United States
Credit cards account for more than half of all payment cards in the US, report shows
Credit cards accounted for 334 million of the 776 million ‘general purpose cards' used in 2012; Over 250 million mobile payments made using mobile wallet application, Fed study finds
IMF calls on Fed to formally explain policy normalisation strategy
IMF stresses need for 'greater clarity' on how Fed intends to exit accommodative policy stance; warns use of Fed funds rate could 'pose challenge' amid balance sheet reduction
IMF paper attempts to pin down output gap
Members of the Fund's European department build new models incorporating financial frictions to estimate the output gap in the US during the Great Moderation and beyond
Price competitiveness strong in the US but weak in China, Bundesbank paper finds
Proposes ‘simple productivity approach-based' method for calculating a ‘consistent set of multilateral indicators' of price competitiveness
Fed levies record fine on sanctions-busting BNP Paribas
The Fed's fine of $508 million is part of a massive $9 billion fine for the French-based banking group for dealing with Iran, Cuba and Sudan in violation of US sanctions
NY Fed’s Dudley calls on Puerto Rico to improve financial reporting
‘Unique status’ means troubled Caribbean economy is not regularly surveyed by public agency like the US Census Bureau or the IMF
Fed tapers another $10 billion as US growth rebounds
Starting in July, bank will buy $35 billion of extra assets each month; taper finished by year's end at current pace
'Intra-firm borrowing' reduces liquidity risk at 'global' US banks, say NY Fed staff
New York Fed staff report finds 'fundamental differences' between banks with and without foreign affiliates
Fed overhauls collateral requirements for discount window
The changes, including separate requirements for fixed-rate and floating-rate loans posted by depository institutions, could make it harder to obtain central bank liquidity
US overtakes Taiwan as offshore RMB clearing centre
The value of RMB payments between the US and China jumped 229% in the year to April 2014, helping the US overtake Taiwan as the third-biggest offshore RMB clearing centre
SNB's Jordan says Fed fines raise ‘fundamental' questions for Swiss banking
Credit Suisse pleads guilty to helping US clients evade taxes by setting up offshore accounts; SNB chairman cites ‘major reputational damage' to industry
Tarullo addresses Dodd-Frank's impact on mid-sized banks
The Fed governor notes these lenders 'vary enormously in size' and bridge current $50bn bar for enhanced prudential supervision; suggests 'line might be better drawn' at $100bn
Yellen says Fed's balance sheet will shrink ‘considerably'
Federal Reserve chair Janet Yellen hints central bank may stop rolling over QE principal as early as next year; denies that Fed policies have exacerbated inequality by ‘goosing' stock market
Fed slows asset purchases to $45 billion a month
Growth in economic activity has picked up recently, after having slowed sharply during the winter in part because of adverse weather conditions, the FOMC notes
Yellen promises ‘tailored' regulation for community lenders
Fed chair says regulator will become ‘smarter' in applying rules to ensure smaller lenders can thrive, while still addressing ‘too big to fail'
ECB paper finds eurozone inflation better anchored than US
Analysis of medium- and longer-term inflation expectations at times of economic shocks finds European inflation expectations more firmly anchored than in the US
Dutch say US stress tests produced ‘valuable information’
Researchers find the disclosure of stress test results in the wake of the financial crisis had a ‘strong’ effect on credit default swap spreads, but less of an impact on stock returns
FOMC minutes reveal disagreement on forward guidance
Members emphasised ‘uncertainty associated with using thresholds, triggers, or floors' as part of forward guidance in March video conference
Effect of a monetary policy shock is volatile over time
Research using 100 years of US economic data finds the sensitivity of the economy to monetary policy shocks has changed ‘dramatically'
US banks get stay on Volcker rule
The Federal Reserve has given banks until July 2017 to shed investments in collateralised loan obligations, potentially saving them millions of dollars
Fannie and Freddie served as 'disciplining device' in sub-prime market
US mortgages eligible to be bought by Fannie Mae and Freddie Mac before the financial crisis had 'similar ex ante risk characteristics' to other mortgages, but performed better during crisis
Richmond Fed study shows 'dramatic crossover' in payment methods of US citizens
Study evaluates Fed data tracking 2,500 participants making close to 13,000 payments during three days in October 2012, shows many seniors sticking to mail as main payment method
Fed finds 75% of US citizens reluctant to pay by phone
While mobile banking continues to grow, many consumers are growing more sceptical of services and the security of the technology, according to a Fed survey
Stress test revisions ‘an embarrassment’ for the Fed
Federal Reserve revises stress test results due to ‘inconsistent’ assumptions of banks’ capital plans; ‘undermines confidence’ in the institution, according to former official