Brainard Differs With Powell on CCyB, CBDC
Although a formal record was not kept at a Friday evening event, press reports indicate that FRB Gov. Brainard pointedly disagreed with Chairman Powell on recent FRB regulatory policy.

BIS Reiterates: BigTech Requires Entity-Based Rules
A BIS Bulletin released today reinforced General Manager Carstens’ statement that that bigtech warrants entity-based regulation. Given that Mr. Carstens is among the brief’s authors, the conclusion is not surprising, reiterating also that comprehensive approach is needed given bigtech firms’ wide reach into e-commerce, social media, and other businesses that could well then expand into finance.

FRB-NY: The Distributional Impact of Loan Forbearance
The Federal Reserve Bank of New York’s blog today includes a post showing that forbearance relief was greatest for auto and credit-card loans versus mortgages and rent.