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☆ Bank of England drags Bagehot into the shadows
▼ + stars: | 2023-12-01 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

That is no longer tenable, in part because of reforms to bank regulation that shifted activity from traditional lenders to financial market players. These days, the institutions in need of urgent liquidity are just as likely to be pension funds, insurers or hedge funds. The British central bank’s initial ideas make sense, but only solve part of the problem. The central bank can short-circuit the panic by opening the credit taps. Central banks are only just starting to grapple with what it means to be a lender of last resort in that context.

Persons: Walter Bagehot’s, Andrew Hauser, BoE, WALTER, Gurney, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, Bank of England, Reuters Graphics Reuters, U.S, Treasury, Federal Reserve, Pensions, . Treasury, Citadel, Millennium Management, City of, U.S . Federal, Gurney & Company, Victorian, Thomson Locations: British, City, City of London, Basel, Overend, Lombard

☆ Morning Bid: Waller to Wall St, Fed's on the turn
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +6 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. But back in the markets, the Fed's policy pivot was all the rage as Treasury yields and dollar plunged anew. New York Fed chief John Williams said long-term inflation expectations were anchored, reassuring and "remarkably stable". Fed futures now have the first Fed rate cut of a quarter point fully priced for May and 110bps of rate cuts by year-end. Two-year Treasury yields plunged more than 15 basis points to four-month lows of 4.66% on Wednesday, with 10-year yields hitting their lowest since mid-September - a startling drop of more than 75bps in little over a month.

Persons: Brendan McDermid, Mike Dolan, Wall, Charlie Munger, Berkshire Hathaway's Munger, Warren Buffett, Christopher Waller, Jerome Powell, Waller, John Williams, Austan Goolsbee, Michelle Bowman, Powell, Stocks, smartly, Hong, Thomas Barkin, Loretta Mester, Andrew Bailey, BoE, Andrew Hauser, Blinken, Sergey Lavrov, Jane Merriman Organizations: Wall, REUTERS, Federal Reserve, Waller . New York Fed, Chicago Fed, HK, Austria's, Holdings, Richmond Fed, Cleveland Fed, Bank of England, London, Russian, Foods, Intuit, Petco, Thomson, Reuters Locations: New York, U.S, Berkshire, Waller ., China, Europe, Vienna, North Macedonia

☆ Australia appoints BoE's Andrew Hauser as new RBA deputy governor
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

[1/4] Andrew Hauser, who has been appointed the next Deputy Governor of the Reserve Bank of Australia, is seen in this undated handout photo distributed on November 27, 2023. Australian Government/Handout via REUTERS Acquire Licensing RightsSYDNEY, Nov 27 (Reuters) - Australia on Monday appointed the Bank of England's (BoE) Andrew Hauser as the new deputy governor of the Reserve Bank of Australia (RBA), filling a position that had been vacant since Michele Bullock was elevated to the top role in late September. Hauser, who currently serves as the executive director at markets at the BoE, is expected to start before the first RBA board meeting next year. Governor Bullock welcomed the appointment. "I warmly congratulate Andrew on his appointment...He has great experience and will bring a welcome external perspective to the Bank and the Reserve Bank Board."

Persons: Andrew Hauser, BoE, Michele Bullock, Hauser, Governor Bullock, Andrew, Lewis Jackson, Stella Qiu, Kim Coghill, Sam Holmes Organizations: Reserve Bank of Australia, Australian Government, REUTERS Acquire, Rights, Monday, Bank of England's, London School of Economics, Bank, Reserve Bank Board, Thomson Locations: Australia

☆ Australia appoints Bank of England's Andrew Hauser as new Reserve Bank of Australia deputy head
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +1 min

Andrew Hauser, executive director of markets at the Bank of England, has been appointed the new deputy governor of the Reserve Bank of Australia. Australia on Monday appointed the Bank of England's, or BoE, Andrew Hauser as the new deputy governor of the Reserve Bank of Australia, or RBA, filling a position that had been vacant since Michele Bullock was elevated to the top role two months ago. Hauser, the executive director of markets at the BoE, is expected to start his five-year term before the first RBA board meeting next year. "I am humbled and deeply honored to be asked to serve as the RBA's next Deputy Governor," said Hauser, who is British and has 30 years of experience at the BoE. Hauser has a master's degree in economics from the London School of Economics and a degree from Oxford University.

Persons: Andrew Hauser, BoE, Michele Bullock, Hauser Organizations: Bank of England, Reserve Bank of Australia, Monday, Bank of England's, British, London School of Economics, Oxford University Locations: Australia

The Swiss National Bank and the Swiss Finance Ministry are part of the conversations with lenders, one source said. A representative for the finance ministry said that the issue of bank runs is part of an overall evaluation of the too-big-to-fail regulatory framework in Switzerland. Regulators worldwide have since been grappling with the risk of bank runs, which in the era of digital banking have accelerated in speed. Financial regulators will need to make sure that banks retain adequate financial buffers as advances in technology increase the risk of bank runs, Bank of England executive director for markets, Andrew Hauser, said on Friday at a conference in London. They risk penalizing Swiss banks if they were to be introduced only in Switzerland, one of the sources said.

Persons: SNB, Zürcher, PostFinance, Raiffeisen, Andrew Hauser, Thomas Jordan, Stefania Spezzati, Oliver Hirt, Elisa Martinuzzi, John O'Donnell, Paritosh Bansal, Nick Zieminski Organizations: UBS, Swiss National Bank, Swiss Finance Ministry, Reuters, Swiss, Raiffeisen, Credit Suisse, Regulators, Bank of England, Thomson Locations: ZURICH, Switzerland, Swiss, Zurich, U.S, London, Bern

☆ Bank of England to start selling emergency gilt purchases from Nov. 29
▼ + stars: | 2022-11-10 | by ( David Milliken | ) www.reuters.com time to read: +2 min

In a statement on Thursday, the BoE said it would be open to offers from investors to buy the bonds from Nov. 29 onwards. Unlike the BoE's separate programme of auctions to unwind some of its more than 830 billion pounds of quantitative easing bond purchases, these sales will not take place at a fixed pace. "As a general principle only bids that are deemed attractive relative to prevailing market levels will be accepted," the BoE said. It called the plan "a demand-led approach to unwind recent financial stability gilt purchases in a timely but orderly way". New finance minister Jeremy Hunt is expected to announce around 50 billion pounds of fiscal tightening in a budget statement on Nov. 17.

☆ BoE must sell emergency bond purchases in 'timely' way - Hauser
▼ + stars: | 2022-11-04 | by ( David Milliken | ) www.reuters.com time to read: +1 min

LONDON, Nov 4 (Reuters) - The Bank of England must sell in "a timely and orderly" way the 19.3 billion pounds ($21.7 billion) of government bonds which it bought as part of its recent emergency operation to support the market, a senior BoE official said on Friday. When the programme was launched, the BoE said it would sell the bonds purchased "in a smooth and orderly fashion once risks to market functioning are judged to have subsided". Hauser said the BoE still needed "to remain sensitive and, if necessary, appropriately responsive to still-febrile market conditions". However, Hauser said liquidity in the gilt market had not yet fully recovered. ($1 = 0.8910 pounds)Reporting by David Milliken Editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

☆ BoE's Hauser: It could take up to 10 years to unwind QE
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 19 (Reuters) - It could take up to 10 years for the Bank of England to unwind its quantitative easing bond-buying programme, the central bank's Executive Director for Markets Andrew Hauser said on Wednesday. "It could take the best part of five or 10 years to unwind QE," Hauser told lawmakers on parliament's Treasury Committee while answering a question on quantitative tightening. ($1 = 0.8890 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by William Schomberg, writing by Sachin Ravikumar, Editing by Kylie MacLellanOur Standards: The Thomson Reuters Trust Principles.

☆ BoE's Hauser: Mini-budget caused 'full-scale liquidation event' for pension funds
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 19 (Reuters) - The fallout in gilt markets from the British government's mini-budget was a "full-scale liquidation event" for pension funds, whose managers were calling the Bank of England with increasing alarm, the central bank's Executive Director for Markets said. "This was a situation that went from 'we're ringing you to let you know' to shouting on the phone to us, within two days," Andrew Hauser told lawmakers on parliament's Treasury committee on Wednesday. "This was a full-scale liquidation event." Pension funds were forced to offload billions of pounds of UK government bonds, or gilts, at distressed prices last month after the government's announcement of tax cuts sent yields soaring, triggering margin calls on derivatives designed to protect the funds against movements in rates. Register now for FREE unlimited access to Reuters.com RegisterReporting by William Schomberg, writing by Sachin Ravikumar, Editing by Kylie MacLellanOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Earnings vs Rates
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +5 min

Oct 19 (Reuters) - A look at the day ahead in U.S. and global markets from Mike Dolan. Market tension is building between surprising positivity still coming from the unfolding corporate earnings season and the anxiety in interest rate markets and macro gloom. But earnings may be just a rearview mirror of the economy and the inflation and interest rate backdrop showed little sign of improvement across the western economies. U.S. 10- and 30-year bond yields were now both above 4% this week for the first time in 12 years. Oil prices steadied after Tuesday's slide amid reports U.S. President Joe Biden plans to release more of the Strategic Petroleum Reserve.

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