US CPI dropped more expected last month, but core inflation rose
Moreover, we have seen a common theme running through incidents that have occurred – the dash for cash in 2020, the Archegos Collapse, the LDI pension fund issue, the nickel metals case – namely that for firms to understand and respond to the full risk implications they would have had to observe and respond to a much larger picture of risks than they did observe, and from that came potentially larger risks.
For stable coins to function as money they will need to have the characteristics of, and be regulated as, inside money.Turning to the banking crisis, Andrew Bailey indicates that regulators may need to rethink how much cash banks are forced to set aside, after the failure of several lenders in the last few weeks.
This must beg the question of what are appropriate and desired liquidity buffers that create the time needed to take action to solve the problem.Andrew Bailey then turns to the task of unwinding the stimulus measures taken after the financial crisis, and the pandemic. It follows, therefore, that we will not shrink central bank balance sheets to what they were pre-crisis. But at the moment we don’t know with any precision where that level of reserves will be, or what the composition of the assets backing those reserves will be.Over in Washington DC, the governor of the Bank of England is speaking at the Institute of International Finance.
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