Federal Reserve Bank of New York
Banks have never been very ‘boring’ – NY Fed economist
Banks have consistently innovated throughout history, and regulations have struggled to keep up, Nicola Cetorelli writes
US household debt surpasses pre-crisis peak
Household debt exceeds 2008 level for first time, driven in part by auto loans and student debt
Protectionism is a ‘dead end’, says New York Fed president
Dudley highlights the second-round impact of protectionism, which ultimately harms higher-paying jobs; policies should foster competition and provide more assistance to workers
New York Fed legal vice-president challenges ‘check the box’ mentality
If a compliance regime does not accept blame or responsibility, then it has failed says Held; regimes should not be afraid to uncover problematic behaviour
Fed’s Dudley discusses unwinding of balance sheet
Should reinvestment end “abruptly”, financial conditions would tighten, New York Fed president said; tapering “gradually and predictably” is the way to go, he adds
Inflation is ‘simply not a problem’ – Dudley
New York Fed governor not worried about risks to inflation given recent data and expects current economic expansion to continue for the foreseeable future
People: Tobias Adrian to replace Viñals at IMF
New York Fed economist to take over IMF’s monetary and capital markets department; Malaysia appoints new financial stability board; vice-chair picked for FinCoNet
US FOMC has less room to respond to recession – Dudley
The US Federal Reserve would not be able to respond to a recession with a cut of the same “magnitude” as experienced in 2007, New York Fed president says; a risk management approach to policy is needed
ECB says it has learned lessons from simulated cyber attack
Federal Reserve, eurozone central banks and private firms took part in exercise to test Target2 payment system
People: Dennis Lockhart to stand down; Buch becomes Irving Fisher committee chair
Atlanta Fed president quits after 10 years at bank; Claudia Buch becomes chair of the BIS’s stats-focused committee; new head of research at the New York Fed
Jackson Hole: ECB and NY Fed economists examine ideal operational frameworks for policy
Simon Potter praises paper by ECB’s Ulrich Bindseil for in-depth analysis, but also highlights a number of areas for further research
Atlanta Fed president ‘not prepared to rule out’ further rate rise this year
Despite “troubling” headline GDP growth figures, “final real sales” figures point to US economy maintaining momentum and heading for third-quarter growth, Dennis Lockhart says
People: BNM picks new assistant governor; Charlie Bean nominated to OBR post
Markets specialist takes over assistant governor role at Malaysian central bank; former BoE deputy to sit on budget oversight committee; new head of monetary policy research in Israel; and more
Swift CEO gives network top marks despite Bangladesh Bank theft
‘No room’ for complacency says Leibbrandt, noting it is now up to the banks to upscale their security infrastructure
Dudley: market expectations may be ‘too complacent’
Federal Reserve Bank of New York president says the Fed will probably need to hike more than once before the end of 2017 if the economy evolves as expected; warns of "insufficient weight” on upside
Gaps in banking and AML laws need urgent attention, Philippine deputy says
In the wake of the Bangladesh hacking scandal, the Central Bank of the Philippines wants to improve the legal framework underpinning the banking sector
Building a fast, flexible and free DSGE model
A team at the New York Fed is part way through translating its DSGE model into Julia, a fast, open-source mathematical programming language
New York Fed official stresses third site capacity for FMIs
Richard Dzina argues systemic FMIs should consider maintaining technologically diverse third site solutions to successfully deal with present cyber challenges
Researchers uncover details of ‘sophisticated’ Bangladesh Bank hack
Hackers showed deep understanding of Swift systems, going to great lengths to hamper Bangladesh Bank’s response, research by BAE finds
People: ECB names HR director-general; BoE gets new MPC member
ECB appoints new head of human resources; Citigroup economist joins Bank of England’s Monetary Policy Committee; New York Fed’s chief lawyer to step down after twenty-one years in the role
Dudley hits back at plans to curb Fed discretion
New York Fed chief says plans to force Fed to follow a monetary policy rule would lead to “significant policy errors”; supports transparency, but within bounds
NY Fed says ‘no evidence’ systems breached
Spokeswoman says there is “no evidence” of attempts to penetrate Federal Reserve systems, amid reports saying Bangladesh Bank was concerned funds were stolen from its account
People: New York Fed research head retires, RBNZ appoints new head of currency
James McAndrews will leave the Federal Reserve Bank of New York after 19 years; Steve Gordon gets new portfolio at RBNZ; and more
Dudley flags inflation uncertainty and expectations concern
New York Fed president says uncertainties around his assessment of the inflation outlook have increased; warns of slide in household expectations and stresses need for ‘close scrutiny’