United States
CFTC chairman expects to resolve EU-US CCP spat
Giancarlo lauds relationship with EU’s Dombrovskis
Public should be allowed to open accounts with central banks – research
St Louis Fed paper argues against central banks launching full-blown digital currencies, but says an electronic form of central bank money “would be easy to implement”
Few US low-wage workers progress in labour market – Fed research
Only 5% had a better job within one year, and the group is more likely to become unemployed
US regulators fine Wells Fargo $1 billion over abuses
OCC gains legal powers to remove board members in relation to alleged malpractice
US steel tariffs likely to damage labour market – NY Fed research
Exporters who need steel imports face higher input costs, possibly leading to lower employment
The Bank of Italy’s approach to risk-based budgeting
The financial crisis blurred the lines between Anglo-Saxon and continental European central bank models, presenting challenges when treating both the sources of risk and risk-bearing capacity using financial and accounting budgeting techniques
Higher expenditure in services limits trade growth – Fed paper
Growth of trade in 1990s and 2000s may be anomalous, researchers say
Dudley backs floor-based system for setting monetary policy
New York Fed chief highlights drawbacks of pre-crisis corridor system
Satellite night-time light data could forecast US exports – Fed paper
Night-time lights offer a quick and accurate picture of economic activity, researchers say
Fed’s Brainard warns of ‘financial imbalances’
Fed board member points to risks in high asset prices and business debt
CFTC’s fintech catch-up effort includes ‘global sandbox’ push
Chairman Christopher Giancarlo says the US derivatives regulator is seeking co-operation agreements around the world
Quarles: yield curve flattening not “likely” a signal of recession
Flattening of yield curve is due to “expected lags” in the adjustment of longer-term rates once shorter-term rates start to rise, says Fed vice-chair
Fed forecasts overcompensate for trend deviations, paper says
Federal Reserve tends to “overpredict” growth when the economy is running below trend
Central banks: the economy’s emergency responders
When economic infrastructure is destroyed during natural disasters, central banks spring into action, engaging contingency plans to ensure the economy continues to run
Student debt has wider ramifications for US economy – Harker
Older generations are taking on new debt to help younger family members
Quarles advocates end to ‘micromanagement’ of supervised banks
Fed’s vice-chair for supervision aims to preserve a secure financial system and foster efficiency
CFTC’s Pan: PFMIs not a template for global regulation
US regulator has previously warned EU supervisors not to unpick hard-won equivalence agreement
Clarida and Bowman nominated to Fed
Monetary economist and community bank specialist picked to fill vacancies on Fed board
US labour participation rate down more than OECD average – Dallas Fed
Higher incarceration rates and worse social services may partly explain trend
Irish deputy governor warns of Brexit risks
But Ed Sibley says “much of the heat has gone out of regulatory arbitrage issue”
FOMC minutes show members expecting higher US inflation
Fed’s rate-setters say current fiscal policy has few historical parallels
Fed proposes changing leverage ratios for largest US financial firms
Proposals would make leverage ratios “more closely tailored” to firm’s risk profile, Fed argues
FCA prepares crackdown on inaccessible Mifid data
UK regulator says approved publication arrangements not observing spirit of the rules
Central bank data shows Venezuela is in ‘stealth default’
Debt repayments have rapidly decreased since October 2017, data shows; reports suggest Goldman Sachs has been paid