Federal Reserve System

2014: The year in review

The past year has seen central banks across the globe grapple with reform, at an institutional and global level – we look back at the biggest stories of 2014

Fed changes forward guidance

Janet Yellen says FOMC ‘can be patient' in normalising monetary policy, but says new language does not signal change in outlook; Fisher, Plosser and Kocherlakota dissent

The shift to a multi-polar world

Extraterritorial reach of US policies could hasten the use of alternative currencies; decision on renminbi inclusion in SDR may be a tipping point for relevance of Bretton Woods institutions

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