Federal Reserve Bank of New York
MMFs lower risky investments in low-rate environment – paper
After a 1% rate cut, money market funds decrease risky investments by 25 percentage points
Dudley goes against Trump’s protectionist line
New York Fed president criticises protectionism as Donald Trump steps up rhetoric; questions value of excessive reserves accumulation
NY Fed paper studies when government should issue safe assets
Model implies only under certain situations should the government issue new debt; changing inflation target might be superior
Fed’s Dudley says Puerto Rico must ‘start from scratch’
Territory must face up to “painful” decisions to tackle debt and infrastructure problems
Fintech lenders increase efficiency of US mortgage lending, research says
Digital credit providers offer faster services, reliable risk assessments and flexible business models, New York Fed research finds
NY Fed paper measures global capital flow pressures
The authors’ method allows them to estimate how sensitive countries are to changes in global risk aversion, as well as overcoming problems with capital flow data
New York Fed economists unconvinced on crypto’s viable uses
Cryptocurrencies would work in dystopian world, economists say, but current environment means advanced economies have no need for them
A dangerous unknown: interest rate risk in the financial system
Urgent action is needed to tackle the little-understood build-up of interest rate risk in the global financial system; macro-pru tools still inadequate to tackle the issue
Global custodian of the year: BNY Mellon
The US asset specialist has made strong progress in its effort to offer a seamless overlay of its disparate legacy systems, while also providing improved training to official institutions
Obituary: William McDonough (1934–2018)
The former New York Fed president helped avert several crises during his time in office
Higher inflation in the US could accelerate Fed’s tightening
US Treasury yields rise as GDP growth accelerates and inflation expectations increase
Banking ‘deserts’ do not explain financial exclusion – NY Fed economists
Data shows absence of nearby banks fails to explain “unbanked” share of the population
Fed finalises new market benchmarks
Three transaction-based alternatives to US dollar Libor will launch in 2018
NY Fed economists reveal big-data approach to nowcasting
Paper sets out the New York Fed’s model for producing early estimates of major indicators
NY Fed paper estimates US contagion risks
Authors design a network model incorporating non-banks to estimate how the risk of a “default cascade” has changed over time
Dudley: use ‘paring knife not meat cleaver’ on Dodd-Frank
New York Fed president accepts that some elements of Dodd-Frank could be improved, but also says vulnerabilities remain
ECB defends Draghi’s membership of G30 to EU watchdog
ECB praises chance for “dynamic debate” and rejects NGO’s claim of lack of transparency
New York Fed’s Dudley set to retire early
William Dudley says he wants to ensure a successor is in place “well before” the end of his term
Paper highlights disparity in which fields of economics women enter
New York Fed study examines female participation rates in economics through conference case study, suggesting there may be barriers for women entering finance
EBA and US agencies agree framework for cross-border resolution
Document lays out principles for information sharing and future crisis management agreements
Fed announces Libor alternative
Secured Overnight Financing Rate will measure overnight treasury financing transactions
New NY Fed dataset shows weakening labour market
New York Fed unveils new, more granular labour market data; results so far indicate wage growth is still elusive
Failed bomber planned to target Fed
FBI arrests man in Oklahoma after undercover operation; Jerry Drake Varnell allegedly planned to target Fed in Washington
New York Fed’s Dudley calls for action on rising wage inequality
William Dudley proposes changes in school financing to tackle inequality of opportunity