Federal Reserve System
Fischer laments lack of coordination between US regulators
Fed vice-chair says most countries manage to supervise their financial systems in a more cooperative manner than in the US, but he holds little hope for change in the near future
Fed beige book points to areas of optimism
Most districts report economic activity as expanding at a ‘modest’ or ‘moderate’ pace, while many contacts indicate ‘optimism’ about future growth
Fed economist sees gaps in CCP risk management
Quant Congress USA: CCPs struggle to model conditional losses and auction behaviour
Yellen bats away calls for simple rules-based policy
Fed chair tells Committee on Financial Services a monetary policy rule based on two economic variables is inappropriate as ‘the world is more complicated than that’
US report finds ‘no single cause’ of October 15 volatility in Treasury market
Staff from five bodies, including the Fed board of governors and New York Fed, analyse data from unusual bout of volatility in the US Treasury market last year
Yellen expects 'lift-off' later this year
Janet Yellen expects the Fed to raise the federal funds rate "at some point" in 2015 with full employment "coming closer into view" and inflation on track to return to 2% in the next few years
San Fran Fed’s Williams says Chinese government ‘realistic’ about growth
John Williams says most economists and officials understand growth will probably drop below current target of 7%, which may lead them to adjust reform timetable
Fed’s Brainard ponders whether systemic banks could choose to downsize
Governor Lael Brainard says systemically important institutions may choose to ‘reduce their systemic footprint’ as regulation kicks in and impacts cost-benefit analysis
Central banks cannot avoid fiscal impact, Bundesbank panellists warn
Academics and central bankers point to fiscal impact of monetary policy and lender of last resort function, raising the question of how much fiscal power central banks ought to wield
People: Madigan returns to Fed board; FCA appoints retail supervisory head
Brian Madigan returns to the Federal Reserve Board as FOMC secretary; Financial Conduct Authority names Jonathan Davidson director of supervision, retail and authorisations; and more
IMF staff call on US to develop new macro-prudential tools
Assessment says tools that strengthen market resilience to run risks and fire sales in shadow banking sector should be a high priority; staff report recommends 2016 rate hike
Fischer warns developing countries may not be ready for inflation targeting
Fed vice-chair tells audience of African central bankers no framework is ‘suitable for all countries for all times’ and cautions against adopting inflation targets before financial markets are ready
Bank of Mexico moves policy decisions after Fed meetings
Mexican central bank delays remaining policy decisions so they fall a few days after FOMC announcements; wants to be able to react to rate hike ‘in a timely manner’
Research calls on Fed to replace ‘dot plot’
Working paper published by the IMF suggests publishing a baseline forecast compiled by staff and 'endorsed' by the FOMC as a replacement for individual and anonymous projections
Canadian deputy sees scope for deeper integration with US
Lawrence Schembri suggests bilateral agreement between the neighbouring countries on the resolution of banks with cross-border operations
IMF paper weighs impact of low rates on instability
Working paper suggests the ineffective regulatory framework in the US was more to blame for the occurrence and severity of the crisis than low interest rates
Fed’s Powell lays out payments reform priorities
Jerome Powell highlights four areas in which US payments need to improve as work begins to upgrade the economy’s payment systems
San Francisco Fed research examines easing impact of Swiss reserves expansion
SNB asset purchases focused on short maturities still pushed down longer maturity yields, researchers find, which they say holds lessons for eurozone QE
Fischer: more research needed on stress testing
Fed vice-chair sees room for improvement in the design of stress testing; NY Fed’s McAndrews fleshes out possible research agenda
Radical rethink of central banking is still possible
Bank of Canada governor Stephen Poloz's call for central banking to be "reinvented" is a timely reminder that others need to heed
Bank Indonesia appoints deputy following rates hold
Head of financial surveillance Erwin Riyanto replaces Halim Alamsyah on board of governors as central bank warns of renewed capital flight
Yellen argues Fed is among most transparent central banks
Fed chair Janet Yellen questions why additional legislation on transparency is necessary; new bill would force Fed to report in greater detail and more frequently to US Congress
US Treasury: woman will appear on new $10 banknote
More than a century after Martha Washington was featured on a $1 note, Treasury secretary Jack Lew announces he will pick another woman to feature on the $10 note
Fed officials still back 2015 rate hike
Median of latest projections suggests federal funds rate will reach 0.625% by the end of the year; FOMC delivers more upbeat assessment as its keeps policy unchanged