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May 2026 A Tale of Demand and Supply for Central Bank Reserves Sriya Anbil, Sebastian Infante, Zeynep Senyuz Abstract: In an ample-reserves framework, administered rates anchor money markets but suppress information from unsecured interbank trading. We recover that information by isolating the small interbank segment of the federal funds market. Using high-frequency bank-level data, we employ deposit shocks as an instrument for bank borrowing demand. Our analysis reveals that non-bank lenders, such as Federal Home Loan Banks, supply funds elastically, whereas bank lenders exhibit price inelasticity, which intensifies as their reserve balances decline, particularly for bankers’ banks. This…

Monetary policy-makers in Thailand said fiscal responses to the effects of the Middle East conflict should be targeted, minutes of the central bank’s April 24–29 meeting published on May 13 showed.The minutes were published shortly after the government confirmed that a 400 billion baht ($12.3 billion) package of extra borrowing for consumer stimulus programmes, first announced on May 5, would go ahead. A Bank of Thailand (BoT) spokesperson told Central Banking today that its macroeconomic Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.To access these options, along with…

Make CryptoSlate preferred on Strategy agreed on May 15 to repurchase roughly $1.5 billion principal of its 2029 convertible notes for an estimated $1.38 billion in cash.The firm told investors in its Form 8-K that it may fund the repurchase with available cash reserves, ATM sale proceeds, and/or Bitcoin sale proceeds. Strategy expects to cancel the repurchased notes, leaving about $1.5 billion of 2029 notes outstanding.The filing adds a new role to Bitcoin on Strategy’s balance sheet as a named funding option for near-term debt obligations.Strategy built its public identity around relentless Bitcoin accumulation, buying during market downturns, funding purchases…

Key PointsBitcoin has grown at a CAGR of 36% over the past decade.Going forward, Bitcoin’s growth rate is likely to slow down as it begins to perform more like a Nasdaq tech stock.Assuming a new CAGR of 18%, Bitcoin will hit a price of $1 million by 2040.10 stocks we like better than Bitcoin ›The $1 million price target for Bitcoin (CRYPTO: BTC) is suddenly back on the table. At the beginning of the year, it looked like Bitcoin might dip all the way to $50,000.But Bitcoin has regained the $80,000 price level. As a result, a growing number of…

UK-headquartered payments technology company Currensea has announced a major regulatory milestone, securing a Payments Institution Licence from the Dutch central bank, De Nederlandsche Bank (DNB). The approval, granted to its newly established subsidiary Currensea Europe B.V., provides the regulatory foundation for the firm to begin serving customers across the European Economic Area (EEA). The expansion follows a period of hyper-growth for the firm, which was recently named the second fastest-growing fintech in the UK—behind only Allica Bank—in the Financial Times’ annual FT1000 ranking of high-growth European businesses. Currensea has achieved nearly 1000% revenue growth over the past three years and…

Adapting to a world where AI agents are doing the shopping.

Key PointsTwo popular space stocks have reported earnings over the past few days: Rocket Lab and AST SpaceMobile.Rocket Lab beat on sales, earnings, and guidance.AST SpaceMobile missed on all three.10 stocks we like better than Rocket Lab ›Rocket Lab (NASDAQ: RKLB) and AST SpaceMobile (NASDAQ: ASTS) are arguably two of the hottest and most popular space stocks on (or off) the planet now. That’s probably going to remain the case for a while — at least until SpaceX conducts its IPO this summer.In the meantime, though, which of these popular space stocks should you choose to invest in?Will AI create…

Alex Kretzinger, executive director at the Des Moines YMCA camp, is a summer camp pro and an expert when it comes to youth development. Kretzinger is on a mission to help young boys untangle what it means to be a man, how to best support their female peers and change the narrative from “toxic masculinity” into “positive masculinity.”  Here are three takeaways from Fearless’ conversation with Kretzinger.  Boys’ lower engagement at camp is a self-fullfilling prophecy.  Kretzinger points to differences in brain development as a key reason for boys’ behavioral problems in school and the decline in the number of boys attending…

Battle of Trafalgar holds lessons on global liquidity – CEPR paper – Central Banking Skip to main content End of drawer navigation content Newly formed BdF struggled to cope with sudden loss of access to dominant currency The Battle of Trafalgar by William Clarkson Stanfield Studying the aftermath of the Battle of Trafalgar helps to shed light on the devastating financial impact of a sudden shortage of global liquidity, a paper published on May 11 argues.The discussion paper – by economists from the Banque de France (BdF), Bank for International Settlements and Cunef University of Madrid – says the pivotal naval…

This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail. Ethereum (ETH) Ethereum has been hovering just below the $2,400 resistance for over four weeks. With bulls unable to break this level, the price has entered a correction. At the time of this post, ETH is found at around $2,270 and is at a similar price to last week. Since late April, the momentum on Ethereum has turned bearish on the daily timeframe, and the price appears to be catching up with clear lower highs. Looking ahead, ETH has formed a large bearish channel with the…