United States
Hong Kong raises rate and Taiwan holds
Decisions come a day after Fed’s 50bp rate cut
Running the numbers on Barr’s Basel III endgame revisions
Fed vice-chair’s plan to ease capital requirements for big banks still lacks critical details
FOMC initiates rate cutting with 50bp reduction
Experts say Fed’s credibility is not on the line, but Powell remains under significant pressure
Book notes: The monetarists: the making of the Chicago monetary tradition, 1927-1960, by George S Tavlas
A fascinating, scholarly and sympathetic account of the Chicago monetary tradition
Swift tailors its operations for digital assets
Network says DvP and PvP capability will let securities buyers pay for and exchange tokens simultaneously
Endgame manoeuvre: US banks put SLR reform back in spotlight
Plan to ease Basel III brings renewed focus to impact of leverage ratio on US Treasury market
OIG says Bostic violated Fed’s rules and policies
Atlanta Fed president created “appearance of acting on confidential FOMC information”
Fed’s vice-chair unveils watered-down capital requirements
Barr proposes reducing rise for largest banks from 19% to 9%
Phasing out coal-fired power could ultimately pay for itself – BdF paper
Authors say gains from lower operating and finance costs could compensate for outlay costs
FOMC members signal rate cut
Waller, Bostic, Daly, Schmid, Goolsbee and Williams speak towards balancing both sides of dual mandate
Marshall Islands pushes ahead with plan for monetary authority
Minister says new institution is needed to deal with financial system’s increasing vulnerability
Phillips curve differs depending on labour market – Fed study
Research finds curve to be flat in normal markets and steep in tight ones
US Bancorp ever more reliant on LCR relief
HQLAs would only cover 91.4% of bank’s net cash outflows without Fed’s cap
Yuan will not rival dollar for foreseeable future – Fed study
Figures show aggregate usage of currency lags behind that of euro, yen and pound
The post-Archegos risk model rebuild begins… slowly
Following regulatory prodding, banks start to overhaul counterparty risk models. A flurry of new research on the topic may aid the effort
Lower-paid workers face greatest impact from AI – BIS paper
Risk of core skills being replaced, and jobs being lost, is higher for people on low incomes
Bank closures lead to job cuts at small businesses – Fed study
Research finds that if 25% of local branches close, employment growth falls by four percentage points
Fed hikes stress capital buffers for 18 US banks
Nine dealers face record-high SCBs as poor performance in latest DFAST weighs on capital requirements
Wildfire pollution depresses home values and rents – study
Dallas Fed research finds effects extend to areas “thousands of miles” from where fires take place
Fed study finds there are no truly offline payment systems
Hybrid solutions mitigate some risks, say researchers
Triggers of August market ‘flare-up’ still in place, BIS warns
Leveraged positions remain at risk of sudden unwinding, as margin calls play amplifying role
BLS revises US employment downward
Bureau says 818,000 fewer jobs were created over year to March than it had previously estimated
Fed likely to cut rates in September – FOMC minutes
Participants at July meeting said they would need greater confidence inflation was falling
Fed chair says time has come to adjust policy
Powell warns of ‘unmistakable’ labour market cooling in speech at Jackson Hole summit