Articles by William Towning
Podcast: An interdisciplinary approach to Covid-19 surveying
FedSpeak talks with the Minneapolis Fed’s Abigail Wozniak on her new real-time survey combining social science and epidemiology
Fed predicts ‘unprecedented’ economic shock
Policy on hold as Q2 may see data “worse than any data we have seen”, Powell warns
FedNow: the road to non-bank access to US instant payments
Debate over granting non-banks access to Fed systems reveals possible flaws in US regulation
Fed’s balance sheet increases by 50% since March
Total assets now just shy of $6.4 trillion, a new record high
Podcast: adapting economic education for demographics and fintech
St Louis Fed’s Mary Suiter discusses the reserve bank’s new programme for Native American economic education
IMF projects deepest recession since Great Depression
Global growth could contract by between -3% and -6% this year, a combined loss of output of $9 trillion for 2020 and 2021
Official institutions shed US Treasuries in record amounts
Fed holdings of Treasury securities for foreign official institutions dropped by $127 billion in March
Fed eases capital restriction on large US banks
US repo rates stray into negative territory as investors make massive flight to safety
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 opens dollar funding to majority of central banks
New repo facility aims to ease strains caused by global flight to the safety of dollars
Failure to curb ‘binge borrowing’ could worsen downturn – Yellen
“Excessively” high corporate borrowing may trigger a “wave of corporate defaults” in the coming months, former Fed chair warns
Is credit policy the new normal for the Fed?
Three former senior Fed officials look back on an unprecedented month of policy action
Fed’s balance sheet could see massive further growth
Response to coronavirus has already pushed Fed’s holdings up to record levels
Canadian governor says central bank can buy corporate bonds outright
Poloz’s statement could mean Bank of Canada is considering QE, observers say
Fed expands lending facility to support municipal bond market
Political pressure mounting to support local governments; senator proposes bill to broaden QE powers
Fed starts financing money market funds
US Congress overrules Dodd-Frank clause at Treasury request as Fed brings in sweeping measure
Fed re-launches Primary Dealer Credit Facility in latest crisis move
New PDCF is more easily accessible than similar measure used in 2008 crisis
Fed moves to ease commercial paper strains
Commercial paper market under “considerable strain” due to coronavirus-related uncertainty, Fed says
Fed to flood repo market with up to $5.5 trillion
NY Fed unveils substantial liquidity package as analysts warn massive market disruption is possible
Fed ramps up Covid-19 response
Central bank in “firefighting mode”, undoing repo tapering and offering regulatory relief to banks
Coronavirus could require expanded QE powers – Rosengren
Congress should grant Fed ability to buy wider set of assets under severe scenario, Rosengren says
FedNow: the advantage of going last
While the Fed is late in developing instant payments, it can learn about fraud detection, interconnectivity and directory services strategies from Europe, the UK and Australia
Bank of Canada follows Fed with coronavirus rate cut
It is “becoming clear” virus will impact growth more than previously expected, central bank says
Fed makes surprise rate cut
Move against coronavirus marks largest rate change since the 2008 financial crisis