The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced two upcoming hearings to be held on Tuesday, April 16, 2024.The first hearing, organized by the National Security, Illicit Finance, and International Financial Institutions Subcommittee, is titled “Held for Ransom: How Ransomware Endangers Our Financial System.” The hearing will take place at 10:00 AM ET in the 2128 Rayburn House Office Building.In a statement, Patrick McHenry highlighted the importance of addressing the issue, stating, “Held for Ransom: How Ransomware...
The Reserve Bank of Australia (RBA) is seeking input on the future system for monetary policy implementation in the country. According to a recent announcement from the RBA, the Board has endorsed a plan to operate with ample reserves by meeting all demands for reserves via full allotment auction at the RBA’s open market operations.In a move to gather feedback and insights from stakeholders, the RBA has released a Consultation Paper to guide the consultation process. The paper outlines the principles and options related to the detailed design features of the ample...
The Bank of England (BoE) has published a consultation paper on the Digital Securities Sandbox (DSS). The document underscores the proposals by the Financial Conduct Authority (FCA) and BoE to implement and operate the DSS over the forthcoming five years.
The Chairman of the House Financial Services Committee, Patrick McHenry, has announced a upcoming hearing titled "Beyond Scope: How the SEC’s Climate Rule Threatens American Markets." The hearing is scheduled to take place on Wednesday, April 10, 2024, at 10:00 AM ET in the 2128 Rayburn House Office Building.According to the announcement, the hearing will delve into the potential impact of the SEC's Climate Rule on American markets. Additional details about the hearing, such as the livestream link, committee memo, relevant legislation, and witness list, can be found on...
Bank of Japan Board Member TAMURA delivered a speech in Aomori on Mar. 27, 2024, addressing topics such as Economic Activity, Prices, and Monetary Policy in Japan.During the speech, TAMURA stated, "The current economic activity in Japan shows signs of improvement, but uncertainties remain." TAMURA also discussed monetary policy, mentioning, "The Bank of Japan will continue to closely monitor the situation and make necessary adjustments to support the economy."The speech by Board Member TAMURA provides insights into the current economic landscape in Japan and the...
The Federal Reserve Bank of New York has announced the appointment of Izzy Martins to the Second District Advisory Council (SDAC), effective immediately.
Firms reported that demand remains weak overall. But there are some signs of returning optimism. Namely, indicators of business conditions, sales outlooks and employment intentions have changed direction after many quarters of decline. In the wake of weak past sales growth, expectations for improved sales are supported by population growth, efforts to enter new markets or develop new products, and expectations that interest rates will decline over the next 12 months."Firms reported that business conditions improved slightly in the first quarter. The uptick in sentiment...
The latest Canadian Survey of Consumer Expectations for the first quarter of 2024, released on April 1, 2024, provides valuable insights into consumer perceptions regarding inflation, the labor market, and household finances. According to the report, consumers believe that inflation has slowed, but their expectations for near-term inflation have not changed significantly.Consumers' perceptions of inflation are closely tied to their own experiences with price changes for essential items like food and gas. The survey indicates that expectations for long-term inflation have...
The Federal Deposit Insurance Corporation (FDIC) Special Committee Board of Directors has announced the appointment of three non-voting members. These new appointees are expected to provide advice and counsel to the committee, which was established by the FDIC to oversee an independent third-party review of the agency's workplace culture.
The Czech National Bank (CNB) has announced an accounting profit of CZK 55.1 billion for the year 2023, following the approval of its financial statements and financial report by the CNB Bank Board on March 20.
The Bank of Japan (BOJ) has announced an increase in its overnight call rate to a range of 0 to 0.1%, marking the central bank's first interest rate hike in 17 years.
The Federal Reserve Open Markets Committee has decided to maintain the current interest rates. This decision follows the recent release of data that indicated a surge in consumer prices.
Federal Reserve Financial Services (FRFS) has announced the establishment of the FedNow User Group. This new forum is intended to encourage collaboration among the 607 financial institutions and service providers currently participating in the FedNow Service network.
The European Central Bank (ECB) and the European Banking Authority (EBA) have formed a new committee, the Joint Bank Reporting Committee (JBRC), aimed at promoting uniformity in definitions and standards for data used in mandatory banking reports. The initiative is designed to enhance efficiency and reduce costs.
The Banco Central do Brasil (BCB) has been bestowed with the prestigious title of "Central Bank of the Year 2024," securing the top-prize at the "Central Banking Awards." The accolade acknowledges the bank's commitment to maintaining a robust, efficient, and competitive financial system, as well as recognizing its staff excellence and innovative initiatives.
A seminar held on March 13 at the Hoover Institution at Stanford University delved into the challenges faced by Congress in maintaining oversight of the Federal Reserve, given the expanding scope and increasing complexity of monetary policy. The discussion was anchored around a working paper from the Hoover Institution titled "Central Bank Undersight: Assessing the Fed’s Accountability to Congress."
Sweden's transition to a digital payments market, while largely successful, has also presented significant challenges, according to a report by Riksbank, the country's central bank. The report highlights that despite the efficiency of digital transactions, the shift away from physical currency has not been entirely positive.
The Federal Reserve Bank of New York’s Center for Microeconomic Data has released the results of its February 2024 Survey of Consumer Expectations. The findings indicate that inflation expectations for medium- and long-term horizons have risen, while consumer confidence in the job market and obtaining credit has declined.
The Central Bank of Ireland has published a consultation paper, marking the second phase in its efforts to revise its consumer protection code. The objective is to enhance the code's clarity, predictability, and accessibility.
The Governing Council of the European Central Bank (ECB) has announced its decision to maintain three key interest rates, following indications that inflation is beginning to recede.