Federal Reserve System
Fed policy-makers hint at further stimulus
Minutes of the latest Federal Open Market Committee meeting show a number of members discussing further stimulus possibilities; moderate growth expected but also heightened risk
Regional Fed presidents express fears over economic recovery
Charles Evans and Eric Rosengren warn about struggling economic recovery; focus on employment figures as key indicator of persistent problems in the US
Fed paper analyses core inflation measurement
Working paper attempts to produce optimal gauge of core inflation by excluding items with high variance; finds new index outperforms current measures ex-post, but is no better ex-ante
Fed paper evaluates impact of QE
Working paper examines data from first round of Federal Reserve’s asset purchase programme; finds both immediate and longer-run effect of purchases on yields
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
US authorities explain living will review process
Largest banking groups must hand in resolution plans by July 2; preliminary reviews will be completed within 60 days say FDIC and Fed
IMF paper examines crisis indicators
Working paper assesses the effectiveness of various indicators in predicting financial crises; finds that leverage is ineffective and instead use of poor quality collateral is “critical link”
Fed paper examines balanced budget rules
Working paper considers whether balanced budget rules affect spending at different levels of government; finds rules impose discipline on the states but have little impact on federal spending
Bernanke says Fed ready for QE3 if necessary
Fed chairman explains FOMC decision to maintain rates and extend Operation Twist; says Fed is ready to make more asset purchases if necessary
JP Morgan losses will be considered in Volcker rule finalisation, says Fed official
General counsel of the Federal Reserve says new comments have been received regarding the Volcker rule since JP Morgan losses were revealed; views will be considered as rule is finalised
Fed’s Tarullo calls for prompt action to regulate shadow banking
Fed board member Daniel Tarullo sets out 'more or less immediate' steps that should be taken towards regulating the shadow banking sector
Fed’s Tarullo calls Dodd-Frank reforms a 'formidable task'
Daniel Tarullo examines Dodd-Frank Act financial reforms; says implementation remains a “formidable task”
Fed policy-makers consider further QE
Janet Yellen “convinced” of scope for further expansion of Fed balance sheet; Bernanke says rapid fiscal tightening a “serious threat” to recovery
Fed’s beige book shows continuing modest growth
Federal Reserve economic summary reports continuing growth across the US; describes moderate wage growth and inflation
New York Fed report models herd behaviour
Fed staff report models financial market herding behaviour using NYSE transaction data; finds herding is “fairly pervasive” on some trading days
HSBC chief identifies four steps to resolve ‘emerging markets’ crisis in Europe
HSBC chief executive Stuart Gulliver believes a European ‘tarp’ plus issuance of eurobonds needed to keep eurozone intact; says Spain and Greece failed to learn lessons from Asian crisis
Fed to release historical central banking material
Federal Reserve reveals plans to mark centenary; inventory of historical information about central banking in the US to be created
ECB paper examines pre-Volcker monetary policy
Working paper sets out dynamic general equilibrium model to analyse Federal Reserve monetary policy; finds Fed policy pre-Volcker was more effective than widely thought
Kansas Fed president supports bankers on boards of directors
Esther George says there is a place for bankers on Federal Reserve Bank boards of directors; but if they contravene the code of conduct, they should resign
Fed’s Lockhart discusses policy response to crisis
President of the Federal Reserve Bank of Atlanta considers effectiveness of monetary response to the financial crisis; confirms QE3 is still a possibility
NY Fed's Dudley fears CCP capital 'cliff effect'
Supervisors should ensure the capital regime for cleared trades avoids a sudden leap in risk weights, says New York Fed president
US Senate confirms new Federal Reserve Board members
Jeremy Stein and Jerome Powell secure bipartisan support from members of Congress to be confirmed for positions on Federal Reserve Board
Philadelphia Fed reports slowing manufacturing growth
Federal Reserve Bank of Philadelphia releases May 2012 Business Outlook Survey; finds slower manufacturing growth
Fed’s Duke discusses housing market recovery
Elizabeth Duke says strength of housing market is closely linked to economic recovery; talks about policy issues that may shape the availability of credit for home purchases