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  • BIS: Basel Committee Report On Implementing Principles For Effective Risk Data Aggregation And Reporting Shows Progress Made But Significant Work Still Remains

    Date 28/11/2023

    • Basel Committee issues progress report on banks' implementation of the BCBS 239 Principles for effective risk data aggregation and reporting.
    • Nearly 10 years after the initial publication of BCBS 239, banks are at different stages in terms of aligning with the Principles. Additional work is required at all banks to attain or sustain full compliance.
    • The recommendations to banks and supervisors that were highlighted in previous reports still apply and are complemented by additional recommendations.

  • Reflections On The Economy And Monetary Policy, Federal Reserve Governor Michelle W. Bowman, At The Utah Bankers Association And Salt Lake City Chamber Banker And Business Leader Breakfast, Salt Lake City, Utah

    Date 28/11/2023

    It is a pleasure to join you this morning in Salt Lake City for the Utah Banker and Business Leader Breakfast. I find great value in engaging with and learning from the experiences and perspectives of those who are directly engaged in the economy—businesses and consumers, and those who support economic activity by providing access to financial services through the broader financial system. These experiences help provide context for the economic and financial data that we rely upon for our economic analyses. I look forward to learning about how your businesses—and the clients and communities you serve—are navigating the current economic and financial conditions.

  • Something Appears To Be Giving, Federal Reserve Governor Christopher J. Waller, At The American Enterprise Institute, Washington, D.C.

    Date 28/11/2023

    Last month, I gave a speech entitled "Something's Got to Give."1 That message was prompted by the fact that we were observing strong economic growth and employment data in the third quarter, while simultaneously seeing a clear moderation in core personal consumption expenditures (PCE) inflation. While this was good news for employment growth, the pace of real economic activity seemed inconsistent with continued progress toward the Federal Open Market Committee's (FOMC) goal of 2 percent inflation. It seemed clear to me then that something had to give— for inflation to continue falling to our 2 percent target, the economy needed to slow from its torrid third-quarter pace. If it did not cool off, then it was likely that progress on inflation would stop or even reverse. So, what remained to be seen was whether the economy would cool or inflation would heat up.

  • BIS: Markups And The Asymmetric Pass-Through Of Cost Push Shocks

    Date 28/11/2023

    Focus

    Many countries have witnessed a significant increase in corporate pricing power in recent decades. Against this background and following the post-Covid surge in inflation, there was hope that high markups could absorb some of the cost pressures. However, high markups could also contribute to inflation. Firms with a high degree of market power may find it easier to pass on cost increases to their customers. Likewise, firms charging high markups could retain some of the benefits of falling input costs.

  • FSB Assesses Risks Of Multi-Function Crypto-Asset Intermediaries

    Date 28/11/2023

    • Report warns that combining different activities within multifunction crypto-asset intermediaries (MCIs), many of which are typically restricted or separated in traditional finance, could exacerbate MCI vulnerabilities.
    • Financial stability implications from the failure of an MCI will depend on the effective implementation and enforcement of comprehensive and consistent regulations to crypto-asset markets globally.
    • Further work may be needed to enhance cross-border cooperation and information sharing and to address information gaps identified in the report.

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