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Federal Reserve governor Lael Brainard. Photo: Taylor Glascock/Bloomberg via Getty Images

Despite much fanfare in recent months, the U.S. looks to have made minimal progress on the development of or consensus around a central bank digital currency (CBDC), despite advances from other central banks, including China's.

Driving the news: Fed governor Lael Brainard, who is leading efforts on a digital currency as the governor in charge of financial stability, delivered a speech on Monday detailing the state of research and development on CBDCs in the U.S. but provided little new information.

  • She also continued to highlight potential risks like financial system fragmentation and consumer protection and financial stability risks.

Between the lines: Brainard occasionally deviated from her prepared remarks during her appearance at CoinDesk’s Consensus 2021 event, including a mention that it was important for Fed policymakers "to follow many central banks' progress on CBDC closely — including China."

  • She also stressed that "we are at the table" as she noted, "Given the potential for CBDCs to gain prominence in cross-border payments and the reserve currency role of the dollar, it is vital for the United States to be at the table in the development of cross-border standards."

State of play: The Fed is behind other central banks in developing a digital currency, and not just China, which began testing a digital version of the renminbi with brick-and-mortar retailers last year and recently expanded to include the e-renminbi in digital wallets linked to Alibaba's Ant Group.

  • Sweden's Riksbank is testing a digital e-krona, and the Bank of Japan is testing a digital yen.

What's next: Fed chair Jerome Powell recently announced that the Fed would issue a discussion paper "outlining our current thinking" on digital currencies in July.

Go deeper

Dion Rabouin, author of Markets
May 24, 2021 - Economy & Business

Atlanta Fed president on inflation and the "uneven" recovery

Illustration: Aïda Amer/Axios

After the April Consumer Price Index report that showed U.S. inflation was growing at the fastest rate since 2008 (and the fastest rate since 1981 when looking at core inflation, which strips out volatile food and energy prices), Atlanta Fed president Raphael Bostic was one of the first Fed presidents to say the central bank would not be changing its policy stance as a result.

What it means: Backing Powell's insistence that the significant rise in prices around the country will be temporary, Bostic has been emphatic in arguing that the Fed should continue not only holding interest rates at near 0% but also maintain its $120 billion a month bond-buying program.

Updated 24 mins ago - Sports

Katie Ledecky wins gold in first women's 1500m freestyle

Team USA's Katie Ledecky celebrates after winning the final of the women's 1,500m freestyle swimming event during the Tokyo 2020 Olympic Games at the Tokyo Aquatics Centre in Tokyo on Wednesday. Photo: Attila Kisbenedek/AFP via Getty Images)

Katie Ledecky took home the Olympic gold medal in the women's 1,500-meter freestyle swimming race Tuesday evening, becoming the first female swimmer to win the newly added division. Team USA's Erica Sullivan won silver.

Of note: The Tokyo Games mark the first time that the long-distance race has been open to women, and Ledecky paid tribute to her predecessors after the race. "I just think of all the great U.S. swimmers who didn’t have a chance to swim that event," she said on NBC.

Updated 34 mins ago - Sports

Olympics dashboard

Katie Ledecky celebrates with teammate Erica Sullivan after winning the women’s 1500m freestyle final. Photo: Tom Pennington/Getty Images

🚨: Katie Ledecky wins gold in first women's 1500m freestyle

🤸🏾‍♀️: Simone Biles pulls out of gymnastics team finals, citing her mental health

🎾: "This one sucks more than the others," Naomi Osaka says on upset loss

⚽️: USA women's soccer ties Australia, propelling them to the quarterfinals

🏊‍♀️: Teen swimmer Lydia Jacoby wins first U.S. women's Tokyo Games gold

👟: World Athletics president supports reviewing marijuana rules in doping

🏄‍♀️: American Carissa Moore wins first-ever women's Olympic gold in surfing

Go deeper: Full Axios coverage - Medal tracker