United States
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
Fed presidents in chorus for smaller rate hikes
Harker, Daly, Collins and the departing Evans all signal preference for 25bp in February
US CPI inflation falls again
Falling fuel prices drive down index for sixth straight month
Fed will not fight climate change without mandate, Powell says
Elected officials must take lead in policies to green economy, Fed chair argues
Cook suggests US may need to change inflation models
Fed governor believes inflation on path to 2% but tight labour market remains upside risk
Reserve Benchmarks 2022 – presentation
Reserves specialist Victor Mendez-Barreira speaks with Chris Jeffery about staffing and salaries, the inflation challenge, Bank of Russia sanctions, green investments, asset diversification, and reserve levels and liquidity lines.
FOMC waiting for ‘more evidence’ of inflation decline
December FOMC minutes show staff and policy-makers warning inflation risks remain high
People: Nigeria reappoints deputy governors
Czech National Bank names new deputy; New York Fed appoints chief operating officer; and more
Fed warns banks on crypto exposures
Regulators cite “lack of maturity and robustness” in crypto firms’ risk management
The strong dollar, global inflation and global recession
Steve Kamin asks whether the Fed’s tight policy is pushing the world towards recession
Rethinking the CCyB
As central banks rush to replenish bank capital reserves, the countercyclical buffer may need some fine-tuning
Kentucky restaurant sues Fed
Restaurant latest plaintiff to argue that debit interchange fees are illegally high
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
Currency round-up: Yellen’s signature added to US money
Singapore ends practice of printing new year notes; new coins in Canada and Ghana; and more
Fed slows rate rises with 50bp increase
Powell stresses possibility of soft landing supported by “structural labour shortage”
Prosecutors call FTX ‘one of the biggest frauds’ in US history
Sam Bankman-Fried arrested in Bahamas as US authorities file charges
Inflation falls more than expected ahead of Fed meeting
Inflation expectations also drop, prompting calls for caution from the Fed
The canary in the goldmine
Gold accumulation may herald broader concerns about dollar holdings, writes Jennifer Johnson-Calari
Law change set to make Fed reveal holders of master accounts
Amendment grew out of dispute between Republican senators and Kansas City Fed
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
Fed policy roundtable II: recession risk and sticky inflation
Academics look at forward guidance, asset purchases, and the “magic” in forecasting models
Fed policy roundtable: inflation targeting, asset purchases and uncertainty
Academics look at forward guidance, asset purchases, and the “magic” in forecasting models
Fed’s climate risk guidance splits governors
Consultation on climate risk principles criticised by two Fed governors
Austan Goolsbee will be next Chicago Fed president
Former Obama adviser will succeed Evans and become voting FOMC member in 2023