Central banks
Are stablecoins fungible money?
The authors assess the fungibility of stablecoins, arguing that this can be equivalent to that of traditional bank deposits if payment and settlement technologies are interoperable.
Deep water waves: accelerating, broadening, consequential
Factors that will impact investment returns over the next decades, the interplay between them and their likely impact on investment outcomes
Talking Heads 2025: Who will buy Trump’s big, beautiful bonds?
Treasury issuance and hedge fund risks vex macro heavyweights
BoE plans system-wide test on private credit risks
Bank aims to probe market after First Brands and Tricolor collapses raise alarms about subprime lending
Fed official dismisses de-dollarisation talk
Speakers at IIF conference believe dollar selloff is cyclical rather than a structural decline
US banks’ cash holdings jump $79 billion in Q2
Cash reserves up 4%, in biggest rise since 2023
Low-vol gold rush points to further upside
Options markets see no scramble to chase metal higher despite 43% year-to-date rally
The ‘get-out-of-debt’ card that may worry bond investors
A new paper analyses the controversial tool that governments may be forced to deploy to control borrowing costs
Why flows now rival fundamentals
Geography and market sentiment are having profound impacts on price action, says LMAX’s head of FX data
Sharper economic picture sets scene for dollar swaps rebound
Razor-thin bid/offer spreads and slim post-April trading volumes give way to an uptick in August
How much do investors really care about Fed independence?
The answer for some is more nuanced than you might think
BoE’s Benjamin on non-bank liquidity and market resilience
Why the UK central bank’s financial stability head is considering further reforms to the gilt market
Elizabeth McCaul on supervision, new macrodynamics and investing in suptech
Former ECB Supervisory Board member speaks about the Covid-19 and Credit Suisse shocks, regulation debates, the rise of non-banks and what makes tech projects succeed
Judy Shelton on gold, tariffs and where the Fed went wrong
Potential successor to Jerome Powell makes the case for cutting rates and tamping down dollar volatility
Central bank watch: Biased to ease, for now
A mid-year review of the monetary policy outlook for G10 central banks, India, China and South Korea
Fed succession planning: will Trump stick to the script?
The race to succeed Jerome Powell as head of the world’s most powerful central bank has already begun
Let’s speak the same language: a formally defined model to describe and compare payment system architectures
The authors propose a means with which to represent and compare three key functions of payment system architectures: issuance/withdrawal, holding and transfer of funds.
BoE analysis sparks debate over reuse of repo collateral
Central bank policy analyst contends reuse of collateral may amplify volatility in repo rates
Repo facility preferred over discount window, SFOs say
Bank officers shun Fed lending facility amid persistent stigma
EC official ‘positive’ on launching NBFI repo facility
Isda AGM: EU may follow UK with contingent liquidity facility for periods of market stress
Societe Generale rejigs liquidity buffer towards sovereign bonds
Central bank cash at smallest share since before pandemic