve as interim head as Williams takes over NY Fed
US rates will rise less than in previous expansions – Fed’s Williams
Higher savings and lower productivity growth means “new normal” will continue, Williams says
Regulatory efficiency or rollback?
Team USA’s new clarion call for regulatory “efficiency” comes with a worrying undertow, particularly related to regulatory rollback and ‘light-touch’ supervision of algorithms
US sanctions Iranian central bank governor
Valiollah Seif and another senior official accused of transferring funds to militant group
People: Weidmann re-elected as chair of BIS board
Korea appoints deputies; new Malaysian prime minister appoints team of economic advisers; new vice presidents in Richmond and Atlanta
Brainard ‘optimistic’ DLT has future in financial services
While privacy remains a concern, Fed board member believes resilience of the technology means it has a future, even if crypto dies out
Fed nominees back regulatory efficiency drive
Nominees stick to efficiency line despite hostile questioning from some Democrats
US consumer inflation expectations are on the rise – NY Fed
Median one-year price rise expectations increase to 2.98% in April from 2.75% in March
The toxicology of post-crisis shadow banking
Mark Carney tempted fate in 2017 when he declared the most toxic forms of shadow banking “no longer represent a global stability risk”. Did he speak too soon?
Adrian and Rey: macro-prudential tools needed to resist ‘bad booms’
Economists say monetary policy cannot fully control local conditions; Hélène Rey calls for improved early warning models
Growth of US remote payments outpaces in-person transactions
Remote transactions grew faster in volume and value than in-person payments in 2016
Atlanta’s Bostic concerned by ‘proliferation of models’
Regional Fed chief says more needs to be done to understand how machine-learning algos could contribute to a major shock
Slowdown of US growth is temporary, Dallas Fed says
Despite weaker growth in Q1, the labour market keeps tightening and demand is solid
Voluntary reserve targets can aid transmission – Fed paper
Voluntary targets could help central banks set policy more effectively
Fed’s Quarles backs light-touch regulation on machine learning
SEC’s “circuit-breaker” can act as model for regulating innovative tools – Fed vice-chair
‘Black box’ models present challenges – US regulators
US officials say they have some powers to assess AI tools, but resourcing is problematic
Dramatic fall in Bitcoin price correlates with introduction of futures, authors argue
Dramatic fall in Bitcoin price correlates with introduction of futures, authors argue
People: Carney gets new senior adviser
Bank of England creates new senior adviser role; IMF appoints chief information officer; and more
FOMC signals patience as rates stay on hold
Minutes emphasise “symmetric” target, noting inflation expectations are still “low”
US will implement trading book reforms, insists Fed official
“I don’t know why people doubt” US adoption, says Lynch