United States
Surprising the market can reverse standard effects of policy, paper finds
Part of the impact of Fed decisions comes from revealing economic thinking, authors say
Supply shocks drive greater dissent on FOMC – BIS paper
Tougher trade-offs appear to reveal differences in policy-maker preferences, authors say
People: July to September 2023
A round-up of central bankers in the news and on the move during the past three months
Fed proposes long-term debt requirement for large banks
Governors Waller and Bowman express concern the rule doesn’t appropriately tailor regulation
Monetary policy impacts innovation, says research
Paper presented at Jackson Hole conference finds tightening can decrease R&D spending, cutting long-term growth
Policy rate is Fed’s most powerful monetary tool, says paper
Researcher tests impact of changes in short-term rate, forward guidance and asset purchases
Powell gives hawkish speech at Jackson Hole
Fed chair warns monetary policy could do too little or too much
US inflation hurting poorer citizens – St Louis Fed research
Nearly 90% of low-income households report significant stress from inflation
Fed throws curveball with agency clearing surcharge proposal
Revived plan could see capital for G-Sibs’ client clearing jump 40 times, says industry body
Custodia opens for business without Fed master account
Wyoming digital assets bank is continuing legal action against the US central bank
Trump says no to third Powell term
Former president says he is “not a fan” of Fed chair he picked in 2017
Some FOMC members sought pause in July, minutes show
Participants pointed to signs of loosening labour market and slowing consumption
FDIC chair promises stricter rules for mid-sized banks
Gruenberg says regional banks will need better resolution plans and more long-term debt
Europe unlikely to see major gas shortage this winter – research
Risks remain if alternative sources of natural gas falter, says Fed economist
US credit card debt passes $1 trillion for the first time
NY Fed says credit is stabilising at pre-pandemic levels despite historic figure
US CPI inflation rises slightly
Rising shelter prices cause more than 90% of increase, but SF Fed predicts they will fall
Fed unveils new crypto supervision programme
Smaller banks need Federal Reserve authorisation before issuing stablecoins and dollar tokens
US regulators fine firms $549 million for using messaging apps
Feds say brokers violated recordkeeping laws by using WhatsApp and similar services
Shelter inflation set to fall significantly – SF Fed research
“Conservative” model predicts shelter inflation will be 0% in the US by summer 2024
Currency round-up: Austrian leader calls for right to cash
US Mint continues quarters programme; Bangladesh adopts “clean note” policy; and more
Government employment has not recovered from pandemic – Fed
Low wages could be responsible from 450,000 missing state and local government workers in US
Book notes: The crisis of democratic capitalism, by Martin Wolf
A sincere attempt to explain and fix the failing of capitalism in liberal democracies
Kansas City Fed names new president
Former bank chief executive Jeffrey Schmid takes over from Esther George
Inequality rising in the US – Minneapolis Fed report
“Government intervention largely eliminates the cyclicality in inequality at the bottom,” research says