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The Reserve

The Reserve

By Kaleb Nygaard

News and thoughts from the Centralverse, the world of the Federal Reserve and other central banks around the world...not a podcast about some national forest out west!
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Currently playing episode

28. FOMC & book talk w/Nick Timiraos

The ReserveMar 17, 2022

49. Speedy Bank Runs w/Jonathan Rose
Jun 02, 202343:32
48. Limitless w/Jeanna Smialek
Apr 19, 202326:46
47. Janet and George w/Jon Hilsenrath
Mar 01, 202343:23
46. The Fed in 2023 w/Derek Tang
Feb 08, 202352:14
45. The Debt Ceiling & Shadow Banks w/Steven Kelly
Jan 20, 202336:57
44. The 2022 Fed w/Greg Ip
Dec 16, 202235:54
43. Global Discord w/Paul Tucker
Nov 23, 202252:46
42. The Fed Beat w/David Wessel
Nov 09, 202241:45
41. Fed Week w/Matt Klein
Sep 23, 202234:19
40. Ups and Downs Post-Jackson w/Neil Irwin
Sep 07, 202227:54
39. Inside the FOMC w/Bill English
Jul 25, 202248:15
38. The Fed and Watergate
Jul 05, 202217:38
37. The "Leak" w/Steven Kelly
Jun 16, 202234:30
36. Fed Communication w/Tony Fratto
May 25, 202242:16
35. The Fed Unbound w/Lev Menand
May 17, 202246:28
34. Dallas Fed Presidents w/Michael Derby
May 12, 202229:11
33. VCS take 2 w/Kate Davidson
May 05, 202246:37
32. A 13(3) bonanza w/Steven Kelly
Apr 20, 202244:37
31. Re-examining S&R design and the revolving door w/David Zaring
Apr 05, 202244:58
30. Fed governance w/Derek Tang
Mar 30, 202247:35
29. Fed diversity ground game w/Dorien Nunez
Mar 23, 202234:60
28. FOMC & book talk w/Nick Timiraos

28. FOMC & book talk w/Nick Timiraos

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

Mar 17, 202252:38
27. Economic warfare w/Nick Lambert
Mar 07, 202253:32
26. Ukraine, Russia, the Fed w/Jeanna Smialek

26. Ukraine, Russia, the Fed w/Jeanna Smialek

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

Mar 03, 202224:19
25. Central Bank boundaries w/Christina Skinner

25. Central Bank boundaries w/Christina Skinner

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

Feb 25, 202241:30
24. Inflation’s real life impacts w/Rachel Siegel

24. Inflation’s real life impacts w/Rachel Siegel

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

Feb 17, 202233:26
23. Fed news week w/Steven Kelly

23. Fed news week w/Steven Kelly

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

Feb 11, 202251:34
22. FOMC and CBDC react w/Steven Kelly
Jan 28, 202245:24
21. Finally, a Fed VC Supervision Nominee w/Sean Vanatta

21. Finally, a Fed VC Supervision Nominee w/Sean Vanatta

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.

Jan 18, 202249:55
20. Fed Governance w/Kaleb Nygaard

20. Fed Governance w/Kaleb Nygaard

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

Jan 12, 202201:10:28
19. FOMC Recap w/Alex Williams
Dec 17, 202138:52
18. Quarles' strange 13(3) vision w/Steven Kelly
Dec 08, 202147:15
17. Fed Independence w/Todd Phillips
Dec 03, 202138:47
16. Five Fed Nom Hot Takes

16. Five Fed Nom Hot Takes

This podcast was born as a countdown to today! The Fed Chair nom is in and Powell gets another term. Here are my five hot takes on the Powell/Brainard announcement.

1. Was it a surprise?

2. Where were the progressives?

3. How will Powell/Brainard nomination processes go?

4. What about the remaining vacancies?

5. What does this mean for the future of the Fed?

On twitter @KalebNygaard

Nov 22, 202125:24
15. The Fed in 2030 w/Matt Yglesias
Nov 15, 202155:50
14. Stablecoins w/Lee Reiners

14. Stablecoins w/Lee Reiners

Lee Reiners and Steven Kelly join to discuss and debate the President’s Working Group Report on Stablecoins.
On twitter: @leereiners, @StevenKelly49, @KalebNygaard
Nov 10, 202154:34
13. The FOMC Meeting and Beyond w/Roberto Perli
Nov 05, 202140:40
12. What a week!

12. What a week!

The apt metaphor for this week in the centralverse is - drinking from the fire hose! My views on ten quick-hits from the week's Fed news.

1. Fed Chair race, PredictIt

2. Prospect article

3. Historical calendar of Fed Chair nominations

4. Boston Fed won't release scandal documents, Reuters

5. Fed ethics unit's warning letter, Jeanna Smialek's big scoop (letter)

6. The full list of trades / financial transactions by FOMC members, Jeanna's summary

7. The Fed's new ethics rules, thanks to Jeanna for the quote!!

8. FSOC Climate report with Powell’s stamp, Todd Phillips' tweet

9. Inflation readings and FOMC commentary

10. In coming weeks: (a) Fed CBDC report, (b) taper at FOMC meeting

Did you know articles of impeachment have been formally introduced in the House against Fed leaders at least twice in history? 

Oct 22, 202123:39
11. Quarles Takes One Hat Off w/Victoria Guida
Oct 15, 202118:31
10. The Fed and the Debt Ceiling
Oct 06, 202130:26
9. Fed Resignations, Now What? w/Dennis Kelleher
Sep 30, 202144:25
8. FOMC & More w/Claudia Sahm (Sep 2021)
Sep 24, 202142:43
7. SRF & More w/Joseph Wang
Sep 16, 202140:56
6. Fed Scandal w/Michael Derby
Sep 12, 202124:03
5. Climate and the Fed w/Gregg Gelzinis
Sep 10, 202144:44
4. Fed Nomination Drama w/Sam Bell
Sep 03, 202151:43
3. Raising rates & the week's Chair race drama
Aug 25, 202150:41
2. Afghanistan (Aug 19)

2. Afghanistan (Aug 19)

The central bank of Afghanistan, what we know so far. 

- Gov. Ajmal Ahmady's escape from the country

- Gov. Ahmady's update on the central bank's financial situation

- Gov. Ahmady's LinkedIn

- Dan Hardie article on Ahmady's history at the central bank

- Eshe Nelson article on financial situation

- Part of Federal Reserve Act that talks about foreign accounts

- John Paul Koning blog post on where the reserves are

I'm on twitter @KalebNygaard

Aug 19, 202120:56
1. Welcome and For/Against Powell
Aug 18, 202158:53