Federal Reserve
Joe Biden’s slow road to remaking US financial regulation
Moves on climate risk could come early; other changes may have to wait until the end of 2021, or later
Boston Fed and MIT collaborate on digital currency research
Research results on software architecture will be released as open source
Appetite for renewed Fed dollar swap lines in doubt
With up to $300bn of positions nearing expiry, some say FX swap market can meet banks’ funding needs
Forwards spreads fall but won’t hit January levels, say traders
While bid/offers have shrunk since March’s highs, dealers expect them to remain elevated
Charted: rush for dollar liquidity fades
Figures from central bank dollar repo facilities show waning demand, but outstanding swaps still high
El-Erian on Covid-19 policy risks and ‘zombie’ markets
Former Pimco chief says Fed move into high yield is a step too far, new rules needed on leverage and false liquidity, and narrow window emerges for central banks to shed some of their policy load
Seeing red over blue-chip swap in Argentina’s NDF fiasco
Emta protocol salve aside, peso settlement rate snafu is a warning for emerging market FX derivatives
Brainard: US must review payments system oversight
Big tech’s currency plans could weaken payments oversight – senior Fed official
Economists call for action on risk of dollar liquidity crunch
Credit to non-banks and currency mismatches have grown while oversight is “fragmented”, report warns
TD Securities: renminbi to sink to 7.30 amid US-China tensions
Move will alleviate some pressure from US tariffs; bank expects interim gyrations in EM trading
First cross-currency swap cleared at Eurex
Morgan Stanley and JP Morgan first to use service and two more banks are onboarding as CCP hopes to extend offering to clients in 2020
Monex Europe: watch for further cracks in the dollar
US is slowing with the rest of the world, as trade uncertainty and external conditions begin to bite
Fed can now keep rates on hold, senior official says
Recent cuts have provided greater assurance Fed will hit inflation target, Charles Evans says
RBC: yield differentials will favour dollar over others
Despite falling US interest rates, the dollar will remain a high-yielding currency
ECB prepares for ‘big-bang’ move to new market infrastructure
Eurozone's payments, instant payments and securities settlement systems will merge by end of 2021
Fed provides update on future RTGS system
FedNow cross-border payments could be considered in future, US central bank says
Westpac: sterling weakness continues as Brexit deal unlikely
Australian bank maintains long-held bearish outlook on pound
US senator calls for hearings on Fed’s role in 2020 elections
Republican accuses former NY Fed chair Dudley of trying “sabotage” Trump’s trade talks
Turkey increases reserve requirements on FX deposits
Authorities aim to discourage citizens from transferring assets into other currencies, weakening the lira
Powell says Fed will decide on 24/7 RTGS system ‘soon’
Fed under pressure to act amid flurry of legislative activity around payments
City Index: yuan to hit seven within a month
China’s yuan has not seen such levels for more than a decade, but trade war with US induces flirtation
Fed cuts rates and halts balance sheet reduction
Decision sees hawkish dissents from Kansas and Boston Fed presidents Esther George and Eric Rosengren
US regulators applying outdated laws to crypto, hearing told
Congress also urged to open up Fed payment system if it wants to reach the unbanked
Markets diverge on how far Fed will go
“There may be volatility in the markets later this week,” Fed-watcher says