United States
Post-GFC market segmentation ‘caused dollar costs to rise abroad’
Dallas Fed research sees new role for US in providing central bank swap lines
Internal investigation criticises former Boston, Dallas Fed chiefs
Report says officials created appearance of conflict of interest, but stops short of alleging criminality
Wage growth ‘has not impacted US inflation’, says Boston Fed
Study finds pay still has some way to go before reaching a level that would affect consumer prices
Lower immigration affecting US household spending power
Low immigration has contributed to increased prices of consumer goods, argues Atlanta Fed
Monetary policy is tight enough, says head of Atlanta Fed
Raphael Bostic said he expects rate cuts in Q3, but could advocate for them sooner
Reasons for refusing mortgages ‘do not explain racial disparity’
Minneapolis Fed’s study challenges explanations given for why people of colour are treated differently
Monetary policy transmission may have grown weaker – Dallas Fed
Research finds countries with slow and fast pass-through rates experience similar demand effects
Fed governor bolsters hopes for rate cuts in 2024
Strong state of US economy means there is no need to rush, argues Christopher Waller
Local preferences affect US bank lending to minorities – research
Ethnic minorities’ credit access is affected by stakeholders, NY Fed paper finds
Fed paper presents new way to measure consumer welfare
Consumer preferences change in line with incomes, researcher argues
Central banks should co-ordinate policy – Minneapolis Fed paper
Policy-makers should consider decisions’ effects on world real rate, authors say
Bundesbank paper looks at core inflation uncertainty
Higher uncertainty over inflation acts like positive demand shock, researchers find
Extreme temperature harms household finances, warns paper
Payday loan delinquency and defaults increase during extreme weather
Communicating uncertainty helps curb expectations – BoC paper
But conveying uncertainty about inflation weakens link between inflation and spending plans
Researchers warn US vacancies are ‘untethered’ from other data
Minneapolis Fed economists say US could face “more substantial job losses”
Dallas Fed chief backs slower balance sheet runoff
Lorie Logan says liquidity is no longer “super abundant”
Former NY Fed chief calls for overhaul of discount window
Dudley’s proposed changes include prepositioning collateral, cutting costs of secondary credit facility
Alberto Musalem becomes St Louis Fed president
Musalem will start on April 2 and be a voting member of FOMC in 2025
Repo bankruptcy exemption carries ‘significant costs’ – paper
Apparent liquidity boost from US rule is undermined by greater risk of fire sales, authors say
People: October to December 2023
A round-up of central bankers in the news and on the move during the past three months
2023: The year in central banking
Central Banking’s most-read story this year dissected the crisis at SVB, while other top pieces delved into operating frameworks, third-party risks and international economics
Held-to-maturity assets present banking risks, paper says
Boston Fed research argues SVB failure could mean regulatory re-think
Fed research looks at second-round effects of oil price inflation
Late 2022 oil price rally could cause inflationary pressure as late as mid-2025, paper finds
Riskiest non-banks shrink for first time since 2009
FSB says narrow measure of riskiest firms fell in 2022 as asset price falls hit investment funds