Michael S. Derby, Wall Street Journal

Michael S. Derby

Wall Street Journal

New York, United States

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Recent articles by Michael:

Fed’s Bostic Wants to Accelerate Pace of Bond Buying Taper

Federal Reserve Bank of Atlanta President Raphael Bostic said Thursday he would like to get the central bank in position to raise its short-term interest rate target next year if inflation pressures don’t retreat from currently high levels. → Read More

Derby’s Take: Fed Taper Not Taking Wind Out of Treasury Market’s Sails

The performance of the Treasury bond market over recent weeks is again suggesting that the idea of a clear link between the central bank’s asset buying and the movement of yields remains tenuous. → Read More

Derby’s Take: Fed Balance Sheet Plans Could Impact Huge Reverse Repo Use

It may be that financial markets are seeing something approaching the high water mark for the Federal Reserve’s reverse repurchase agreement facility. → Read More

Two Fed Officials Weigh Prospect of Speeding Bond-Buying Taper Process

Fed Vice Chairman Richard Clarida and Fed governor Christopher Waller in separate appearances remarked on the possibility that the central bank could move more swiftly to end its asset-buying stimulus effort. → Read More

Effort to Hire Dallas and Boston Fed Leaders Hits Full Stride

The search to replace two regional Federal Reserve bank presidents who resigned in the wake of a financial market trading controversy is in full swing, and boosting diversity at the central bank is expected to factor into the process. → Read More

Fed’s Waller: Stablecoins Could Be Healthy Form of Payment System Competition

Though they require regulating, stablecoins may not necessarily need the same treatment as private banks, the Fed governor says. → Read More

Fed’s Williams Says Treasury Market Has Faced Too Many Shocks

The New York Fed leader says more work needs to be done to improve the resiliency of the U.S. Treasury securities market. → Read More

Fed’s Barkin Says More Data Is Needed Before Raising Rates

Federal Reserve Bank of Richmond President Thomas Barkin said the U.S. central bank needs more data before it can make the call on when it is time to raise its short-term rate target. → Read More

Derby’s Take: Powell Says Fed Will Resolve Balance Sheet Size Later

As the Federal Reserve embarks on slowing the pace of its asset buying, it has yet to address what will happen with its massive holdings of bonds and cash once that process is complete. → Read More

Powell Says Fed Acted Quickly to Tighten Stock-Trading Rules

“I think it’s too soon to say what the reputational damage is” for the central bank in the wake of the stock-trading controversy, Fed Chairman Jerome Powell said. → Read More

Fed Bankers Face Penalties for Ethical Breaches Under Senate Proposal

Senate Democrats plan to introduce legislation enforcing rules after two regional presidents stepped down from posts following investment trades. → Read More

Derby’s Take: As FOMC Meeting Nears, Two Fed Governors Issue Hawkish Warnings

Federal Reserve governors are leading the way when it comes to hawkish talk at the central bank about what may be needed to bring high levels of inflation back under control. → Read More

Fed’s Kashkari: Paycheck Protection Program Disadvantaged Black Americans

Federal Reserve Bank of Minneapolis President Neel Kashkari said Wednesday a key program aimed at supporting the U.S. economy during the coronavirus pandemic may have also made wealth inequality between white and Black Americans worse. → Read More

Waller: If Inflation Doesn’t Cool by Year-End, Fed Could Bring Rate Increases Forward

Federal Reserve Gov. Christopher Waller said the central bank could move forward the timeline for raising short-term interest rates to restore price stability if high levels of inflation don’t start cooling soon, adding that he supports the Fed slowing its asset buying stimulus effort starting next month. → Read More

Elizabeth Warren Doesn’t Get Fed Trading Ban Proposal by Oct. 15 as Requested

Regional Federal Reserve Banks haven’t presented Sen. Elizabeth Warren with a plan to ban stock trading by senior central bankers as the Democrat from Massachusetts requested last month. → Read More

Fed’s Thomas Barkin Unsure Economy Can Recover All Jobs Lost in Pandemic

Richmond Fed President Thomas Barkin said changes in the economy could mean that some workers who left the job market during the pandemic won’t return. → Read More

Clarida Defends Himself Amid Federal Reserve Trading Controversy

The Federal Reserve’s second in command defended Tuesday trading he undertook early last year just ahead of a key shift in monetary policy, as the coronavirus pandemic was beginning to take hold in the U.S. → Read More

Fed’s Bostic: Inflation Surge Will Likely Last Longer Than Expected

The Atlanta Fed leader said that while inflation has surged more than he and others had expected and runs the risk of being more persistent than desired, he still believes price pressures will ease over time. → Read More

Derby’s Take: Fed Down Two Hawks as Regional Bank Presidents Depart

The number of Federal Reserve policy makers has dropped from 18 to 16, with potential implications for how the central bank communicates future policy changes. → Read More

Boston, Dallas Fed Banks Pledge Cooperation With Stock-Trading Probe

The Federal Reserve Banks of Dallas and Boston said they would cooperate with an internal central bank investigation into the trading controversy surrounding their leaders, who have both announced their resignations. → Read More