United States
Paul Volcker, 1927–2019
The Fed chair made his name battling inflation, and left his mark on independence and post-crisis financial regulations
Marvin Goodfriend, 1950–2019
The leading economist and former Fed official died on December 5
Banks’ repo muscles may have ‘atrophied’ – Borio
BIS report highlights impact on market functioning from Fed and ECB easing action
Signs of US banks’ year-end funding concerns continue
New York Fed’s second 42-day term operation oversubscribed by $18 billion
Fed’s supervision may have added to repo turmoil, Quarles says
Republican lawmaker concerned for financial stability if “bad regulation” is driving monetary policy
NY Fed’s Stiroh: ‘More work to be done’ on bank culture
Kevin Stiroh discusses progress in reforming banking culture and how technology is changing the risk management equation for both firms and supervisors
Book notes: The Japanese central banking system compared with its European and American counterparts, by Yoshiharu Oritani
The book has “no equal” in reviewing new microeconomic theory for central banking
Negative rates not to blame for low eurozone bank profitability – Fed paper
Rates and macroeconomic environment only make up third of shortfall, researchers find
Banks could be stuck with riskiest corporate loans during downturn – Fed paper
Researchers say loan syndication may leave banks unable to offload leveraged debt in downturn
Kansas Fed paper looks at weak US fraud controls
US has much higher ‘in-person fraud’ rates than three other developed economies, researcher says
Fed points to non-financial risks at large US banks
US-based G-Sibs show weaknesses in AML, internal audit and IT risk, Fed says
People: Governors reappointed; Fed gets new CIO
Reappointments in Egypt and Palestine; Fed picks chief information officer; new financial stability head in Iceland
US banks show signs of year-end funding concerns
Banks demanded nearly twice the amount of cash on offer in NY Fed’s new term repo
Fed’s Brainard calls for major framework overhaul
Yield curve caps, flexible inflation targeting and more active macro-prudential policy could help, governor says; Fed may have mistimed 2015 hiking cycle
Will the Fed pass its year-end funding test?
An unprecedented rate spike in September prompted the Fed to inject billions into funding markets. But will its efforts be enough to foil year-end pressures? Could opening the standing repo facility to foreign central banks help?
Home-ownership affected by culture, Bundesbank paper finds
Researchers find strong variation in home-owning by different US immigrant groups
Powell calls on lawmakers to help sustain record-long expansion
The right policies can help build on economic gains, Powell said
Mester calls for cyber stress-testing in US
Adopting or adapting practices like the Bank of England’s would be worthwhile, she says
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Bank of Canada governor Stephen Poloz speaks about stagflation risks from trade wars, the importance of market signals, Canada’s CBDC plans and why he is not a fan of minutes
Cleveland Fed paper examines stress tests’ impact on lending
Some banks cut back on business lending, but community banks take up the slack, paper finds
US Democratic senators call for Fed to act on climate change
Fed has been “ignoring” financial risks of climate change, Democratic senator says
FOMC considering repo market tools, minutes show
Meeting participants worried that standing repo tool might create moral hazard
US growth trend could fall for the next 10 years, SF Fed paper warns
Productivity slowdown in construction has contributed 30% of slowdown since 1950s, researchers find
US market liquidity deteriorated in 2019, Fed warns
Frequency of equity market flash events has increased significantly since 2018