Central banks
Hedge funds cut BoJ bets after torrid year in yen rates
Dealers see lighter positioning after shock October election saw more than $300m of losses, compounding April’s pain
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
Digital money and finance: a critical review of terminology
The authors put forward an etymology of key concepts and review key terminology and definitions within the sphere of decentralized finance to facilitate discussions about their merits and use cases/
Pension funds hesitate over BoE’s buy-side repo facility
Reduced leveraged and documentation ‘faff’ curb appetite for central bank’s gilt liquidity lifeline
SLR relief for Treasuries would lift median banks’ ratio by 57bp
Charles Schwab and Goldman Sachs set for biggest boost if Covid-era relief returns