Federal Reserve System
US should tighten macro-pru to reduce recession risk – BdF study
Research recommends higher capital requirements and counter-cyclical buffers
Stablecoins show ‘flight to safety’ dynamics – NY Fed paper
Researchers argue these runs on stablecoins could cause wider financial instability
Current US wage trends may be here to stay – NY Fed research
Researchers present new tools for predicting wage growth in US
‘Cost of money’ explains depressed US consumers – NBER research
Larry Summers and co-authors highlight “disconnect in inflation measurement”
Fed governor says rate cuts shouldn’t be rushed
Christopher Waller argues that US economy is strongly positioned
Pandemic inflation fuelled by food and energy prices – BoJ study
Inflation in Japan and US driven by similar product market shocks, research finds
South Korean and Indonesian central banks hold rates
BoK says policy will remain restrictive for now, while BI highlights need to keep inflation stable
US CBDC ‘could enhance dollar’s international role’
Fed research claims issuing digital currency could increase demand for dollars more generally
‘Brace, brace’: quants say soft landing is unlikely
Investors should prepare for sticky inflation and volatile asset prices as central banks grapple with turning rates cycle
Fed does not need to evaluate ‘last mile’ of inflation differently
Atlanta Fed economist says overly aggressive approach could trigger hard landing in US economy
China ‘gradually decreasing import dependence’
However, Fed research says reliance on export markets precludes any de-linking from global economy
Fed holds rates and dampens expectations of March cuts
Powell says FOMC is unlikely to agree on early loosening but rates are likely at their peak
US government-sponsored mortgage securities ‘amplify crises’
Paper says dynamic between lenders and Fannie Mae/Freddie Mac not conducive to financial stability
US rural economies are ‘main losers from employment trends’
Fed research says automation and globalisation have militated against job creation in remote areas
Governance and diversity at the Federal Reserve
Could changes in governance practices have contributed to poor performance in 2021–22? asks Jeffrey Lacker
Internal investigation criticises former Boston, Dallas Fed chiefs
Report says officials created appearance of conflict of interest, but stops short of alleging criminality
Wage growth ‘has not impacted US inflation’, says Boston Fed
Study finds pay still has some way to go before reaching a level that would affect consumer prices
Lower immigration affecting US household spending power
Low immigration has contributed to increased prices of consumer goods, argues Atlanta Fed
Monetary policy is tight enough, says head of Atlanta Fed
Raphael Bostic said he expects rate cuts in Q3, but could advocate for them sooner
Reasons for refusing mortgages ‘do not explain racial disparity’
Minneapolis Fed’s study challenges explanations given for why people of colour are treated differently
Monetary policy transmission may have grown weaker – Dallas Fed
Research finds countries with slow and fast pass-through rates experience similar demand effects
Fed governor bolsters hopes for rate cuts in 2024
Strong state of US economy means there is no need to rush, argues Christopher Waller
Local preferences affect US bank lending to minorities – research
Ethnic minorities’ credit access is affected by stakeholders, NY Fed paper finds
Fed paper presents new way to measure consumer welfare
Consumer preferences change in line with incomes, researcher argues