Trump’s Global Trade War Makes the Fed’s Task Tougher
Tariffs risk slowing growth and making inflation stickier, a tricky combination for the central bank as it debates what to do about interest rates.
Financier Jay Hambro fined over Wyelands Bank failings
PRA censures former chief investment officer for failings while on the board of Sanjeev Gupta’s lender
Who Pays for New Drugs?
Drug development can better serve public needs—especially in neglected diseases—by reimagining the balance between government, private industry, and nonprofit models.
The never-ending sentence: How parole and probation fuel mass incarceration
The U.S. operates one of the largest and most punitive criminal justice systems in the world. On any given day, 1.9 million people are incarcerated in more than 6,000 federal, state and local facilities.
Deutsche Bank’s asset manager fined €25mn over greenwashing scandal
Penalty against DWS imposed by German prosecutors follows $19mn settlement with US authorities in 2023
Bad news: it’s shaping up to be a good year for equities trading
An ECM Cinderella story
Stablecoin operator Circle files for IPO as revenues jump to $1.7bn
US firm is latest crypto group to try to take advantage of more favourable environment towards industry under Trump
Mitsotakis unveils major defence package against backdrop of forces pay rise dispute
The government presented on Wednesday its plans for a major shake-up of Greece’s defence capabilities, which PM Kyriakos Mitsotakis claims is needed to equip the armed forces for a new era. The announcement comes after a week of upheaval in New Democracy, as ministers called for pay rises for the military to be rolled out across all emergency services.
Commodity traders snap up assets and tighten grip on global supply chains
Trafigura, Vitol, Gunvor and Mercuria in major expansion drive as they deploy windfall profits from energy crisis
Interest rate control and the transmission of monetary policy
We study how short-term interest rate volatility affects the transmission of monetary policy. To identify exogenous changes in volatility, we exploit the pronounced heteroskedasticity visible in the time-series of euro area short-term rates over the past two and a half decades. Interacting the exogenous variation in volatility with high-frequency-identified monetary policy shocks, we find that increases in volatility dampen the effects of monetary policy on output and prices.
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