The Reserve

Dorein Nunez is on a mission to increase diversity at the Federal Reserve Bank and branch boards of directors. A delightful chat with him today with stories of running physical commercial paper as a high school intern on Wall Street, to activist college days collecting signatures for the Community Reinvestment Act, to his work today. 

Dorien can be reached at omniresearch (at) aol (dot) com

I'm on twitter @KalebNygaard

My CRA paper with Peter Conti-Brown and Brian Feinstein

Author of the hottest Fed book on the market today, Nick Timiraos, joins Steven Kelly and I to recap yesterday's FOMC meeting and talk about his new book. 

Trillion Dollar Triage book

FOMC meeting article

The two articles that inspired the book: (1) March 30, 2020 called “The Fed Transformed: Jay Powell Leads Central Bank into Uncharted Waters”, (2) April 27, 2020 called "The Federal Reserve Is Changing What It Means to Be a Central Bank" w/Jon Hilsenrath.

on twitter: @NickTimiraos, @StevenKelly49, @KalebNygaard

Economic warfare during WWI with the incredible historian Nick Lambert! Stories of disrupted supply chains that are eerily similar to today, levels of destruction a true economic war can cost, how challenging conducting economic warfare can be, and much more. 

Planning Armageddon: British Economic Warfare and the First World War (Harvard UP, 2012)

War Lords and the Gallipoli Disaster: How Globalized Trade Led Britain to Its Worst Defeat of the First World War (Oxford UP, 2021)

on twitter: @KalebNygaard

Breaking down the impact of the Russian invasion of Ukraine on the Fed with New York Times Fed beat journalist, Jeanna Smialek. 

Jeanna's latest articles

The West’s Plan to Isolate Putin: Undermine the Ruble (article)

Russia Tried to Isolate Itself, but Financial Ties Called Its Bluff (article)

The Fed chair pledges to bring inflation under control and signals wariness on wages (article)

Article by Ana Swanson: Ukrainian Invasion Adds to Chaos for Global Supply Chains

on twitter: @jeannasmialek, @KalebNygaard

When Senator Toomey suggested that Congress reconsider the structural design of the Federal Reserve, there was one person I wanted to hear from more than anyone else: Christina Skinner, professor at Wharton. The conversation did not disappoint! We cover the history of research at the Fed, guiding principles for designing central banks, how involved in politics central bankers should be, and more!

on twitter: @CParaSkinner and @KalebNygaard

Laboratories of Central Banking (paper w/Carola Binder)

The Legitimacy of the Federal Reserve (paper w/Carola Binder)

Christina on SSRN

Most of this podcast's attention is focused on people and decisions made at the Eccles Building in Washington DC. But unemployment and inflation are felt most on the ground, in the lives of regular (and particularly low-income) Americans. No one is covering that story better than Rachel Siegel at the Washington Post. 

Rachel's inflation article, ‘Survival mode’: Inflation falls hardest on low-income Americans

Rachel's article, Two blocks from the Federal Reserve, a growing encampment of the homeless grips the economy’s most powerful person

Rachel's latest articles (go here for the latest drama on Senate committee nomination drama and Raskin specific drama)

On twitter: @racsieg, @stevenkelly49, @kalebnygaard

An incredibly busy week in the Centralverse. Steven and I react to 8(!) big stories of the week: 

Boston CBDC Technical Report

Boston Fed Pres, Susan Collins

Reserve Trust & Raskin

Fed staff trading scandal and other ethics

Toomey’s Fed consolidation suggestion

25bp emergency increase rumors

Stress Test scenario

Afghanistan and the New York Fed

Steven and I sit down to chat about the week's news, including the FOMC meeting, updates and controversies surrounding the nominations, and the Fed's initial CBDC report. 

Nominations: Toomey's geography/background letter (Kaleb's reaction and original thread), hearings for Raskin/Cook/Jefferson February 3

FOMC: materials

CBDC: Fed's report

On twitter: @StevenKelly49, @KalebNygaard

The leading historian on US bank supervision, Sean Vanatta, joins the show to talk about Sarah Bloom Raskin's nomination to the Fed's Vice Chair for Supervision. 

Tweets: @SeanVanatta, @KalebNygaard

“Focus on bank supervision, not just bank regulation” (Brookings)

“The Logic and Legitimacy of Bank Supervision: The Case of the Bank Holiday of 1933” (paper w/Peter Conti-Brown)

"Histories of Bank Supervision" (paper)

Landing page for all of Raskin's speeches as Fed Governor (2010-2014) (FRASER)

An old version of the introduction of *the* history of bank supervision in the US Sean is writing with Peter Conti-Brown. We'll have to wait a little bit longer for the book to come out, but for super fans like me, this intro is an awesome sample of what's to come.

Steven Kelly sits in the host seat for this interview with Kaleb Nygaard on a wide-ranging conversation on many issues in Fed governance that have been in recent Fed news. 

On twitter: @StevenKelly49 @KalebNygaard

History of Fed age limits thread

Paper on Reserve Bank board of director diversity and community lending

Current terms of all members of the FOMC

Ann Saphir's article on Reserve Bank board of director diversity