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Top Federal Reserve officials ADMIT that inflation surge may last longer than anticipated
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FOMC preview: Inflationary pressures tempt taper talk
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What You Need to Know
Fed Governor Lael Brainard said a CBDC should not replace currency and bank accounts.
Private money introduces counterparty risk into the payments system, she says.
As other countries experiment with CBDCs, the Fed acknowledges that the U.S. needs to take a leadership role in the space.
The Federal Reserve is stepping up its research on digital currencies amid growing demand for digital payments, Governor Lael Brainard said.
Brainard said three other topics the growing role of digital private money, plans for using digital currency for cross-border payments by foreign central banks, and possible benefits for financial inclusion have sharpened the Fed’s focus on central bank digital currency.
Asia PacificDollar holds near two-week high, U.S. jobs data eyed for Fed clues
Kevin Buckland
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A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration
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The dollar hovered below a two-week high on Thursday, consolidating ahead of a key U.S. jobs report that may provide clues on when the Federal Reserve will dial back monetary stimulus.
The greenback has rebounded from a one-month low over the past week, swung by U.S. economic data that has largely supported the case for a rapid recovery from the pandemic, with traders weighing whether a lift in inflation may force the Fed s hand earlier than policymakers have so far suggested.
USD/CAD - Canadian Dollar Extends Gains The Canadian dollar is plumbing the depths of three-year lows in early New York trading. Commodity prices continue to climb, leading to some analysts speculating about a commodity super-cycle. That is good news for the Canadian dollar as Canada’s economic growth is still heavily reliant on natural resource exports.
The Canadian dollar continues to grind higher due to expectations for a robust post-pandemic economic boom, fueled by massive fiscal and monetary stimulus from Canadian and U.S. governments, in a low-interest-rate environment.
U.S. Federal Reserve policymakers were out in force yesterday, unanimously pushing back against the notion that the Fed will need to raise interest rates if inflation rises. Fed Vice Chair Richard Clarida said they were still a long way from their goals and now was not the time to talk about tapering. Boston Fed President Eric Rosengren echoed Clarida’s remarks, saying they need to see
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