United States
JP Morgan buys First Republic in weekend rescue deal
US suffered “a bit of complacency” on banking regulation, says IMF chief
Fed report admits errors in SVB oversight
Report takes aim at regulatory easing during Trump era
Atlanta Fed clarifies contingencies ahead of hurricane season
Outages could affect bank supervision, discount window, cash, cheque and ACH processing
First Republic Bank at risk of collapse after deposit flight
Shares in US bank plummet as scale of outflows becomes clear and rescue options remain obscure
Fed triennial study shows rapid growth in electronic payments
ACH payments contributed to 90% of non-cash payment value increases in three years
Romer and Romer ask ‘does monetary policy matter?’ – again
Study based on “narrative approach” predicts major impact from recent Fed tightening
CBDC could increase financial instability, Fed’s Bowman warns
Retail CBDC would not improve payments or financial inclusion, she says
Immigration decline hurts growth and inflation prospects – Fed research
Dallas Fed VP says “absolutely” a link between low immigration and rising inflation
Stagnant US bank numbers ‘concerning’ – Fed’s Bowman
Governor argues regulation be loosened for bank formation, not tightened for mergers
Federal Reserve denies FedNow is a CBDC
Online sources post disinformation on payment system as anti-CBDC sentiment grows
FOMC members cut rate projections after banking turmoil
US labour market still too tight but banks’ problems may moderate demand, FOMC minutes say
US CPI falls to lowest level since May 2021
FOMC members hint at different views on next monetary policy decision
BSP governor says Fed should be ‘more caring’
But Felipe Medalla says Philippines accepts reality of having to react to US monetary policy
FSB to draw lessons from banking stress
Nature of vulnerabilities and speed of recent crisis call for review of regulation, Klaas Knot says
Global economy will be ‘anaemic’ – IMF
Inflation falling, but central banks will only reach targets over 2024 and 2025
Youth disconnect could create ‘less-skilled workforce’ – Dallas Fed
Declining labour force participation is detaching younger people from work, authors find
Boston Fed expands programme to get people back into work
FedNow created high demand for IT roles, which sparked programme’s inception
People: First governor of Congo central bank dies aged 92
Deputy governors depart in Canada and Sweden; and more
Kansas City Fed warns slow wage growth could spur debt problems
Subprime auto debt back above pre-pandemic levels and consumer debt at highest level ever
Fed’s Cook says monetary policy is now restrictive
PCE and core PCE inflation both fall as Cook argues tight banking conditions could ease path
US regulators fine Wells Fargo for aiding sanctions-busting
Fed and Treasury say bank failed to halt client channelling funds to Iran, Syria and Sudan
SVB collapse threatened banks across the US – Fed’s Barr
“Full extent” of bank’s vulnerability was not clear to supervisors until the run, vice-chair admits
Fed details Custodia rejection decision
Decision says Wyoming firm has deficient management and risky business model
Fed’s Bullard revises rate projection upward
Policy-maker says bank stress likely to fade but inflation fight continues