Balance sheet
Banks will be tested in next phase of pandemic – FSB chair
Reforms are needed to improve resolution planning and non-bank resilience, Randal Quarles says
Peter Praet on Europe’s Covid-19 responses
Former ECB chief economist discusses stability, negative rates, common debt and improving the EMU
BIS suspends dividend to prepare for further Covid-19 strains
BIS will not pay dividend for first time since 1950, as senior managers see further turbulence ahead
The Fed must be careful to avoid bank deposit crowding out
Rising US government debt will have a major effect on bank funding
UK debt office narrowly avoided disorderly market in March
DMO chief says BoE intervention triggered rapid recovery; debt issuance now running at record levels
Fed promises to keep buying assets at current rate
Fed will hold accommodation in place for “however long it takes”, chair Jerome Powell says
Balance sheets could grow by 23% of GDP in largest advanced economies – BIS
Economists forecast balance sheets will remain large for the foreseeable future
Central banking enters a new era
‘Monetary financing’ and ‘buyer of last resort’ traps lie in wait
ECB’s Enria unsure banks will dip into capital buffers
Anxiety over investor and rating agency reaction may limit banks’ use of Covid relief measures
Book notes: Central banking before 1800, by Ulrich Bindseil
A new standard reference point for the history of central banking
Economists debate monetary financing of China’s government debt
PBoC adviser dismisses idea of monetising government bonds despite calls from Ministry of Finance think-tank
Fed predicts ‘unprecedented’ economic shock
Policy on hold as Q2 may see data “worse than any data we have seen”, Powell warns
Fed’s balance sheet increases by 50% since March
Total assets now just shy of $6.4 trillion, a new record high
BoE and ECB weigh calls to follow US lead on capital relief
European regulators face pressure to exempt sovereign exposures from leverage ratio
El-Erian on Covid-19 policy risks, ‘zombie’ markets and central bank capture
Former Pimco chief says Fed has gone too far, market function rules needed and chance opens for shared policy load
Beware of capital: much ado about nothing?
Capital increases can be offset by asset valuation, provision and income recognition forbearance
Bank of England to lend directly to government
Central bank agrees temporary expansion of “Ways and Means” facility
Central banks may have to become ‘dealers of last resort’ – BIS economists
EMEs have not overcome “original sin” by deepening local currency bond markets, authors warn
Should the Fed be next to implement yield curve control?
RBA joins BoJ in effort to control longer-term rates
Accounting for losses during a pandemic
US banks get green light from senators to use loan loss accounting methods widely criticised following 2008 crisis
Fed’s balance sheet could see massive further growth
Response to coronavirus has already pushed Fed’s holdings up to record levels
Banks rush to tap new dollar liquidity facilities
IIF warns of major capital flight from emerging markets as demand for Fed-backed repos surges
Fed unveils new capital regime to criticism from Brainard
Federal Reserve says new rules will maintain capital levels, but senior official calls them “imprudent”
Did the Riksbank abandon negative rates too soon?
Policy-makers face difficult choices if inflation does not recover soon