United States
Pandemic debt will test policy-makers – Richmond Fed research
Authorities may opt for “financial repression” policies with central banks keeping rates low – paper
Fed not considering negative rates – Powell
More fiscal support may be needed, as Fed’s lending will only be effective “for a while”, says Fed chair
Covid-19 may accelerate US firms’ turn away from China – New York Fed
Import data shows firms have used non-Chinese suppliers to replace some lost trade
US MMFs transmitted Covid-19 stress to banks – BIS research
Banks outside the “epicentre” of the dollar squeeze still felt the effects, researchers say
Fed will begin ETF purchases today
Central bank outlines fund selection strategy but keeps investors guessing on specifics
Scale of Covid-19 impact shows up starkly in US stats
All of the US’s key macroeconomic indicators point to a dramatic slump
US banks should prepare for uneven recovery – Patrick Harker
Banks “shouldn’t be issuing large dividends at the moment”, Philadelphia Fed chief says
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for a Janet Yellen-supported Fed move to adopt elements of price-level targeting. But questions remain about the timing of such a move
New York Fed paper finds possible failings in US pandemic aid
Research on Paycheck Protection Program says some heavily virus-affected areas of US may be losing out
US lockdown policy ‘too restrictive’ – Minneapolis Fed paper
Researchers model optimal lockdown policy for lowest aggregate welfare cost to society
Could engineering higher inflation help manage fiscal deficits?
Fiscal and monetary co-ordination could be a workable option for the Covid-19 recovery, Chicago Fed paper finds
Fed could purchase $750 billion of corporate debt in new facilities
Fed clears staff to purchase investment- and non-investment-grade debt and ETFs
Lower refinancing can dampen economic recovery – Fed research
US mortgage refinancing activity remained muted after falling during 2008 crisis, researchers find
Debts, deficits, central banks and inflation
Forrest Capie and Geoffrey Wood ask what insights history can provide for central banks and governments managing abrupt, large increases in debt
Fed expands main street lending plans
Central bank faces criticism for appearing to respond to oil and gas lobbying
Tighter supervision improves bank performance – NY Fed paper
Researchers examine performance of heavily and lightly regulated banks from 1991 to 2014
Podcast: An interdisciplinary approach to Covid-19 surveying
FedSpeak talks with the Minneapolis Fed’s Abigail Wozniak on her new real-time survey combining social science and epidemiology
Can growth in developing Asia be made more sustainable?
The structure of the global economy will be reshaped by Covid-19, and what happens in Asia will be crucial, writes Philip Turner
Fed predicts ‘unprecedented’ economic shock
Policy on hold as Q2 may see data “worse than any data we have seen”, Powell warns
Fed’s Jackson Hole conference hit by temporary venue closure
Kansas City Fed is considering implications and will release details when available
Fed expands local government liquidity facility
Programme faced criticism for leaving out regions with heavy Native American and African-American populations
BdF paper looks at household vulnerability
High levels of household debt magnify negative shocks and weaken positive ones, researchers find
Libra’s Disparte on big tech’s move into digital currency
Libra Association vice-chair Dante Disparte speaks about the decision to abandon a multi-currency reserve, stress-testing a global payment network and how the Facebook-backed body still has 3 billion customers in its sights
US default rates could hit 8.1% without policy action – Richmond Fed
Loan forbearance policies could see this drop to “essentially zero” in 2021, researchers say