United States
SEC nominee flip-flops on Dodd-Frank rollback
Rules mandated by statute must be adopted by regulators, Clayton concedes
Positive shock could still trip up advanced economies – Blanchard
Former IMF chief economist warns high debt levels could interact with positive shocks to cause problems; backs Rogoff’s plan for a cashless society
Time to shrink Fed’s $4.5 trillion balance sheet, say presidents
Cleveland Fed president is “comfortable” changing reinvestment programme this year; balance sheet plan should be published as soon as possible, says Kashkari
Kashkari explains his sole FOMC dissent
Minneapolis chief reminds his colleagues the Fed treats 2% inflation as a target, not a ceiling; urges FOMC to publish plan for shrinking balance sheet
Carney warns of fading regulatory momentum
“Nascent risks” could threaten progress made so far if lawmakers and regulators give in to “reform fatigue”, the FSB chairman says
Fed delivers 25bp hike
Fed makes rate hike that many FOMC members have been hinting at for weeks; committee gives bullish signals on the outlook
Spanish paper proposes new measures for economic recoveries
Researchers apply new tests to data on US post-war expansions
Federal Reserve Banks to work with Swift to make cross-border payments ‘more traceable’
US payment systems partner with Swift to improve cross-border payment speed and traceability; Federal Reserve Banks and The Clearing House make gpi available to clients
Atlanta Fed names new president
Raphael Bostic will be first African-American to be a regional Fed president
US policy is “ultimate risk” for emerging markets – panellists
Expert panel says US fiscal, trade and monetary policy all have the potential to cause trouble for emerging markets in the coming months, though some risks seem over-stated
Federal Reserve publishes its first fan chart
Fed unveils new communication method as Janet Yellen makes clearest statement yet that a March hike is on the table
FOMC’s Brainard: Fed may need to raise rates in near future
“Drag” on US economy from foreign and domestic factors decreasing, FOMC member says; Brainard also calls for shrinking Fed’s balance sheet as rates rise
Bank of Italy paper looks at impact of monetary policy shocks
The impacts of eurozone and US shocks have diverged since the onset of the financial crisis, the working paper says
Sarb’s Mminele concerned about ‘geopolitical risks’
Anti-globalisation and protectionist rhetoric are at the top of the deputy’s list when it comes to risks to the South African economy this year; Brexit negotiations also a concern
Alan Greenspan says gold standard would have reined in debt
Former Fed chair says US would not be so indebted if it was on the gold standard; gold is the “primary global currency”, Greenspan says
Yellen calls for “sustainable” fiscal policy
Bank lending has grown since passage of Dodd-Frank Act, Fed chair tells Congress
Fed’s Fischer: econometric models are still flawed
US Fed vice-chair says models still cannot capture the complexities and rapid evolution of the economy – despite his hopes as an undergraduate
Tarullo resigns from Fed board
Early departure may give Trump a chance to reshape US regulation
US uncertainty puts Bank of Mexico on edge
Central bank hikes rate by 50bp as uncertainty from the US threatens inflation; international fuel prices are also a concern
UK’s PRA fines Japanese banking group for withholding information
Two arms of banking giant MUFG fall “significantly short” of regulators’ expectations, resulting in fines totalling £26.8m
BIS paper tracks US and eurozone QE spillovers
Shadow rates approach helps authors show US QE spilled across borders more strongly, though impact differed between countries
Fed paper flags risk of low rates misallocating capital
Where firms rely heavily on intangible capital, lower rates could harm firms’ investment and contribute to secular stagnation, economists warn
Fed unveils stress scenarios under revised testing approach
Tests now include model enhancements, new phase-in methods and lighter requirements for some banks; the severe scenario has been turned up a notch
US congressman: Yellen must stop international negotiations
Fed must allow President Trump to appoint new officials, Republican lawmaker says; calls for “fundamental review” of Basel III and other recent accords