In a series of Twitter threads posted on April 12, April 21, April 27, May 2, May 9, May 16, May 24, May 30, and June 6, the Federal Reserve tried to dispel some of the concerns that FedNow is a central bank digital currency, or CBDC. To its credit, the Federal Reserve is largely correct that FedNow and CBDCs are distinct issues. However, the Federal Reserve left out an important part of the story in the campaign: its authority to issue a CBDC. Maybe the Federal Reserve’s framing of the issue was simply an oversight rather than an intentional effort to mislead anyone. Yet considering it has been quoted in the ... (full story)