United States
Charles Goodhart on inflation targets, financial stability and the role of money
The LSE professor says inflation targets should have been 0%, the Fed’s move to AIT is a mistake, independence is under threat from inflation, big balance sheets support liquidity, AI can help supervisors and climate stress tests are unconvincing
Demand for Fed’s reverse repo hits new record
FOMC increases interest rates on RRP deposits by 5bp, spurring new demand
Fed extends nine dollar swap lines to year’s end
Federal Reserve established liquidity arrangements with foreign partners at start of pandemic
Powell says US is recovering faster than expected
Majority of FOMC members now expect policy rate hike in 2023, with no decision yet on taper
Inflation expectations rising – NY Fed survey
Survey finds consumers predicting higher prices, but also better labour market conditions
US CPI inflation reaches 5%
Figures follow predictions of “transitory” inflation rises by senior Fed officials
US court throws out suit against fintech charters
Judges dismiss challenge to Comptroller of the Currency on procedural grounds
Yellen: ‘slightly higher interest rate’ would be fine
Treasury secretary says US should push forward with spending plans
Powell, Lagarde and Yi call for urgent action on climate change
Lagarde says asset taxonomy is needed soon while Yi says G20 must create disclosure standard
New York Fed to begin SMCCF bond sales
Federal Reserve plans to offload $13.7 billion in corporate debt bought as pandemic measure
Fed adopts single interest rate for reserves
Amendment eliminates separate figure for excess reserves
NY Fed prepares to sell corporate bond portfolio
Holdings of $13.7 billion were bought under emergency SMCCF programme
How the Fed’s Fima addressed the 2020 dollar liquidity shortage
The fifth chapter of HSBC's Reserve Management Trends 2021 explores how the Fed's repo facility supported markets during the Covid-19 pandemic
‘Run it hot’: the risks and rewards of a new policy era
Covid-19 has added impetus to an emerging intellectual shift in policy-making. But central banks face unresolved issues – on expectations, on fiscal policy, and on the capacity of the economy to ‘run hot’
New York Fed announces record use of reverse repo facility
Value of transactions exceeds December peak and number of counterparties nearly doubles
Fed’s Quarles says time is coming for taper talk
St Louis Fed’s Bullard says it is “too early” to talk of tapering asset purchases
Diem says it will ‘fade out’ stablecoin if Fed issues CBDC
Chief economist of Facebook-backed firm says public sector has “comparative advantage”
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
People: Erdoğan fires deputy governor
South Korea appoints new sovereign wealth fund chief; Fed lawyer moves to OCC; and more
Leading Republican alleges Fed overreach on race
Toomey writes to regional Feds about “recent, intense interest in ‘racial justice’ activism”
Firms are ‘inattentive’ to inflation and monetary policy – NBER paper
Authors present new survey data indicating firms’ expectations are “anything but anchored”
Leverage ratios fall for most US bank categories
Kansas City Fed report finds G-Sibs increased capital buffers, mainly due to SLR exemption
Powell announces forthcoming CBDC paper
Irrespective of US CBDC, Fed will help develop international standards, says chairman
Summers steps up attacks on Fed inflation stance
Inflation hawk warns of “complacency” after April CPI hike, but FOMC members have stood firm