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Jun 6 6 tweets 2 min read Twitter logo Read on Twitter
#FedFAQ: Is FedNow replacing cash? Is it a central bank digital currency?

No. FedNow is not related to a digital currency. FedNow is a payments service the Federal Reserve is making available for banks and credit unions to transfer funds. (1/6) federalreserve.gov/faqs/is-fednow… From the Board of Governors...
The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash. The FedNow Service is an instant payments service provided by the Federal Reserve, launching in July 2023. (2/6)
FedNow will be available to depository institutions, such as banks and credit unions, in the United States and will enable individuals and businesses to send instant payments through their depository institution accounts. (3/6)
Instant payments allow individuals and businesses to send and receive payments within seconds at any time of the day, on any day of the year, so that the receiver of a payment can use the funds almost instantly. (4/6)
Testifying before the House Financial Services Committee in March, Powell said a central bank digital currency is “something we would certainly need congressional approval for.” (5/6)
Learn more about FedNow and about the Fed’s work related to CBDCs (6/6):
federalreserve.gov/paymentsystems…
federalreserve.gov/cbdc-faqs.htm

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More from @federalreserve

Apr 12
#FedFAQ: Is FedNow replacing cash? Is it a central bank digital currency?
No. FedNow is not related to a digital currency. FedNow is a payments service the Federal Reserve is making available for banks and credit unions to transfer funds. (1/6) federalreserve.gov/faqs/is-fednow… FedFAQ: Is FedNow replacing...
The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash. The FedNow Service is an instant payments service provided by the Federal Reserve, launching in July 2023. (2/6)
FedNow will be available to depository institutions, such as banks and credit unions, in the United States and will enable individuals and businesses to send instant payments through their depository institution accounts. (3/6)
Read 6 tweets
Nov 4, 2022
The Federal Reserve is the central bank of the United States. It performs five key economic functions in the public interest to help promote the healthy U.S. economy, including promoting the stability of a financial system. Learn more: (1/5)
The Financial Stability report reviews conditions affecting the stability of the financial system. The @federalreserve monitors risks to the financial system & works to help ensure a healthy economy for U.S. households, communities, & businesses. federalreserve.gov/publications/f… (2/5) Overview of financial syste...
Since the May 2022 report, uncertainty about the economic outlook has remained elevated. Inflation remains high in the United States & in many other countries. Central banks around the world, including the Federal Reserve, have tightened monetary policy in response. (3/5)
Read 5 tweets
Sep 9, 2022
We have just posted Financial Accounts of the U.S., with flow of funds, balance sheet, & integrated macroeconomic account data: federalreserve.gov/releases/z1/de… #FedData (1/4)
Household net worth decreased by $6.1 trillion in Q2, mainly because of a drop in stock prices. federalreserve.gov/releases/z1/20… (2/4) Changes in net worth: House...
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Read 4 tweets
Feb 12, 2021
The @federalreserve conducts stress tests to assess the resiliency of large banks & help ensure that they can lend to households & businesses during a severe recession. They evaluate bank strength by estimating losses & capital levels against hypothetical recessions. (1/4)
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Today, the Board released the hypothetical recession that the banks are tested against. These stress tests include a test against a severe global downturn with substantial stress in commercial real estate and corporate debt markets. (3/4) go.usa.gov/xsrHa
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