United States
Inflation offers route to unconventional policy exit
Asset purchases and negative rates can be reversed, but Fed/ECB policy divergence raises major risks
BoJ unlikely to move policy to counter yen weakness
The Bank of Japan is wary of raising rates or even increasing its yield control target to tackle yen depreciation, which it views as being exacerbated by foreign speculators, writes Sayuri Shirai
Fed announces another 75bp rise
Jerome Powell says Fed’s approach to forward guidance will change
Powell divests municipal bond holdings
Fed chair acted early to comply in with new ethics code at Federal Reserve
US inflation: it’s mainly global
Steve Kamin analyses the pre-existing conditions that impacted inflation in the US and elsewhere
Fed faces years of losses as interest rates rise
QE brought major interest rate risk onto central bank’s balance sheet
Endlessly interim? The struggle to appoint top US regulators
Two-year OCC vacancy is not that unusual in US system, but it may hamper initiative
Larry Summers says Fed suffers from dangerous groupthink
Former Treasury secretary argues a massive recession is needed to combat inflation
IMF says US faces hard balancing act
Excessive tightening by the Fed could cause negative spillovers for global economy, fund warns
Fed internal watchdog clears Powell and Clarida
Inspector-general still examining Rosengren and Kaplan, while senators criticise new code
Two US regulators fine Bank of America $225m
Country’s second-largest bank unlawfully blocked access to unemployment benefits
US Senate confirms Barr as Fed vice-chair
Democrat appointees now form majority of board of governors
People: Saudi Central Bank appoints two vice-governors
BIS names heads of key committees; senior officials quit US Office of the Comptroller of the Currency
US experts believe inflation will fall, eventually
CPI inflation surges above consensus forecasts, but economists expect a turning point soon
Book notes: Harry White and the American creed, by James Boughton
This book offers a deeper understanding of the hugely influential IMF founder and his work, but fails to resolve espionage charges
FOMC ready to tighten policy further, minutes show
Members worried about inflation becoming entrenched but see some signs of pressures easing
US risks slipping back into secular stagnation, says Rajan
Fed has “good chance” of defeating inflation but US economy has deeper problems, economist says
US core inflation continues decline
Headline PCE inflation flat as food and energy inflation remains buoyant
G30 warns US Treasury market remains vulnerable
Group says US regulators need to do more to prevent dysfunction in the critical market
Top central bankers admit inflation models fell short
Reliance on Phillips curve and demand-driven models may have created blind spots
Fed’s Evans and Bullard downplay recession risks
Both presidents looking to increase the policy rate to around 3.5% by the end of the year
Fed finds major banks able to withstand ‘severe recession’
All banks pass stress test despite tougher scenario than in 2021
US senator attacks regional Fed over fintech firm’s payments access
Kansas City Fed president Esther George refuses to release correspondence about terminating account
Fed meets inflation surge with 75bp hike
Unexpected spike in inflation and expectations spurs committee into rare policy aggression