Donald Trump
Book notes: Yellen, by Jon Hilsenrath
This book offers new insights into the tough decisions and tremendous efforts Yellen has made as a pre-eminent economic policy-maker
Joseph Stiglitz on the challenge of fixing macroeconomics
The Nobel Prize-winning economist discusses the flaws in mainstream models and how to repair them, whether central banks went wrong in 2021, and what to do – or not to do – about inflation
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
US Senate Republicans stall Fed nominations
Raskin denies opposition lawmakers’ allegations that she engaged in untoward lobbying
Book notes: The cost of free money, by Paola Subacchi
A book worth reading, as it facilitates further discussion on substantial issues, but doesn’t fully address some of the problems it takes aim at
IMF weighs up $650 billion SDR issuance
Figure would allow Biden administration to avoid a vote in Congress
Central bank of the year: The Federal Reserve System
Overwhelming Fed interventions in March 2020 forestalled a damaging global financial crisis, as policy overhaul prompts introspection in Europe and Japan
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
SNB still ready to depreciate franc despite US condemnation
Swiss central bank stands firm after US Treasury labelled Switzerland a currency manipulator
US brands Switzerland a ‘currency manipulator’
Treasury also accuses Vietnam of manipulating exchange rate to gain “unfair competitive advantage”
People: New deputies named in China and Mexico
Plus ECB appoints senior supervisors, and Donald Trump tries to install new OCC chief
Otmar Issing on the art of central bank communications
EMU architect speaks about Draghi’s “whatever it takes” intervention, forward guidance failures, the Fed’s average inflation target ‘miscommunication’, and why the ECB may be overreaching in its strategy review
Trump nominee Shelton moving closer to Senate vote
Observers say Murkowski’s statement removes one potential barrier to Shelton being approved
Fed not considering negative rates – Powell
More fiscal support may be needed, as Fed’s lending will only be effective “for a while”, says Fed chair
The Belt and Road Initiative 2020 Survey – A more sustainable road to growth?
The third annual Belt and Road Initiative (BRI) survey reveals that central banks view BRI investment as sustainable compared with other forms of external debt, particularly given it is often proportionally less significant. Despite growing global trade…
Should the Fed be next to implement yield curve control?
The Reserve Bank of Australia is now the second G20 central bank trying to control longer-term interest rates. Could the Fed be next?
Central banks grapple with dollar funding crunch
Indicators of stress hit highest levels since global crisis; dollar backstops may soon be tested
The Tokyo Olympics: downside risks prevail
The Bank of Japan’s latest stimulus effort seems to be weak, and comes at a time when the benefits of hosting the Tokyo Olympics may be overstated – even if the games still take place
IMF confirms it has abandoned fifteenth quota reform
US thought to oppose proposals to increase emerging economies’ voting power
Trump’s criticism undermining confidence in Fed – Yellen
Political pressures could hurt central bank independence, says former Fed chair
Canada’s fiscal stimulus worth 100bp of rate cuts – Poloz
Infrastructure investment has also helped to reduce financial vulnerabilities
Will the Fed pass its year-end funding test?
An unprecedented rate spike in September prompted the Fed to inject billions into funding markets. But will its efforts be enough to foil year-end pressures? Could opening the standing repo facility to foreign central banks help?
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Bank of Canada governor Stephen Poloz speaks about stagflation risks from trade wars, the importance of market signals, Canada’s CBDC plans and why he is not a fan of minutes