Federal Reserve Bank of New York
Top Fed officials speak out to calm markets
Two Federal Reserve governors and the New York Fed president emphasise a change in monetary policy will be driven by data, not the date; further easing remains a possibility
New York Fed forecasts support continued easing
Staff forecasts predict inflation and unemployment are unlikely to make significant progress toward their target levels in 2013
Dudley calls for new plan to avoid market overreaction when Fed heads for the exit
New York Fed president pours cold water on suggestions of an imminent exit from QE, but says the FOMC needs to rethink its ‘stale’ plan on how an exit will ultimately be accomplished
New York Fed paper launches DSGE defence
Staff report says the standard DSGE model produced ‘surprisingly accurate’ forecasts during the financial crisis and subsequent recovery
NY Fed paper assesses risk of fire sales in tri-party repo markets
Staff report finds limited tools are available to reduce the damage from pre-default fire sales but says there are no options currently available once a default has occurred
People: New director-general at Bank of Italy; Bank of Israel adviser ends 30-year tenure
Salvatore Rossi becomes Bank of Italy's director-general; Barry Topf leaves Bank of Israel after 30 years; and more
NY Fed president dispenses policy advice to European and US governments
William Dudley tells European policy-makers that moving forward with banking union is critical, while the US government should be worrying more about its fiscal outlook
New York Fed demands better management of foreign exchange risks
Greater use of capital and collateral to mitigate all risks relating to foreign exchange trading is crucial, warns Jeanmarie Davis, head of financial market infrastructure at the NY Fed
NY Fed paper says monitoring is essential to fix Dodd-Frank’s ‘significant limitations’
A growth in shadow banking is one risk from the Dodd-Frank Act that must be addressed by broad and forward-looking monitoring, a staff report says
NY Fed plans test run of small-firm open market operations
Fed prepares pilot programme to allow five smaller firms to act as counterparties in open market operations for a year, with the possibility of making the scheme permanent thereafter
NY Fed paper highlights money market fund ‘stampede’ risk
Staff report finds intermediation by money market funds can turn unexpected withdrawals into runs, meaning a small shock can bring down the whole banking system
New York Fed paper warns of negative welfare effects of capital controls
Staff report finds significant gains available from international policy coordination, and that interventions in the international flow of capital can hit global and individual welfare
NY Fed president calls for tri-party and money fund reform
William Dudley lays out a range of options to ‘make the basic structure of the wholesale funding market as sound as possible'
NY Fed research plays down QE impact on emerging markets
Staff report says large-scale asset purchases have a relatively small impact on capital flows to emerging economies in the aggregate, but finds substantial variation between countries
NY Fed paper studies Treasury liquidity crunches
Staff report finds negative feedback relationship between price volatility and liquidity in US Treasury markets – a trend that worsens during financial crises
NY Fed research links exchange rate pass-through and mark-ups
NY Fed paper finds evidence that exchange rate movements are associated with movements in mark-ups on goods
Donald Kohn on the Fed and fixing the global financial system
Donald Kohn talks to Christopher Jeffery about the Fed’s role in the crisis, changes in central bank mandates and exit strategies, and regulatory efforts to clean up the financial system
Hurricane Sandy disrupts Federal Reserve operations
New York Federal Reserve suspended operations for a day as hurricane battered eastern US; temporary measures taken to support banking in face of disruptions to power, communications and staffing
FBI thwarts plot to bomb New York Fed
Planned attack on Federal Reserve Bank of New York fails after alleged bomber is given fake explosives by FBI; defendant charged with attempting to use a weapon of mass destruction
NY Fed’s Dudley confident in QE3 benefits
President of NY Fed says third round of QE is needed to catalyse growth; says employment will improve faster as a result of the programme
CLS hires JP Morgan veteran as chief executive
David Puth, the former chair of the New York Fed's FX Committee, will become the next chief executive of CLS next week
NY Fed failed to share Libor low-balling fears with BoE, says King
Governor of the Bank of England says NY Fed did not pass on anecdotal evidence of Barclays’ manipulation of Libor submissions; says recommendations for reform were not a warning of trouble
Sack withdraws resignation and stays on at NY Fed
Brian Sack stays on as a senior adviser to New York Fed president William Dudley; new head of markets group already appointed
New York Fed appoints new head of markets group
Simon Potter named as chief of markets group and manager of the System Open Markets Account; begins new role on June 30