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Schlegel: A pillar of financial stability - The SNB's role as lender of last resort
As part of its contribution to the stability of the financial system, the Swiss National Bank acts as lender of last resort. In this role, it makes emergency liquidity assistance available to banks when, in crisis situations, they need substantial liquid funds which they are no longer able to obtain on the market. The SNB provides this liquidity assistance in the form of secured loans. It accepts a broad range of collateral for this - in particular also illiquid assets. The aim is for banks to be able to obtain as much liquidity as possible from the SNB should the need arise. Until now this liquidity assistance has ... (full story)
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SNB'S VICE CHAIRMAN SCHLEGEL: THE SWISS NATIONAL BANK IS PUSHING AHEAD WITH ITS PLAN TO OFFER LIQUIDITY AID TO ALL BANKS IN SWITZERLAND RATHER THAN JUST SYSTEMICALLY RELEVANT LENDERS.
— Breaking Market News (@financialjuice) November 9, 2023
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The Pound Euro (GBP/EUR) exchange rate was volatile today as a lack of data left the currencies vulnerable to their respective economic outlooks. At the time of writing the ...
Good afternoon, everyone. I am very happy to be here with you today, and I look forward to sharing information on the economy and the path of monetary policy. As interim president of the Federal Reserve Bank of St. Louis, I represent the Eighth Federal Reserve District at meetings of the Federal Open Market Committee, or FOMC, where I report on economic conditions in the District, comment on the key data and analysis about the national economy and express my views on monetary policy. The Eighth District encompasses all or parts of seven states, including western Kentucky and southern Indiana, and we have a branch office in Louisville in the capable hands of our branch executive, Seema Sheth. In a few minutes, Seema will be pitching some hard questions to me, but first I will level set with a few remarks about the U.S. economy and monetary policy. At the outset, let me make clear that I’m expressing my personal views, which are not necessarily those of any other FOMC participant. post: FED'S PAESE: IT IS TOO SOON TO DECLARE VICTORY ON INFLATION. post: FED'S PAESE: THE CENTRAL BANK HAS TIME TO DECIDE NEXT STEP ON MONETARY POLICY.Fed's Paese: Too soon to rule out further US rate hikes Kathleen O'Neill Paese is the interim St Louis Fed President • Central bank still has time to decide next step • Watching 10-year yield for signals on financial conditions • Too soon to declare victory on inflation • Local contacts report better balance in jobs market • Kathleen O'Neill Paese is Bullard's interim replacement and not a voter this year. He's not shy to weigh in despite the interim title.
Good morning. I’d like to start by thanking Advocis Vancouver for inviting me here today. And thank you for the kind introduction. The Bank of Canada’s main job is to control inflation, but we also play a critical role in promoting the stability of the Canadian financial system. Each spring, we publish the Financial System Review (FSR), which outlines risks and vulnerabilities that could test the system’s resilience. We also update Canadians on financial stability issues in a speech every autumn, as I am doing today. Given the forceful response by central banks since early 2022 to get inflation under control, this year’s FSR focused on the adjustment of the financial system, globally and in Canada, to the large and rapid increase in interest rates.1 Since the FSR, we’ve seen more evidence that the financial system is continuing to adjust. But there is more adjustment to come as past interest rate increases work their way through the system. Your view of current interest rates probably depends, at least in part, on your age. On one hand, if you had a mortgage in the 1970s or early ’80s, today’s rates may not seem very high. On the other hand, young people buying homes today are facing some of the highest borrowing costs they’ve ever seen. In any case, we’ve all been through a lengthy period of very low interest rates. Before rates started rising last year, they had been unusually low for a long stretch of time that started during the 2008–09 global financial crisis. And it may be tempting to believe the low rates that we all got used to will eventually come back. But there are reasons to think they may not. Adjusting to a world of higher interest rates would be a big change for everyone in the financial system—from governments, businesses and households to financial planners and investors. Financial stability and resilience are all about adjusting to change—gradually and proactively. Adjusting early and bit by bit lowers the post: BOC SENIOR DEP. GOV. ROGERS: IT'S EASY TO SEE A WORLD WHERE RATES ARE PERSISTENTLY HIGHER THAN PEOPLE HAVE GROWN USED TO IN RECENT YEARS. post: BOC'S ROGERS: CANADIANS ARE ADJUSTING, AND FEELING SOME PRESSURE, AS THEY JUGGLE COMBINED EFFECTS OF INFLATION AND HIGHER RATES #News #Markets #CANADIAN #JUSTIN #BOC #INFLATION #live
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table post: 30Y auction: biggest tail on record pic.twitter.com/JxHjkq7pgw US treasury auctions off $24 billion of 30 year bonds at a high yield of 4.769% US Treasury auctioned off $24B of 30-year bonds • WI level at the time of the auction: 4.716% • Tail 5.3 basis points: 6-auction average 0.9bps, prev. 3.7bps • Bid-to-Cover 2.24X: 6-auction avg. 2.44x, prev. 2.35x • Dealers 24.73%: 6-auction avg. 12.7%, prev. 18.2% • Directs (a measure of domestic demand) 15.16%: 6-auction avg. 18.6%, prev. 16.7% • Indirects (a measure of international demand) 60.11% : 6-auction avg. 68.6%, prev. 65.1% Auction Grade: F • Tail of 5.3 basis points. Ouch. • The bid to cover is below the 6 month average. • The dealers are stuck with 24.73% well above the 6 month average of 12.7%. Ouch. • Directs - a measure of domestic demand - was well below the 6 month average. Ouch • Indirects - a measure of international demand - was well below the 6 month average. Ouch. There was nothing good about this auction. A look at the treasury curve currently shows: 2-year yield 4.997% up 5.9 basis points 5-year yield 4.625% +10.4 basis points 10-year yield 4.634% +12.6 basis points 30-year yield 4.810% +15.5 basis points
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- Posted: Nov 9, 2023 12:15pm
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