Balance sheet
Fed to wean banks off daily repos later this year
Total reserves may need to be higher than Fed initially judged as demand for repo operations remains strong
2019: The year in review
The past year was marked by a persistent weakening of the global economy, and some radical financial innovations
Facing up to the tech challenge
Central banks get a wake-up call from libra
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
NY Fed unveils new measures to tackle year-end funding pressures
Fed is expecting a “sharp increase” in flows out of reserves during December, statement says
IMF paper looks at Moroccan monetary policy
Findings show balance sheet has significant impact, especially via smaller firms – researchers
Fed researchers aim to address uncertainty over demand for reserves
Demand for reserves could be between $712 billion and $919 billion, researchers find
Interview: Seth Carpenter on the US outlook, trade and a ‘disingenuous’ Fed
UBS chief US economist and former Fed director of monetary affairs sees a gloomy outlook for first half of 2020
Fed unveils plan for ‘technical’ asset purchases
New York Fed will buy Treasuries “at least into the second quarter of next year”
Big tech: a threat to banks?
The explosive growth of financial services offered by big tech companies in China offers important lessons
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects if the policies are used too much and for too long
Seven threats from big tech’s libra
Can central banks avoid a ‘big tech’ monetary meltdown?
Financial plumbing might be ‘rusty or clogged’ – Philadelphia Fed president
Patrick Harker calls for review of the US’s money market plumbing
Fed balance sheet could surpass crisis-era peak by 2025
Central bank may start buying Treasuries outright as soon as this year, New York Fed report shows
Fed economists propose alternative to floor system
Pre-crisis BoE framework may preclude need for further ‘technical adjustments’, researchers say
Agustín Carstens on fixing the global monetary system
The BIS chief speaks about how to strengthen the global safety net, vulnerabilities in emerging markets and the challenges and opportunities posed by fintech
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
Foreign banks in US made sharpest reserve cuts – Kansas Fed paper
Researchers look at impact of Fed’s quantitative tightening on US banks’ assets
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail and use of CCyBs, highlights challenges of an asymmetric monetary system, hits out at cumbersome payments and warns Facebook’s libra cannot ‘learn as…
Central banking’s 30-year cycle
Central banking has hit another crossroads, writes Central Banking founder Robert Pringle
IMF has no back-up plan to Fed swap lines
Financial counsellor says no plans in the works for emergency dollar funding backstop
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works
The future of balance sheet policies
Central banks are expected to resort to a range of balance sheet activities to fight the next downturn. William Towning investigates what tactics they may deploy