Riley Steward
Riley is a reporter for Central Banking, based in New York.
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Articles by Riley Steward
US credit card debt passes $1 trillion for the first time
NY Fed says credit is stabilising at pre-pandemic levels despite historic figure
Fed unveils new crypto supervision programme
Smaller banks need Federal Reserve authorisation before issuing stablecoins and dollar tokens
Government employment has not recovered from pandemic – Fed
Low wages could be responsible from 450,000 missing state and local government workers in US
Kansas City Fed names new president
Former bank chief executive Jeffrey Schmid takes over from Esther George
Inequality rising in the US – Minneapolis Fed report
“Government intervention largely eliminates the cyclicality in inequality at the bottom,” research says
AI can forecast inflation more accurately than professionals – St Louis Fed
Large language models may be powerful tools but have some drawbacks, researchers say
Fed leadership divided on proposed capital rules
Powell warns rules could push activity into shadow banking
Fed raises interest rates again after June pause
Powell says FOMC may increase rates again as it faces risks of both inflation and downturn
‘Supercore inflation’ is a key indicator, Fed paper argues
Non-housing core service prices behaved very differently in 2019 and 2021, researchers say
US banks need higher capital levels, warns Kashkari
Banking stress may re-emerge if inflation is entrenched, Minneapolis Fed president says
US instant payment system FedNow goes live
Mester says service could handle P2P, cross-border, and interoperable payments
Bank of Canada raises rates 25bp
Central bank now predicts inflation will return to its 2% target in mid-2025
Larger banks need higher capital requirements, says Fed’s Barr
Changes could take years, vice-chair says, and “we need to worry, a lot, about non-bank risks”
Some Fed officials wanted to raise rates in June, minutes show
‘Almost all’ FOMC participants expect to increase the target interest rate this year
Is corporate pricing causing ‘greedflation’?
Firms in US and Europe are driving inflation higher by imposing above-cost mark-ups, researchers say
Largest US banks pass the Fed’s stress test
Scenario saw banks continue lending despite losses three times greater than those of 2008 crisis
US regulators considering tougher capital rules for medium banks
FDIC chairman says rule change may cover all US banks with more than $100 billion in assets
Payments Benchmarks 2023 report – moving money in shifting conditions
Data reveals differences in CBDC paths, RTGS systems, instant payment plans and budgets
Central Bank of Oman launches 24/7 RTGS
Oman will be connected to payment systems across the Arab world via AFAQ and Buna systems
Fed holds policy rate steady
Powell says conditions for lower inflation are coming into place, and July will be a “live meeting”
Fed contemplates rate hike or ‘skip’
Top officials indicate the terminal rate is not yet reached – but a pause is possible
Third-party risks are a first priority for central banks
Cyber and concentration risks crystallise co-operation between critical infrastructure providers
Quantitative tightening and forward guidance need rethink, say economists
Forward guidance removes options to respond to shocks, say academics and experts
Fed walking a financial stability ‘tightrope’
Experts disagree over US regulators’ use of systemic risk exception for deposit insurance