Federal Reserve System
Book notes: Deliberating American Monetary Policy, by Cheryl Schonhardt-Bailey
Using recordings of meetings of not only the FOMC but also of the House Financial Services Committee and the Senate Banking Committee, the book tries to understand how monetary policy is decided
Emerging market governors favour Fed policy normalisation, says MAS’ Menon
MAS head Ravi Menon says most emerging market central banks want to see the Fed normalise policy, China is at an inflection point and Singapore could lose out from new OTC derivatives rules
Fed survey says 40% of US households still struggling to make ends meet
A third of respondents said they were ‘somewhat or much worse off' than before the financial crisis, while a fifth are spending more than they earn
Mexico’s Carstens hails Fed’s communication on tapering
Augustin Carstens says Fed has ‘gone out of its way’ to spell out timing and dangers of adjustment; calls on Europe and Japan to ‘depend less on monetary policy’
Agustín Carstens on Fed policy, shadow banking and Mexico's economic strengths
Agustín Carstens, governor of the Bank of Mexico, speaks about the work of the IMF, tackling shadow banking and how Mexico has kept a strong economic position in the midst of the financial crisis.
Fed blasts big banks over ‘unrealistic' living wills
Eleven firms, including Goldman Sachs and JP Morgan, must take ‘immediate action to improve their resolvability', US central bank says
OCC 'disappointed' at lack of accounting convergence
With US and international loan-loss accounting rules set to diverge, bank regulators are preparing to level up the resulting capital differences
Fed's Plosser dissents over unchanged forward guidance in face of US 'rebound'
Janet Yellen sees second dissent since taking the Federal Reserve chair in January; FOMC language suggests members are becoming more sanguine about economic trajectory
Credit cards account for more than half of all payment cards in the US, report shows
Credit cards accounted for 334 million of the 776 million ‘general purpose cards' used in 2012; Over 250 million mobile payments made using mobile wallet application, Fed study finds
IMF calls on Fed to formally explain policy normalisation strategy
IMF stresses need for 'greater clarity' on how Fed intends to exit accommodative policy stance; warns use of Fed funds rate could 'pose challenge' amid balance sheet reduction
‘Shadow' Fed funds rate suggests Fed should have loosened more following crisis
Kansas City Fed study says Fed should have been more active in early stage of ‘Great Recession' but also notes policy became ‘considerably' more accommodative over time
Robert Pringle’s Viewpoint: Start policy normalisation now!
Policy changes are needed to reduce the chances of another recession
Yellen tells Congress Fed is ‘most transparent in the world'
Fed chair Janet Yellen faces Congressman who wants to enforce rules-based monetary policy, telling him it would compromise central bank independence
Yellen endorses calls for ‘community banker' on Fed board
Fed chair Janet Yellen says legislating to earmark seats on the board would be a mistake, but agrees the board would be improved by the addition of a community banker
Fed set to finish taper in October
FOMC mulls decision on whether to raise Fed funds rate or shrink balance sheet first before year-end; fears either strategy could jeopardise Fed's communication efforts
FOMC members offer conflicting takes on US inflation path
Jeffery Lacker says inflation is moving closer to the Fed's 2% target, while Narayana Kocherlakota warns reaching it may take another four years
Lagarde highlights threat of renewed EM volatility
IMF director lauds ECB assault on low interest rates and highlights importance of central bank communication as Federal Reserve continues to taper
Yellen takes sides in ‘lean against the wind' debate
Federal Reserve chair says monetary policy faces ‘significant limitations as a tool to promote financial stability'; macro-prudential policies ‘far more direct' and effective
Dutch paper: Fed guidance pushed up equity prices abroad
Working paper published by The Netherlands Bank attempts to quantify impact of Fed’s forward guidance on international equity markets
Should central banks review their investment guidelines as monetary policy normalises?
Central Banking editor Chris Jeffery talks to Charles Goodhart, Tim Young and Scott Dickinson about the strategies reserve managers can deploy ahead of a tightening in monetary policy
Fed levies record fine on sanctions-busting BNP Paribas
The Fed's fine of $508 million is part of a massive $9 billion fine for the French-based banking group for dealing with Iran, Cuba and Sudan in violation of US sanctions
Plosser: Fed should be stripped of dual mandate
Charles Plosser says the Federal Reserve should ‘focus solely’ on price stability, as monetary policy has ‘very limited ability’ to influence employment
Tarullo says Fed must ‘hone' stress test regime
Fed governor says some firms still lack ‘reliable information' about their business exposures; hints at more attention to developing tests' macro-prudential elements
Financial stability reports to become ‘a lot more important’
New research highlights ‘sizeable effects’ of financial stability reports on stock markets; speeches have become more influential since the crisis but this is unlikely to last