United States
Book notes: Private finance, public power, Peter Conti-Brown and Sean H Vanatta
A detailed history of bank supervision in the United States from 1789 to 1980
China holds and Hong Kong cuts after Fed eases
PBoC leaves seven-day repo rate unchanged as HKMA eases policy to maintain dollar peg
Fed eases by 25bp as concerns grow over US labour market
Experts differ over impact of tariffs on inflation and unemployment
Stablecoins pose bigger risks to US than to EU – de Guindos
ECB vice-president also expresses hope that “populist movements in Europe do not prevail”
Political turmoil rattles Turkish lira carry trade
Echoes of March crackdown that sparked market rout leave traders on alert
Non-dollar stablecoins could spur greenback’s decline – BdF deputy
Central banks should embrace, not oppose, financial innovation, Bénassy-Quéré argues
Senate confirms Miran, while court allows Cook to stay
President’s nominee and person he tried to fire will both attend this week’s FOMC meeting
Dollar dominance amplifies transmission of US shocks – study
Bank of Korea research recommends promoting South Korean bonds and internationalisation of won
US consumers’ expectations of finding work hit new low – study
Mean perceived probability of a newly unemployed person finding a job fell to 44.9%
US SMEs less fazed by tariff turmoil – Boston Fed survey
Study suggests further uncertainty over levies would no longer cause firms’ outlook to deteriorate
Cook wins latest round in battle against dismissal from Fed
Court rules that Trump does not appear to have sufficient grounds to fire governor ‘for cause’
US faces recession unless trade tensions abate – economists
Experts expect Fed to cut rates as economy experiences first job losses since 2020
How FX pricing is adapting to Trumpian markets
Dealers are tying pricing engines to new signals in effort to cope with out-of-the-blue moves
Miran claims climate work is real threat to Fed independence
Nominee would ‘forcefully push back’ on bank incorporating global warming risks in its assessments
Senate unlikely to replace Cook during litigation
Republicans on key committee will not consider nominees until court rules on legality of her dismissal
The investors who aren’t fretting over Trump’s stat sulk
Some see dismissal of statistics agency chief as an assault on US institutional integrity; for others it offers a chance to throw off outdated methods
Study suggests AI is already leading to US job losses
Research by St Louis Fed says effect has been greatest in mathematical and computer sectors
Tariffs may lower the natural interest rate – research
Increased trade costs reduce demand for capital, say authors
People: ECB creates task force to simplify regulation
Plus: Kocher takes over as head of Austria’s central bank
Lagarde says US-EU deal lowered uncertainty ‘considerably’
ECB president voices concern over Fed independence, French debt
How much do investors really care about Fed independence?
The answer for some is more nuanced than you might think
How to solve the Fed’s $300bn FRTB problem
A sacrifice will have to be made to ensure new market risk rules meet demands for capital neutrality
Professor says Fed must defend its post-Covid credibility
Jackson Hole speaker Emi Nakamura talks credibility, tariffs and independence
Firing Cook is not going to be easy, legal experts say
Some scholars criticise the US president’s move, but others say there may be grounds for dismissal