United States
Fed to stress-test banks’ leveraged loan exposures
Test features leveraged loan shock; scenario includes biggest-ever rise in unemployment
Coronavirus is new risk to US outlook – Fed report
Virus risks disruption in China spilling over to the global economy, the Fed says
Fed’s Quarles warns big balance sheet could harm credibility
Fed official proposes tweaks to discount window and G-Sib surcharges to improve monetary framework
US must review payments system oversight, Brainard says
Big tech’s currency plans could mean payments oversight is further weakened – senior Fed official
Fed’s repo tapering plans hit snag
Banks demand double what was on offer at Fed’s first reduced repo offering
Economics in central banking: Matteo Maggiori, Brent Neiman and Jesse Schreger
The Global Capital Allocation Project has helped pick apart the tangled network of cross-border capital flows. The work may prove essential to those looking to shore up the international monetary system
US regulators propose third Volcker rule revision
Banks could soon regain permission to invest in speculative funds, but one official dissents
Rising US rates can be ‘good news’ for EMEs – Fed paper
Researchers examine difference in spillovers from growth- and inflation-driven rate increases
Custody initiative: Euroclear
The securities depository has debuted instant dollar settlement in central bank money outside the US – a service that has virtually eliminated settlement risk
Innovation in reserve management: BlackRock
The US asset manager has made great strides in its technology, research and advisory capabilities, allowing clients to implement ESG while preserving financial returns
US leveraged lending rose further from 2018–19
Regulators urge banks to adopt risk-management measures to reflect changing market conditions
Fed will ‘probably’ join green central banking group – Powell
Public has right to expect the Fed to ensure the system is resilient against climate change, says governor
US Democrats strongly criticise regulator
Some lawmakers accuse OCC head Otting of ignoring Congress over controversial lending proposals
Fed leaves monetary stance unchanged but tweaks IOER
FOMC also announces updated plans on its balance sheet and repo market interventions
US mutual funds' liquidity risk on the rise – Boston Fed paper
Ratio of illiquid assets to net assets increased from 2009 to 2019, researchers find
Fed paper models new transmission channels of forward guidance
Allowing for household borrowing amplifies forward guidance effectiveness, researchers find
Inside the 2020 FOMC
How might the dove-hawk balance shift with five fresh voters?
Optimal US reserve regime is between scarcity and abundance – research
Former NY Fed official Simon Potter and co-authors map post-crisis demand curve for reserves
Cyber attack could freeze liquidity in US financial system – NY Fed paper
Attack on one bank could affect more than a third of banking system’s assets, researchers warn
Non-bank growth slowed in 2018, says FSB
Riskiest forms of non-banks still growing, but overall assets went into reverse in 2018
IMF cuts forecast again, but says slowdown may be ending
Fresh downward revision to growth outlook set against “tentative stabilisation”, says Gita Gopinath
Atlanta Fed research offers 17th century lessons for proposed standing repo facility
Crises can pose demand and credibility challenges, researchers warn
Fed slims down repo market interventions
Relative to year-end, the Fed will cut $250 billion of the cash offered to banks
People: Trump nominates Shelton and Waller to Fed posts
Judy Shelton and Christopher Waller nominated as Fed governors; Kingsley Obiora in line to be Central Bank of Nigeria deputy; Jill Forde named BIS head of communications