BasisPointInsight.com - When the Culture Turns: Supervising the Risks That Hide in Plain Sight  by Rabi N. Mishra Culture shapes how risk is lived, not just managed. Supervisors who ignore it miss the deepest root cause of institutional failure and misconduct. by Rabi N. Mishra, BasisPointInsight.com

3/4 If misconduct and failure are often rooted in behaviour, not balance sheets, why is culture still treated as secondary in supervision? Are regulators listening closely enough to what is said in the middle and what is left unsaid at the bottom?

#ConductRisk #CentralBanking

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BasisPointInsight.com - Quo Vadis the IMF? by Michael Debabrata Patra This essay questions whether the IMF’s evolving surveillance and labelling practices now undermine exchange-rate stability instead of safeguarding it. by Michael Debabrata Patra, BasisPointInsight.com

3/5 Repeated re-labelling of the rupee’s regime risks signalling fragility where policy has aimed for orderliness. In markets driven increasingly by capital flows and positioning, such labels can act as cues rather than descriptions, shaping behaviour at the margin.

#CentralBanking #MonetaryPolicy

BasisPointInsight.com - Why Using RBI’s Contingency Reserves Is No Longer Heresy by R. Gurumurthy Given current conditions, there is scope for using contingency reserves, doing away with capital gains, and reducing the size of government borrowing to send signals to external capital waiting to see...

2/3 If borrowing is what markets are pricing, not deficit ratios, then reducing supply may matter more than signalling restraint. A calibrated use of RBI buffers, paired with tax relief and lower borrowing, could ease financial conditions without abandoning discipline.

#FiscalPolicy #CentralBanking

BasisPointInsight.com - A Proposal for Strengthening the RBI’s Market Operations by Michael Debabrata Patra To keep the rupee stable in a volatile world, the RBI may need $1 trillion in reserves and smarter deployment of global dollar liquidity tools. by Michael Debabrata Patra, BasisPointInsight.com

3/7 Among the key suggestions in the article:

🔹𝐁𝐮𝐢𝐥𝐝 𝐈𝐧𝐝𝐢𝐚’𝐬 𝐟𝐨𝐫𝐞𝐢𝐠𝐧 𝐞𝐱𝐜𝐡𝐚𝐧𝐠𝐞 𝐫𝐞𝐬𝐞𝐫𝐯𝐞𝐬 𝐭𝐨 𝐚𝐭 𝐥𝐞𝐚𝐬𝐭 $1 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 to cover short-term external obligations and potential portfolio outflows.

#CentralBanking

Historical Photos The Federal Reserve System was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. The system is composed of a central, independent governmental agency...

Join us in honoring the contributions of Chairman Greenspan to the Federal Reserve System and the nation's economic stability. (3/3)
#FedHistory #Greenspan100 #CentralBanking

www.flickr.com/photos/feder...

Should Central Banks Hold Bitcoin Reserves? Kenneth Rogoff considers the bullish and bearish case for cryptocurrencies as a potential store of value.

Should central banks embrace Bitcoin as a reserve asset despite its volatility? Let's discuss the future of currency! #CentralBanking

www.project-syndicate.org/commentary/the-case-for-...

From Lehman’s collapse to the 2013 taper tantrum, former RBI Governor Duvvuri Subbarao recounts how India’s central bank managed crisis, currency pressure and market panic.

A first-hand account on Market Makers with Manoj Rane.

Watch Part 1 of the interview now 👇

#CentralBanking #CrisisManagement

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WARNING: The Central Bank Trap Is Now Permanent. Gear up to navigate what this means for savers and investors. Watch now and chart your next move. 🚨🧭
https://youtu.be/uvqcusdphkI?si=u_s_e8Zo8iaQhd1r
#CentralBanking #Economy #Markets #Finance

📍 FED ANNOUNCES NO CHANGE TO INTEREST RATES
The Federal Reserve just held the line — no rate move today.
#FederalReserve #InterestRates #EconomicStability #MarketSentiment #CPI #Payrolls #Equities #RiskAssets #CentralBanking #CryptoMarket

BasisPointInsight.com - Gold Fantasies vs. Financial Reality: The Reserve Narrative That Doesn’t Add Up by R. Gurumurthy Claims of gold reclaiming a 1970s-style dominance in global reserves ignore today’s monetary reality, supply constraints, and the operational limits that keep hard currencies at the system’s core. by ...

Social media is buzzing with claims that gold will “mean revert” to 60–70% of global reserves, just like the 1970s, as the dollar supposedly fades.

Sounds compelling. The math doesn’t agree.

Read R Gurumurthy’s column for BasisPoint 👇

#Gold #CentralBanking #GlobalMacro

BasisPointInsight.com - The Turkey Illusion by V Thiagarajan The illusion of rupee stability in 2024 hid rising risks, as intervention suppressed price signals until volatility returned with force by V Thiagarajan, BasisPointInsight.com

3/3 Read V Thiagarajan’s column for BasisPoint: The Turkey Illusion

#Rupee #FXMarkets #CentralBanking #Volatility #IndiaMacro

BasisPointInsight.com - Regulation for a No-Pause Financial System in a Fast-Moving Economy by Anupam Sonal India’s financial system cannot be governed by rear-view regulation. The RBI must move from rule-making to system design, balancing stability, innovation and trust. by Anupam Sonal, BasisPointInsight....

2/3 Recent moves toward outcomes-based regulation, forward-looking risk frameworks and calibrated liberalisation suggest a deeper redesign is underway.

#FinancialRegulation #CentralBanking #RiskGovernance

I would welcome feedback and conversations with scholars and practitioners working on CBDCs, payment infrastructures, and monetary/financial statecraft.

#CBDC #DigitalPayments #MonetaryStatecraft #FinancialInfrastructure #CentralBanking #SmallStates #PoliticalEconomy

BasisPointInsight.com - Stablecoins, CBDCs, and the RBI’s Selective Logic by R. Gurumurthy In a world where money is becoming a networked technology, caution without engagement may itself become a source of vulnerability. by R. Gurumurthy, BasisPointInsight.com

2/3 But in a world where money is becoming programmable, networked, and borderless, outright rejection may prove riskier than conditional engagement.

#MonetarySovereignty #CentralBanking #FinancialGovernance #RBI #SystemicRisk

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BasisPointInsight.com - Malhotra’s RBI: Between Freedom and Friction by R. Gurumurthy Malhotra completes his first year at the RBI next month. His tenure so far reveals a governor intent on pushing boundaries, loosening rules, and learning where freedom ends and systemic risk begins. b...

1/2 Sanjay Malhotra’s first year at the RBI has been a study in bold experimentation—front-loaded rate cuts, freer regulatory levers, and a governance philosophy that urges boards to think and act for themselves. But it has also exposed the friction between autonomy and oversight.

#CentralBanking

Rewriting the Federal Reserve’s Mandate: From Failed Dual Goals to Human Flourishing Why the Fed’s “Dual Mandate” No Longer Serves the People

Rewriting the Federal Reserve’s Mandate: From Failed Dual Goals to Human Flourishing medium.com/@duke.t.jame... #EconSky #Economy #Money #Banking #Finance #FederalReserve #CentralBanking

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BasisPointInsight.com - Calm Hands Steer India Through Policy Storms by Kalyan Ram Dr. Michael Patra’s new book reveals the inner theatre of India’s central banking—from crisis firefighting to quiet reforms. by Kalyan Ram, BasisPointInsight.com

2/4 Over four decades at the Reserve Bank of India, he witnessed the institution’s transformation from a cloistered craft to a communicative public body, balancing science with judgment and stoicism with empathy.

#BasisPointInsight #CentralBanking #MonetaryPolicy #RBI #MichaelPatra #EconomicPolicy

Climate risk buffer needed to mitigate banks' climate change losses, says nonprofit It’s been 10 years since Canadian prime minister Mark Carney made his landmark speech on the tragedy of the horizons when he was governor of the Bank of

Climate change is driving financial instability. Experts urge central banks to adopt a climate risk buffer—a safeguard to absorb losses from climate-related shocks and protect the banking system.
🔗 greencentralbanking....
#ClimateRisk #Banking #GreenFinance #FinancialStability #CentralBanking

This identification problem isn't just theoretical. It has real implications for how central banks should design policy, particularly in scenarios where investment is highly vulnerable — like after financial crises, pandemics, or major trade disruptions. (9/10) #CentralBanking #FinancialMarkets

$323,054 per US Taxpayer is the share of the US Debt. #interest #inflation #wtfhappenedin1971 #centralbanking

The Monetary Power of Words in Central Bank Communication Babuji K, Words have become one of the most powerful instruments in monetary policy, sometimes stronger than rate moves or liquidity operations.

1/4 When words move markets more than rates

From Greenspan’s “irrational exuberance” to Draghi’s “whatever it takes,” central bankers have shown that language is a policy tool in itself.

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Analysis-World’s central bankers fear being caught in Fed’s storm By Francesco Canepa, Howard Schneider and Leika Kihara JACKSON HOLE, Wyoming (Reuters) -Global central bankers gathered at a U.S. mountain resort over the weekend are starting to fear that the political storm surrounding the Federal Reserve may engulf them too. U.S. President Donald Trump’s efforts to reshape the Fed to his liking and pressure it into interest rate cuts have raised questions about whether the U.S. central bank can preserve its independence and inflation-fighting credentials. Trump, frustrated by the legal protections given to the Fed’s leadership and the long terms for Board of Governors members meant to outlast any given president, has put intense pressure on Chair Jerome Powell to resign and is pushing to oust another board member, Governor Lisa Cook. If the world’s most powerful central bank were to yield to that pressure, or Trump finds a playbook for removing its members, a dangerous precedent would be set from Europe to Japan, where established norms for the independence of monetary policy may then come under new attack from local politicians. "The politically motivated attacks on the Fed have a spiritual spillover to the rest of the world, including Europe," European Central Bank policymaker Olli Rehn, from Finland, said on the sidelines of the Fed’s annual symposium in Jackson Hole, Wyoming. That’s why Rehn and colleagues were enthusiastically backing Powell to stand his ground, even after he signaled a possible rate cut in September. Powell was met by a standing ovation when he took the podium at the conference. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. ’NOT BE TAKEN FOR GRANTED’ Conversations with a dozen central bankers from across the world on the sidelines of the Fed’s getaway in the shadows of the Grand Teton Mountains revealed that a scenario in which the Fed sees its ability to counter inflation jeopardized by a loss of independence was taken as a direct threat to their own standing and to economic stability more broadly. It would likely entail major turmoil in financial markets, they said, with investors demanding a greater premium to own U.S. bonds and reassessing the status of Treasury securities as the lifeblood of the global financial system. Central banks around the world have already started preparing for the fallout, telling lenders on their watch to watch their exposure to the U.S. currency. More fundamentally, a Fed capitulation would end a regime that has brought relative price stability and has lasted at least since late Chair Paul Volcker vanquished high inflation 40 years ago. Since then, more and more central banks followed the Fed’s model of political independence and a single-minded focus on their mandate - for most, keeping inflation near 2%. "It’s a reminder that independence should not be taken for granted," Bundesbank President Joachim Nagel, also a member of the ECB’s Governing Council, said. "We have to deliver on our mandate and make clear that independence is the conditio sine qua non for price stability." POLITICAL FOOTBALL 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Markets so far have not registered deep concerns about the Fed’s independence. U.S. equity markets are roaring, and there hasn’t been the sort of jump in Treasury yields or inflation expectations that would be emblematic of the Fed’s credibility being seen at risk. While Trump can name a new chair when Powell’s term as the chief policymaker ends in May, he needs more departures among the Fed’s seven-member board for his appointees to gain majority control. The Fed’s network of 12 regional reserve banks, whose leaders take turns voting on interest rate policy, is a further counterweight, hired by local boards of directors as a way to distance them from Washington’s influence. Yet Trump’s soured relationship with the Fed, set in a country perceived to have strong institutional and legal traditions, has made other central bankers all too aware of how fragile their independence may be. Even the ECB, whose autonomy from the 20 governments of the euro zone is sanctioned by European Union treaties, has had to fight hard to prove it. It was accused of bankrolling governments when it launched its massive bond-buying scheme a decade ago with the aim of staving off deflation, and survived multiple court challenges seeking to block those purchases. Right- and left-wing parties in countries such as Italy, Germany and France have also periodically criticised the central bank. Other countries have turned the appointment of their national governor into a political football. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Latvian central bank governor Martins Kazaks was criticised by national politicians for not catering to the government’s wishes during his fractious reappointment process. Slovenia hasn’t had a governor since January amid party bickering. In Japan, the late Prime Minister Shinzo Abe blasted then central bank governor Masaaki Shirakawa for doing too little to beat deflation, and hand-picked Haruhiko Kuroda in 2013 to take the helm when Shirakawa stepped down weeks before his term ended. Kuroda then deployed a massive asset-buying programme, which helped weaken the yen and reflate growth, but raised eyebrows among conventional central bankers for making the BOJ the main creditor of its own government. SETTING A BAD EXAMPLE Trump has said the end of Powell’s term next May could not "come fast enough" and very publicly started the process of choosing a successor. "It’s as if Trump learned from Abe," said one source familiar with the BOJ’s thinking who declined to be named due to the sensitivity of the matter. In turn, Trump’s moves could embolden governments around the world, particularly those with populist inclinations, to assert control over their central banks. That could set the stage for globally higher inflation rates and more volatile markets. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. 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