United States
Emerging economies ‘remarkably’ resilient to Fed tightening, BIS says
Many EME currencies have appreciated, but Turkish lira and Russian ruble are notable exceptions
US regulators fine Pakistani state-owned bank
Central bank-owned NBP will pay more than $55 million for AML shortcomings
Fed officials debate risks of a ‘hot economy’
Academics and policy-makers weigh up whether economy is now overheating
US announces initial financial sanctions on Russia
Biden administration bars secondary market bond transactions, but expert says impact likely to be limited
UK sanctions on Russia target five smaller banks
EU and US yet to announce detailed measures as expert calls possible Biden measures “weak”
Stablecoin risks raise need for CBDC research – Brainard
ECB’s Panetta says “stablecoins are not money”, as Brainard weighs CBDC as possible alternative
Fed’s Brainard backs series of rate hikes followed by asset runoff
Governor says economy is responding appropriately to Fed communications and incoming data
FOMC adopts new ethics rules on trading
Fed reforms follow months of controversy over equities trading and three resignations
Book notes: Imagining the Fed, by Nicolas Thompson
A worthwhile perspective on the evolution of such an important institution, but a shame that it isn’t a longer and broader examination
IMF paper finds falling r* should eventually reverse
Authors say several policies could be used to push natural rate back up
US Senate Republicans stall Fed nominations
Raskin denies opposition lawmakers’ allegations that she engaged in untoward lobbying
US short and mid-term inflation expectations fall, says NY Fed
But housing price expectations rose 0.5% in January
Fed to stress-test banks’ commercial real estate exposures
The Fed will look at lending capabilities under ‘severe’ economic conditions
US Treasury opposes ending IMF surcharges
Biden administration rejects initiative championed by Democratic progressives
US core inflation much higher than eurozone’s, says ECB
Central bank points out differences in inflation dynamics across the Atlantic
Boston Fed appoints Susan Collins as new president
University of Michigan economist to become first Black woman to lead a regional Fed
Fed paper explores stablecoins’ impact on financial system
Researchers say stablecoins could be a ‘digital safe haven’ during volatility, but design choices matter
Boston Fed-MIT team hails successful CBDC test
The project’s two open-source systems were able to process large transaction volumes
Picking up the pieces: how to tackle the next phase of the Covid crisis
The global economy is heading into dangerous territory, writes Jagjit Chadha. Central banks must honour their commitments to price stability
How Afghanistan’s central bank can help prevent famine
Rules could be devised to allow the New York Fed to ease the acute US dollar banknotes shortage, writes Warren Coats
Diem confirms sale of stablecoin technology
Facebook-backed project sold its last remaining assets to Silvergate Capital
People: RBNZ completes leadership reshuffle
RBNZ sources assistant governor from private sector; Basel Committee names-secretary general; and more
BIS paper challenges standard theories of term structure
“Expectation errors”, not term premia, create biased predictions of short-term rate – researchers
Facebook-backed stablecoin project to wind down, report says
Project formerly known as Libra had struggled to gain regulatory approval