United States
Inequality rising in the US – Minneapolis Fed report
“Government intervention largely eliminates the cyclicality in inequality at the bottom,” research says
AI can forecast inflation more accurately than professionals – St Louis Fed
Large language models may be powerful tools but have some drawbacks, researchers say
US legislators draft bill to limit Chinese influence at IDB
Proposal demands public reports of Chinese influence and contracts at the development bank
DeSantis attacks Federal Reserve
Republican candidate suggests he would name new Fed chair
Fed leadership divided on proposed capital rules
Powell warns rules could push activity into shadow banking
US bank lobbying spending increases sharply in Q2
ABA and ICBA increased their spending by 132.6% and 264% respectively between quarters
The financial sanctions maze
Anyone affected by Russia-related sanctions knows patience and caution are strongly advised, writes Richard Heckinger
US credit application rejections increase sharply
Automobile loan rejections hit highest level since NY Fed began measuring in 2013
Fed raises interest rates again after June pause
Powell says FOMC may increase rates again as it faces risks of both inflation and downturn
Cash for a very rainy, tremorous or lava-filled day
Are central banks well-positioned to keep cash flowing during natural disasters?
US Treasury bolsters ties with Vietnam’s central bank
Treasury secretary Janet Yellen says US will promote “friendshoring” with Vietnam
Fed fines Deutsche Bank $186.4 million for AML violations
German lender failed to comply with earlier orders and was involved in Danske Bank scandal
Bullard steps down as St Louis Fed president
FOMC hawk will become dean of Purdue Business School after 15 years leading regional Fed
US basketball chief: sovereign wealth funds cannot buy teams
Statement follows Qatari fund buying minority stake in owner of Washington Wizards
Senate committee backs Biden’s Fed nominees
Legislators unanimously back Jefferson, but most Republicans oppose Cook and Kugler
US regulators fine Bank of America $150 million
BoA pays out nine-figure penalties for consumer malpractice for second year in a row
US banks question stress-test discrepancies
Bank of America and Citigroup open talks with Fed about differing results
Fed economists estimate natural rate still at rock bottom
Analysis implies policy rate is firmly in restrictive territory and may not remain high
Largest US banks pass the Fed’s stress test
Scenario saw banks continue lending despite losses three times greater than those of 2008 crisis
Book notes: Labor in the age of finance, by Sanford M Jacoby
A fascinating attempt to document the US labour movement’s efforts to use pension fund money to bolster its voice
Policy has not been tight long enough – governors
Hot labour markets boost wages and core inflation, making inflation persistent
No significant risk of US recession – St Louis Fed research
Sahm Rule and leading economic data indicate low – but not zero – recession risk
Ex-Fed vice-chair Quarles linked to bank seeking master account
Quarles’s involvement recalls controversy over Sarah Bloom Raskin
Fed’s Bowman questions Barr’s bank failures report
Governor says supervision is preferable to higher capital requirements