United States
Covid stimulus did not trigger US inflation surge – NBER study
Working paper says QE and fiscal stimulus had minimal impact on price rises
Fed makes post-presidential election rate cut
Chair Powell stresses Trump’s election as president will have no effect on policy in the near term and he has no plans to resign at Trump’s request
CBDCs may need to replace stablecoins – Treasury committee
US advisory body calls for creation of unified ledgers under central bank auspices
What Goldman’s appeal victory means for Fed stress tests
Decision could embolden more banks to appeal, analysts say. But others believe result is one-off
No systemic link between dollar and oil price yet – ECB paper
Increasing value of crude no longer weakens greenback, but does not “significantly” lift currency
US public disagrees about Fed’s political leanings
Republicans think Fed favours Democrats, and vice versa
Governors weigh macroeconomic risks at G30 event
Officials from Netherlands, South Africa, BIS and more consider debt, inflation and climate change
New York Fed announces new reserve ampleness calculation tool
Bank’s president says new product will provide early-warning signs about reserves’ scarcity
Global soft landing could ameliorate US inflation – research
Study by San Francisco Fed finds rising prices of domestic goods are tied to international factors
NGO warns of unintended effects of US sanctions on Hamas
Charity says measures will stymie bank lending to reputable non-profits
Hélène Rey on cracking the code to the global financial cycle
The dollar and financial cycle move together. For the first time, economists think they know why
ARRC replacement aims to dodge rates ruckus
Fed’s new reference rate committee wants to avoid reigniting battles about term and credit-sensitive rates
FDIC’s McKernan wants single capital stack in Basel III endgame
Rebuffing Barr’s offer of a partial rollback, Republican director also targets op risk framework
The Fed can afford to loosen policy
As (nearly) the world’s most hawkish central bank, the Federal Reserve is right to start monetary loosening, writes Steve Kamin
FOMC in no hurry to cut rates, says Powell
September’s loosening reflects growing confidence in soft landing, argues Fed chair
US auto loan delinquencies focused in new lending – study
Lower credit standards and higher payments, not interest rates, are key contributing factors
Fed relief plan for G-Sib agency clearing welcomed
Rollback may revive interest in European FCM model, as principal clearing still treated punitively
How (not) to review your monetary policy framework
The Fed made some mistakes in its last strategy review. As it prepares to have another go, it could learn from other central banks
Yellen highlights systemic risks from rise in non-bank lending
Treasury secretary says institutions’ share of credit now exceeds that of banks
Banks should account for Fed facilities in stress tests – Barr
Vice-chair says doing so would help alleviate stigma over using discount window
NBER paper seeks ‘canonical Hank model’
Early attempts at heterogeneous agent modelling led to implausible results, authors say
More CCPs would not avert US Treasuries crisis – BIS study
However, economists say central clearing could still improve market functioning
Experts split on impact of Fed’s new Basel III proposal
Economists divided over financial stability ramifications of vice-chair’s new capital ratios plan
Bank of Japan holds policy rate
Decision comes as core inflation accelerates for fourth consecutive month