United States
Analysts see Hong Kong peg under scrutiny
Hong Kong dollar reached lowest level in nearly a decade this week, putting long-standing peg ‘under fresh scrutiny' and prompting fears of possible attack
IMF cuts global growth forecast on back of EM challenges
Maurice Obstfeld says emerging markets and developing economies account for more than two-thirds of revisions; largest changes come in Brazil, where the MPC meets today
Paper finds positive impact from Dodd-Frank swap rules
Compulsory trading via swap execution facilities has boosted liquidity and cut trading costs in the market for interest rate swaps, working paper published by BoE finds
New York Fed president keeping eye on expectations
William Dudley expects inflation expectations to increase if the economy keeps growing at an above-trend pace, but any deviation could be cause for concern
Senate blocks proposal to conduct ‘full audit’ of the Fed
‘Audit the Fed’ bill fails to secure support needed to proceed to Senate floor; Bernanke joins ranks of current and former Fed officials warning of potential threat to independence
Lockhart to watch inflation closely over the coming year
‘Mildly not wildly’: Atlanta Fed president remains optimistic for 2016 outlook, adding rate hikes not likely to occur at every meeting
Kaplan urges careful consideration of volatility
Federal Reserve Bank of Dallas president Robert Kaplan warns of the potential for further market volatility as normalisation continues
IMF paper compares impact of monetary and macro-prudential policies
Research considers effects of measures in ‘systemic advanced economies’ on financial conditions both at home and abroad; monetary shocks in US can have ‘significant’ impact
US delivers strong jobs growth to end 2015
Report shows nonfarm payrolls expanded by 292,000 in in December, while figures for both October and November revised up; unemployment rate unchanged at 5% for the third consecutive month
Risk that US public lowers inflation expectations, Chicago Fed president warns
The Federal Reserve’s undershooting of its inflation target in recent years may lower the inflation expectations of the American public, making future monetary policy harder, Evans warns
Emerging markets more vulnerable than developed economies to policy reversals, paper finds
Working paper published by the IMF considers impact of unconventional monetary policy in major economies on global liquidity and monetary conditions
Rate rises may be appropriate when asset prices are high, Fischer says
The Fed's vice-chair says raising interest rates may be appropriate if asset prices reach ‘excessively high’ levels across the economy; he weighs the options for tackling ZLB constraint
Chilean central bank spells out risks to outlook
Central bank expects inflation to return to 3% target by end of 2017 according to latest forecasts; details risks from home and abroad to macroeconomic outlook
IMF reforms approved by US Congress
Christine Lagarde and the People’s Bank of China welcome the approval of the US Senate for quota and governance reforms at the IMF, agreed by the board in 2010
Yellen warns not to 'overblow' liftoff as Federal Reserve raises rates
Federal Open Market Committee will keep close eye on ‘actual and expected progress’ toward 2% inflation, after embarking on first tightening cycle since 2006 with 25bp hike
BIS paper finds close link between MBS and bond yields
Authors find ‘strong empirical evidence’ for feedback between mortgage-backed securities and bond yields, with the effects proving transient and ‘hump-shaped’
IMF expands lending rules around countries in arrears
Fund announces new approach to lending to countries in arrears with official creditors, moving away from focus on Paris Club agreements
TCH and VocaLink set sights on US real-time payments
CEOs emphasise effort to create level playing field for 14,000 US financial institutions to access the system, as the firms finalise real-time payments deal
Forecasters expected ‘significant’ drop in bond yields in wake of Fed easing, paper finds
Staff report published by the Federal Reserve Bank of New York examines how professional forecasters revised their predictions in aftermath of Fed decisions
Bernanke and Trichet join Pimco global advisory board
Global investment management firm compiles new global advisory board from leaders in the world of economic and political policy
Yellen signals growing confidence ahead of Fed decision
Fed chair expects some key headwinds to inflation to diminish next year; continued improvements in labour market and stable expectations help ‘bolster’ her confidence in a return to target
‘Gradual and low’ may be new normal for Fed, Brainard says
Lael Brainard says lower neutral interest rates and stubborn inflation make it likely the federal funds rate will need to be tightened ‘more gradually and to a lower level’ than in the past
Historical data supports fiscal theory of the price level, Bundesbank paper argues
Data from the US, Germany and Italy give policy-makers useful data on the long-term influence of fiscal policy on inflation, a Bundesbank discussion paper argues
Fed to encourage supervisory staff to air divergent views
Federal Reserve will develop practices encouraging staff to exchange and respond to divergent views in 2016; New York Fed and Richmond Fed boost supervisory resources following review