Federal Reserve System
US CPI falls to lowest level since May 2021
FOMC members hint at different views on next monetary policy decision
BSP governor says Fed should be ‘more caring’
But Felipe Medalla says Philippines accepts reality of having to react to US monetary policy
US banks still vulnerable to interest rate risk, IMF warns
“Supervisory lapses” appeared to be a factor in recent collapses, as many institutions remain exposed
Boston Fed expands programme to get people back into work
FedNow created high demand for IT roles, which sparked programme’s inception
Fed’s Cook says monetary policy is now restrictive
PCE and core PCE inflation both fall as Cook argues tight banking conditions could ease path
US regulators fine Wells Fargo for aiding sanctions-busting
Fed and Treasury say bank failed to halt client channelling funds to Iran, Syria and Sudan
A troubling trilemma
Central banks need to tread a fine line as they serve as the economy’s police, fire brigade and paramedics
SVB collapse threatened banks across the US – Fed’s Barr
“Full extent” of bank’s vulnerability was not clear to supervisors until the run, vice-chair admits
Fed details Custodia rejection decision
Decision says Wyoming firm has deficient management and risky business model
Fed’s Bullard revises rate projection upward
Policy-maker says bank stress likely to fade but inflation fight continues
Banknotes: January to March 2023
A round-up of news and salient issues that have affected central bankers in the past three months
People: January to March 2023
A round-up of central bankers in the news and on the move during the past three months
Fed raises rates 25bp and signals possible halt soon
Credit tightening may substitute for further rate hikes, Powell says
Yellen flags ‘contagious bank run’ risk
US Treasury secretary pledges small banks will gain 100% deposit insurance if needed
FedNow set to launch in July
Onboarding to instant payment system begins in April, followed by production validation
Central banks step up dollar liquidity support
But initial auction results show little evidence of pressure on dollar funding
What are the systemic lessons of SVB?
Philip Turner says the collapse of SVB reveals deeper issues than many have realised
SNB to lend up to $54 billion to Credit Suisse
Swiss central bank and supervisory authority say bank meets capital requirements
US banking collapses muddy monetary policy outlook
Bank failures raise question of whether Fed can maintain stability while tightening policy
Fed launches supervision review in wake of SVB collapse
Vice-chair for supervision says central bank needs to show “humility” after bank failure
Fed creates new liquidity backstop amid contagion fears
Valuing collateral at par marks significant break with rules on standard liquidity facilities
Run on US bank sparks fears over interest rate risk
Major banks’ shares drop as investors reassess billions of dollars of unrealised losses
US lender tied to FTX goes into liquidation
Federal government investigating California bank linked to failed crypto exchange
Blanchard and Summers say higher inflation likely to persist
Veteran economists say structural factors are likely to push up neutral rate and inflation