Advanced economies
Bessent: Fed heads should come from districts they represent
US Treasury secretary says measure would not be applied retroactively
Tariffs will not solve US ‘twin deficits’, BdF governor says
Villeroy de Galhau wants to maintain spirit of transatlantic co-operation despite disagreements
Fiscal dominance: are central banks about to be Trumped?
Jagjit Chadha highlights the danger of an ‘upper bound’ on interest rates as fiscal strains grow
Book notes: Private finance, public power, Peter Conti-Brown and Sean H Vanatta
A detailed history of bank supervision in the United States from 1789 to 1980
BoK meeting minutes show sole dissenter favoured rate cut
Board members agreed economy showed signs of recovery, but majority voted to hold
Little impact on Sweden’s inflation from US’s China tariffs – study
Sveriges Riksbank paper says levies will affect Swedish exporters in as yet unknown ways
Climate change harming global economy – BoK study
Study finds high income countries more vulnerable to climate change, in contrast to other research
Low long-term real rates can increase inequality in US – study
Authors say low rates cause wealthy to invest more in their children’s education
Climate risks still on the fringe of monetary policy in Asia
Notwithstanding efforts by the PBoC and BoJ, there is still a need to observe persistent and measurable impacts on inflation and output before climate change truly influences interest rate policy, argues Sayuri Shirai
Bailey, the IMF and the fundamental asymmetry problem
The IMF must address sovereign asymmetry and transform surveillance into a tool for mutual accountability, argues Biagio Bossone
Book notes: How low interest rates change the world, by Jesper Rangvid
This book investigates the possible causes of ultra-low interest rates, the problems low rates cause and the path of future rates
US deposit insurance requires rethink, say experts
Dallas Fed study asks if current level is sufficient, while NYU professor argues for 100% coverage
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
Payments Benchmarks 2025 – model banks analysis
Data breakdowns shed light on organisation structure, RTGS upgrades and payments innovation
Acting US currency comptroller defends pre-emption
Hood says principle is in line with federal law and court precedent
Supreme Court ruling raises storm clouds for Fed
Decision to allow dismissal of agency staff without cause poses risks to bank’s independence, say experts
Trends in reserve management 2025: survey results
Insights on strategies in anticipation of tariffs, interest rate divergence and geopolitical risk, FX diversification and de-dollarisation, as well as bitcoin in reserves, FX interventions and gold
US citizens increasingly reluctant to relocate – study
Richmond Fed research cites multiple causes, including narrowing gender gap and seniors’ wish to stay put
Time to worry about Japanese debt?
The transition to positive rates means Japan may need to re-examine its huge public debt burden, argues Sayuri Shirai
Birth determines people’s retirement savings in US – study
US-born seniors have almost three times as much saved as non-citizens, Minneapolis Fed research finds
Rising long-term yields reflect uncertain sentiments – BIS
Latest quarterly review highlights diverging trends in bond, equity and corporate credit markets