Federal Open Market Committee (FOMC)
US banks’ unrealised losses surge by $33bn in Q4
Led by JPM, Wells Fargo and Capital One, every major bank reported higher losses in AOCI, in reversal of previous quarter’s recovery
Fed repo facility may fix SOFR’s image problem
‘Overnight standing repo facility’ could stop year-end rate spikes, and extend Fed’s reach
First SOFR term rate coming in 2020
Staff at the New York Fed are working on a series of backward-looking averages
Fed data dependency backfires
Past year has seen huge change in formation of rate expectations
Stockton retires from FRB
David Stockton will be retiring from the FRB ths year after 30 years of service
FOMC pledges to maintain scale of asset purchases
Federal Reserve fails to announce additional quantitative easing but pledges to keep size of purchases at current levels; calls for more easing spurred by weak jobs data
'Improvement in market conditions' sees Fed cut bank aid
The US Federal Reserve Board has cut back several of the support facilities put in place over the past 18 months, arguing the recovery of the financial markets has made them unnecessary.
FOMC holds rates as spectre of quantitative easing looms
The Federal Open Market Committee (FOMC) has kept its target for US interest rates at between 0-25 basis points as the Federal Reserve reiterated its commitment to use new tools to fight the worsening economic downturn.