United States
Book notes: 21st century monetary policy, by Ben S Bernanke
Bernanke’s great book offers important insights for today’s policy-makers, writes Stephen Poloz
Fed raises interest rate 75bp for third time
Powell reiterates pledge to “keep at it” until inflation is back to 2%
Fed paper explores rate hike impact on money markets
Monetary tightening likely to impact flows in and out of Fed’s overnight repo facility
US CBDC research ‘could take years’, says Treasury
Report weighs design choices that could underpin digital dollar
Markets starting to reflect ‘tenacious’ inflation, says BIS
Swings in markets highlight investors’ struggle to understand outlook, quarterly review says
US needs tighter policy, former senior Fed adviser says
Higher rates will cause little damage to supply chains, David Wilcox argues
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
Summers and Krugman see no alternative to ECB tightening
Despite lack of overheating, huge energy shock requires action to anchor inflation expectations
Fed’s QT will be more complex this time, official says
Overnight repurchase liabilities make up a larger portion of balance sheet than before
US CPI inflation falls modestly
New York Fed reports “steep declines” in inflation expectations, but core CPI ticks up
Fed’s Waller: rates could go ‘well above’ 4%
Governor projects “significant” September hike and says it is “too early” to judge inflation drop
Morocco’s Jouahri on inflation, forex reform, digitalisation and sustainability
The Central Bank of Morocco governor speaks with Christopher Jeffery about Covid-19 policies, Fed tightening, BIS membership, regional co-operation and financial inclusion
US will take ‘some time’ to decide on CBDC, Powell says
Fed chair says it must act to prevent inflation expectations rising
Cyber induced bank runs pose “huge risk”, says Richmond Fed’s Barkin
Banks lack proper cyber security metrics and should learn from other firms, argues senior Fed official
People: July to September 2022
A round-up of central bankers in the news and on the move during the past three months
Joseph Stiglitz on the challenge of fixing macroeconomics
The Nobel Prize-winning economist discusses the flaws in mainstream models and how to repair them, whether central banks went wrong in 2021, and what to do – or not to do – about inflation
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
New Dallas Fed president says inflation is top priority
Lorie Logan pledges to build relations with local population and work on behalf of community banks
Fed’s QT reaches maximum as critics warn of stability risks
Former RBI governor Rajan and co-authors argue QT may pose risks for financial stability
Bank of Mexico’s battle to restore price stability
Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation
US household debt rising across the board
Delinquencies for subprime loans are approaching their pre-pandemic proportion
Powell promises ‘forceful’ action to reduce inflation
Fed chair warns against premature loosening and says cutting inflation “will take some time”
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation