United States
Atlanta Fed names new president
Raphael Bostic will be first African-American to be a regional Fed president
US policy is “ultimate risk” for emerging markets – panellists
Expert panel says US fiscal, trade and monetary policy all have the potential to cause trouble for emerging markets in the coming months, though some risks seem over-stated
Federal Reserve publishes its first fan chart
Fed unveils new communication method as Janet Yellen makes clearest statement yet that a March hike is on the table
FOMC’s Brainard: Fed may need to raise rates in near future
“Drag” on US economy from foreign and domestic factors decreasing, FOMC member says; Brainard also calls for shrinking Fed’s balance sheet as rates rise
Bank of Italy paper looks at impact of monetary policy shocks
The impacts of eurozone and US shocks have diverged since the onset of the financial crisis, the working paper says
Sarb’s Mminele concerned about ‘geopolitical risks’
Anti-globalisation and protectionist rhetoric are at the top of the deputy’s list when it comes to risks to the South African economy this year; Brexit negotiations also a concern
Alan Greenspan says gold standard would have reined in debt
Former Fed chair says US would not be so indebted if it was on the gold standard; gold is the “primary global currency”, Greenspan says
Yellen calls for “sustainable” fiscal policy
Bank lending has grown since passage of Dodd-Frank Act, Fed chair tells Congress
Fed’s Fischer: econometric models are still flawed
US Fed vice-chair says models still cannot capture the complexities and rapid evolution of the economy – despite his hopes as an undergraduate
Tarullo resigns from Fed board
Early departure may give Trump a chance to reshape US regulation
US uncertainty puts Bank of Mexico on edge
Central bank hikes rate by 50bp as uncertainty from the US threatens inflation; international fuel prices are also a concern
UK’s PRA fines Japanese banking group for withholding information
Two arms of banking giant MUFG fall “significantly short” of regulators’ expectations, resulting in fines totalling £26.8m
BIS paper tracks US and eurozone QE spillovers
Shadow rates approach helps authors show US QE spilled across borders more strongly, though impact differed between countries
Fed paper flags risk of low rates misallocating capital
Where firms rely heavily on intangible capital, lower rates could harm firms’ investment and contribute to secular stagnation, economists warn
Fed unveils stress scenarios under revised testing approach
Tests now include model enhancements, new phase-in methods and lighter requirements for some banks; the severe scenario has been turned up a notch
US congressman: Yellen must stop international negotiations
Fed must allow President Trump to appoint new officials, Republican lawmaker says; calls for “fundamental review” of Basel III and other recent accords
China hikes interbank lending rates
PBoC “very worried” by banks’ credit expansion, expert says; raises medium-term lending facility rate by 10 basis points
US Treasury secretary shows early support for Fed
Mnuchin says Fed is organised with “sufficient independence”, going against early expectations he would support the Audit the Fed movement
ECB paper compares financial inclusion in US and eurozone
Encouraging transfer payment recipients to open accounts has positive effect, study finds
Minneapolis Fed launches new research institute
“Opportunity and inclusive growth institute” will draw on multiple disciplines to extend the Fed’s research
Xi says China is open for business as US turns away
China to become a bigger player in global markets as US seems to be turning inwards, says President Xi; firms looking to invest overseas
Eichengreen sees danger in US fiscal stimulus
Veteran economist warns infrastructure spending in the US may prove damaging to both the domestic and global economy, without necessarily fixing secular stagnation
IMF raises projections for US and eurozone growth for 2017
US policy mix still uncertain, but IMF staff do not yet believe changes will trigger an international trade shock; growth projections for emerging economies revised downwards
Measurement error a big part of ‘missing growth’ – Philippe Aghion
Statistics fail to capture creative destruction, French academic argues; US researchers say productivity in IT sector points to continued puzzle