Federal Reserve System
Warsh called for fewer FOMC meetings in July
Minutes show committee agreeing on above-target inflation but disagreeing over AI’s effect on prices
Comms staff need to reflect on how their messages are perceived
BoE’s Eric Tong discusses research probing how the public receives central bank messages via the media
CFTC uses emergency powers to overturn prediction market ban
Temporary US-wide ban would make financial instruments “waste away”, chairman says
Study compares private credit and leveraged loan market structure
Some firms better able to substitute between funding types than others, authors find
Resolution reforms may cut credit supply – CEPR paper
Easier requirements on smaller US banks helps reveal impact of ‘living wills’
Trump downplays reports of regular calls with Warsh
Talks between president and Fed chair have precedent, but frequent communications would be unusual, economist says
Trump renews push to sack Fed governor Lisa Cook
White House formally notifies Cook of possible dismissal, and gives governor until August 26 to respond
Iraq receives $500m from Fed as government faces cash shortage
Oil-exporting country’s income comes under strain as Hormuz uncertainty persists
New York and Dallas Feds to launch private credit survey
Firms with over $50 million invited to discuss lending standards and monetary policy implications
Basis trade loses its bite as banks move in
Returns on popular hedge fund strategy dwindle to as little as three basis points, while dealers make use of softened capital rules to replicate the trade
Joint US-Japan FX intervention could advance BoJ tightening
Experts say tighter policy needed to lock in yen gains over the long term
Bank of England keeps rates at 3.75%
Split 6–3 decision points to divisions over inflation outlook amid escalation of Iran war
Federal Reserve holds rates with three members dissenting
Hammack, Kashkari and Logan push for 25bp rise in what FOMC chair says was a collegial ‘family fight’
Implications of the 2026 Middle East war
Gavin Bingham, Paul Fisher and Andrew Large detail the monetary policy, financial stability and international co-operation challenges for central banks
Kazakhstan makes surprise 25bp rate cut
Analyst says central bank is trying to signal that disinflationary measures are working
One ledger or eight: the design choice that will shape cross-border money
Two rival tokenised settlement networks have both expanded – mBridge into Macau and Mongolia, Agorá to Canada. The contest between them is not primarily about technology, and not yet about currencies. It is about who keeps the ledger, argues Marcello…
Peirce warns crypto vaults and lending may fall under SEC rules
Commissioner urges against legal ‘gymnastics’ to avoid regulation
Indonesia unexpectedly holds, thereby ending tightening spree
Economists see room for BI to keep rates at their current level as rupiah depreciation pressures ease
Cipollone outlines digital euro app as ECB readies pilot
Board member says application will ‘leave no-one behind’
MBS convexity hedging: back with a vengeance, or ghost story?
More bonds now sit with active hedgers but market is split on whether flows can move US rates again
Banks are reallocating risk, not reducing it – NY Fed study
Under Basel III, banks’ parent companies have made NBFI subsidiaries more fragile, authors say