Federal Reserve System
EM central banks in a bind as capital volatility set to worsen
Central banks in the biggest emerging market economies are bracing for ever faster outflows of capital if tomorrow's FOMC minutes continue to point to US monetary tightening
NY Fed blog post points to fiscal implications of Fed policies
NY Fed blog post notes Fed policy impact on government fiscal position is much broader than the direct influence remittances from Fed earnings have on government finances
Fed researchers find effects of QE ‘minimal' without guidance on rates
Paper by senior economists from the New York and San Francisco Feds argues that signalling a rate rise will be far more meaningful than communication on when asset purchases might come to an end
Atlanta Fed president calls for QE caution
Dennis Lockhart urges the FOMC to scale back the Fed’s asset purchases in a flexible manner; believes any initial reduction should be seen as a ‘cautious first step’
Opinion: The ECB should not hold back from eurozone bond purchases
There is no danger in the ECB buying large amounts of eurozone government bonds to bolster market confidence – so long as the right conditions are met – says Natixis chief economist Patrick Artus
Getting to grips with monetary policy?
Global co-operation on monetary policy remains out of reach
BIS calls for monetary tightening not heeded by major central banks
The BIS's latest annual report voices the private concerns of the world’s leading central bankers. But it falls short on action that will hold national governments to task
Sandra Pianalto to retire next year
Cleveland Fed president Pianalto calls time on a 30-year career at the bank; successor will sit on the FOMC in 2014
Philadelphia paper models export dynamics after large devaluations
Working paper says that exports responds ‘sluggishly’ to a large currency depreciation; creates a model to capture these dynamics and explore their macroeconomic impacts
Central banks face $450bn in paper losses from gold holdings
The decline in world gold prices during the first half of the year has resulted in the value of central bank gold reserves falling by $447 billion; latest entrants into bullion market hardest hit
Fisher: Fed has its finger on taper trigger
Dallas Fed’s Fisher says the FOMC is nearing ‘execution mode’ on the back of improving employment figures; Philadelphia Fed’s Plosser wants ‘brighter line’ between monetary and fiscal policy
Bullard says Fed should ape ECB press conference schedule
James Bullard of the St Louis Fed wants to see the Fed chair give a press conference after every meeting of the FOMC - not after alternate meetings, as is the case currently
IMF spillover report highlights tough balancing act for leading economies
Report examining international effects of policies in China, the eurozone, Japan, the UK and US, says easy monetary conditions essential but warns of future side-effects
Fed governor set for Treasury switch
Obama appoints Fed's Sarah Bloom Raskin as deputy secretary at the Treasury; former long-serving Fed economist Karen Dynan will also join Treasury as assistant secretary for economic policy
Court decision overturns Fed cap on credit card fees
Ruling slams Fed's $0.21 cap on banks' interchange fees as too high and for running ‘completely afoul of the text, design and purpose' of legislators' intent; bank body calls on Fed to appeal
BoE and Fed keep policy on hold
Federal Reserve points to risks of below target inflation and cools its assessment of economic activity; Bank of England expected to introduce forward guidance next week
Bullard says US government should scrap CPI inflation targeting
The St Louis Fed president believes switching to the Fed's PCE measure would provide clarity to the public about which measure more accurately reflects consumer price inflation
Yen volatility drives record turnover, central bank surveys reveal
Volume was up across foreign exchange products in the UK and US in April 2013, with nearly $1 trillion traded daily in the US and more than $2.5 trillion in the UK
Dallas Fed paper flags concerns over duration of Fed’s portfolio
Staff paper says the Fed may face difficulties in selling its longer-term holdings, while increasing the maturity of its portfolio also risks raising inflation expectations
HKMA deputy says QE taper to bring ‘immense shocks' to markets
Eddie Yue slams advanced economies' ‘unprecedented' accommodative monetary policy for creating global imbalances and fuelling Hong Kong asset prices
San Fran research links unemployment to business uncertainty
Research produced by the San Francisco Fed finds that business uncertainty over economic policy is an ‘important factor’ behind the persistent levels of unemployment in the US
IMF endorses Fed monetary policy in Article IV report
Staff report highlights risks associated with exit, including negative impact on the Fed's balance sheet, which could cause a political 'backlash'
Dutch paper quantifies impact of FOMC guidance on market rates
Working paper says Fed forward guidance lowered market interest rates up to seven years ahead; flattened yield curves in markets for US Treasuries and eurodollar futures
Robert Pringle's Viewpoint: Let the Fed lead
Implicit coordination of monetary policies under Fed leadership is better than none at all