United States
NY Fed economists reveal big-data approach to nowcasting
Paper sets out the New York Fed’s model for producing early estimates of major indicators
Do not assume history will repeat itself – Yellen
In conversation with Mervyn King, Janet Yellen reflects on her four years in office as Fed chair, saying there was not time for champagne on her first day
People: Yellen to leave Fed in February; Curaçao names temporary governor
Janet Yellen to step down from Fed board; retirement crisis sees flurry of appointments at Curaçao and Sint Maarten; Carstens hands in chairmanship at IMFC; and more
Fed’s Williams proposes new tools to deal with future crisis
Structural factors beyond central banks’ control keep natural rate of interest lower
Low productivity might not be weighing on real rates – research
Long-run correlations imply there is little reason to believe low productivity is associated with low rates, Cleveland Fed economist finds
US economy requires neutral policy – Atlanta Fed president
Although the labour market is approaching full employment, inflation remains subdued
TCH launches real-time payment platform in US
Firm launches US’s first real-time payment system, cutting transaction times from days to seconds
Central banks should combine monetary rules to achieve objectives – research
Estimates based on different models should be updated regularly, authors say
Forward guidance essential in times of stress – Fed’s Evans
Chicago Fed president says central banks should plan for inevitable future scenarios now, in order to best prepare the public and to ensure policies are understood
Fed’s Harker ‘pencils in’ rate hike for December
Philadelphia Fed governor expects rates to rise 25bps before 2018, adding balance sheet normalisation is likely to “take some time”
Bernanke, Geithner and Paulson to conduct forensic analysis of 2008 crisis
Protagonists of US crisis response to lead research into detailed design choices behind the main measures taken
Softened liquidity rule would still be misguided – US asset managers
The Treasury proposals are welcome, firms say, but a watered-down SEC rule would leave risks unaddressed
Fed’s Quarles wants more transparent and simple financial supervision
Vice-chairman stresses importance of clearly conveying objectives of regulation and supervision
NY Fed paper estimates US contagion risks
Authors design a network model incorporating non-banks to estimate how the risk of a “default cascade” has changed over time
Dudley: use ‘paring knife not meat cleaver’ on Dodd-Frank
New York Fed president accepts that some elements of Dodd-Frank could be improved, but also says vulnerabilities remain
New York Fed’s Dudley set to retire early
William Dudley says he wants to ensure a successor is in place “well before” the end of his term
Trump nominates Jerome Powell as Fed chair
As a Fed governor, Powell has never issued votes of dissent against FOMC decisions
FOMC shrugs off hurricane damage
Rates on hold as committee judges economy to have weathered damage from two hurricanes
US senators chase regulators on Treasury market reform
Crapo and Warner push regulators to ensure reforms to improve transparency are still in the pipeline; gaps in data remain a concern
Anti-gambling nudges can improve household finances – Philly Fed research
Natural experiment shows how removing “geographically close cues” can help tackle addiction
Market structure affects monetary neutrality – paper
Minneapolis Fed research finds oligopoly undermines the neutrality of money, amplifying the real impact of monetary shocks
People: MAS appoints cyber security chief in management reshuffle
MAS makes promotions including first chief cyber security office; Visco confirmed; Republicans turn on Yellen; Richmond Fed picks CFO; new chief of staff in Paraguay
DLT has ‘more potential for change’ outside US – Boston Fed VP
Jim Cuhna says distributed ledger technology can transform financial services not only in payments but also in securities settlement; challenge is finding use cases
US debt and delinquency exceed pre-crisis levels – research
After five years of deleveraging, US households started to increase their debts in 2013