United States
US basketball chief: sovereign wealth funds cannot buy teams
Statement follows Qatari fund buying minority stake in owner of Washington Wizards
Senate committee backs Biden’s Fed nominees
Legislators unanimously back Jefferson, but most Republicans oppose Cook and Kugler
US regulators fine Bank of America $150 million
BoA pays out nine-figure penalties for consumer malpractice for second year in a row
US banks question stress-test discrepancies
Bank of America and Citigroup open talks with Fed about differing results
Fed economists estimate natural rate still at rock bottom
Analysis implies policy rate is firmly in restrictive territory and may not remain high
Largest US banks pass the Fed’s stress test
Scenario saw banks continue lending despite losses three times greater than those of 2008 crisis
Book notes: Labor in the age of finance, by Sanford M Jacoby
A fascinating attempt to document the US labour movement’s efforts to use pension fund money to bolster its voice
Policy has not been tight long enough – governors
Hot labour markets boost wages and core inflation, making inflation persistent
No significant risk of US recession – St Louis Fed research
Sahm Rule and leading economic data indicate low – but not zero – recession risk
Ex-Fed vice-chair Quarles linked to bank seeking master account
Quarles’s involvement recalls controversy over Sarah Bloom Raskin
Fed’s Bowman questions Barr’s bank failures report
Governor says supervision is preferable to higher capital requirements
Deposit insurance: what lies ahead?
Proposals to redesign deposit insurance may be neglecting the market’s role, says Manoj Singh
NBER paper estimates demand for bank reserves in US
Fed needs global estimates of demand curve slope to maintain interest rate control, authors say
Barr to review bank oversight, promising nimbler supervision
Fed vice-chair suggests “reverse stress tests” to measure what would break banks
Why fear, paranoia and distrust swirl around CBDCs
Populists and conspiracy theorists are exacerbating public concern about retail CBDCs. What can central banks do about it?
Bank failure déjà vu
New bank capital rules were meant to ensure failures would be less frequent and resolution not involve taxpayer money. Then came the collapse of Silicon Valley Bank and Credit Suisse, writes Jesper Berg
Fed holds policy rate steady
Powell says conditions for lower inflation are coming into place, and July will be a “live meeting”
Senior US officials criticise new third-party risk guidance
Members of Fed and FDIC boards object to vagueness and burdens on smaller banks
Fed contemplates rate hike or ‘skip’
Top officials indicate the terminal rate is not yet reached – but a pause is possible
Saudi SWF merges golf outfit with US rival
PIF ends legal disputes and becomes a leading power in the sport
Data privacy laws can boost fintech lending – BIS paper
Study finds Californian law led to more data being shared with fintech firms
SEC charges Binance and Coinbase
World’s largest crypto exchanges accused of illegal operations at expense of investors
Rule-setters need to heed their own advice
The US risks a reputation for failing to meet standards to which it holds others
People: April to June 2023
A round-up of central bankers in the news and on the move during the past three months