Federal Reserve System
Local preferences affect US bank lending to minorities – research
Ethnic minorities’ credit access is affected by stakeholders, NY Fed paper finds
Fed paper presents new way to measure consumer welfare
Consumer preferences change in line with incomes, researcher argues
Central banks should co-ordinate policy – Minneapolis Fed paper
Policy-makers should consider decisions’ effects on world real rate, authors say
Extreme temperature harms household finances, warns paper
Payday loan delinquency and defaults increase during extreme weather
Researchers warn US vacancies are ‘untethered’ from other data
Minneapolis Fed economists say US could face “more substantial job losses”
Dallas Fed chief backs slower balance sheet runoff
Lorie Logan says liquidity is no longer “super abundant”
Former NY Fed chief calls for overhaul of discount window
Dudley’s proposed changes include prepositioning collateral, cutting costs of secondary credit facility
Richard Byles on Jamaica’s inflation-targeting baptism of fire
The Bank of Jamaica governor speaks with Christopher Jeffery about forex interventions, setting up digital disruptor banks and the next steps for Jam-dex
Alberto Musalem becomes St Louis Fed president
Musalem will start on April 2 and be a voting member of FOMC in 2025
2023: The year in central banking
Central Banking’s most-read story this year dissected the crisis at SVB, while other top pieces delved into operating frameworks, third-party risks and international economics
Fed research looks at second-round effects of oil price inflation
Late 2022 oil price rally could cause inflationary pressure as late as mid-2025, paper finds
FOMC holds rates again, ending year at 5.25–5.5%
“Committee is proceeding carefully” as inflation recedes, but slowly, says Powell
Higher rates will push up firms’ debt costs gradually, says research
Authors warn that financial vulnerability could stem from higher for longer rates
CBDC features will have financial stability effects – Fed paper
Design choices could cut chance of bank runs and disintermediation, authors say
Smaller US banks face unequal real estate risk, paper says
St Louis Fed research finds lenders hold 40% to 75% of commercial real estate debt
Defending the basis
Benefits of additional Treasury liquidity may outweigh potential intervention costs during a hypothetical panic, writes Joseph Wang
FDIC to review sexual misconduct and discrimination allegations
Agency promises ‘independent review’ as chair faces charges of improper behaviour
Foreign real estate investment increases employment – research
The authors found the properties are often left empty, but drive up home values and employment
US cash usage may have hit its floor, says Boston Fed
Consumers prefer credit cards, the top payment method in 2022, for online payments
US-China trade is falling, Fed researchers find
Fall driven by advanced technology trade, but other US allies are not following suit, paper finds
Fed’s Cook is concerned about non-banks and real estate prices
Hedge funds could rapidly pull out of Treasury cash futures market
US fiscal stimulus decreases output in rest of world – research
A helicopter drop policy could be the most effective co-ordinated effort
Fed holds rates steady again
Powell said the question the committee is asking is should it hike rates more
The predicament of bloated central bank balance sheets
Swollen balance sheets carry significant risks for combating inflation, ensuring financial stability and preserving central bank credibility, independence and effectiveness. How can central banks reduce them?