United States
Personal integrity key in battle for better culture, Lagarde says
IMF head calls for action to rebuild trust in the financial industry at the New York Fed conference; Fischer says it is impossible to improve the culture and then ‘retire from the battlefield’
Fischer defends Fed independence
Attempts to make the FOMC adopt a policy rule and 'audit’ its decisions would restrict the Fed’s independence without generating much benefit, Stanley Fischer argues
Yellen would ‘welcome’ vice-chair of supervision
Fed chair says an appointment to the long-vacant post would be welcome, but stresses the ‘outstanding job’ board member Tarullo has done leading work in the area
Research assesses South Africa’s vulnerability to Fed hike
Countries with large ratios of external financing needs to foreign exchange could be more vulnerable to Fed rate hikes, working paper finds
Fed rate rise given the ‘amber light’
Federal Reserve holds rates but hints there could be action at the December meeting; analysts still seeing mixed signals
Vocalink to deliver ‘new generation’ real-time payments in US
CEO David Yates tells Central Banking there will be unique challenges to delivering real-time payments in the US, as Vocalink is chosen to provide software behind faster payments project
Venezuelan central bank sues US data website
Central bank accuses black market data website of artificially raising the rate of inflation in the country
Kohn warns of 'serious shortcomings' in US macro-prudential framework
Former Fed vice-chair says inability to impose LTV and LTI ratios on mortgages may imperil US rate weapon at a time when central bank is failing to meet targets
Fed support high on wish list for buy-side repo clearing
Risk USA panellists want liquidity support for planned new services
Brainard mulls how to reduce ‘undue’ regulatory burden
Fed’s Lael Brainard discusses potential areas for reducing regulatory burden faced by banks; warns process may take longer where interagency agreement needed
‘Great moderation’ due to weaker recoveries, paper argues
The ‘great moderation’ in the US economy is still significant if analysed using a longer data set than previously, researchers argue; one of two significant falls in US volatility since 1875
Bullard offers alternatives to cutting reserve bank dividend
St Louis Fed president takes issue with congressional proposal to cut dividend paid to largest banks; suggests tying amount paid to benchmark rate instead or eliminating it completely
US softens discourse on renminbi ahead of SDR review
Treasury drops 'significantly undervalued' reference in flagship report to Congress on foreign exchange rate policies ahead of IMF review next month
Research moots greater regulation of US Treasury market
The authors discuss the potential for incentivised or mandated liquidity provision by primary dealers and the introduction of designated market-makers to counter greater instability
People: NY Fed appoints supervision head; Israel reorganises supervision department
Kevin Stiroh to head financial institutions supervision group at New York Fed from October 26; departure of two deputy supervisors from Bank of Israel prompts reshuffle; and more
FOMC minutes spell out inflation concerns
Several members were concerned disinflationary pressure from low oil prices and a strong dollar could persist longer than anticipated and ‘delay or diminish’ the expected rise in inflation
Failed normalisation could hold back growth, IMF warns
Flagship report presents different scenarios based on whether the normalisation of monetary and financial conditions progresses smoothly or not; process could stall if risks crystallise
Economists push IMF reforms back into spotlight
Indian economists make case for ‘more radical’ review of resource and representation in the future; Nordic and Baltic countries press for ‘interim steps’ towards delayed 2010 reforms
Chicago Fed official slams CFTC, SEC over HFT regulation
'You cannot have 80% of the market being just HFT,' says Rajeev Ranjan, a member of the reserve bank's economic research department
Boston Fed conference lays bare uncertainty over macro-prudential policy
Central bankers raise concerns over theoretical and practical barriers to exercise of macro-prudential policy in the US and the appropriate role for monetary policy
IMF working paper explores spillovers between United States and eurozone
Spillovers from the eurozone to the US have been ‘considerable’ since 2014, reflecting policy easing in Europe, IMF paper notes
Weak jobs report sends dollar tumbling
Report shows nonfarm payrolls increased by just 142,000 in September, while July and August totals have been revised down; dollar drops by almost 1% against euro
Fed policy has ‘little impact’ on labour market, paper says
Paper published by Minneapolis Fed argues there is little the Fed can do to restore the level of employment relative to the population that prevailed before the crisis
Fed’s Dudley: liquidity warnings a ploy to weaken regulation
'Most arbitrage trading has simply ceased,' while Treasury market depth has dropped from $500 million to $130 million, bankers say