Quantitative easing
Central banks set monetary policy around eight times a year
African central banks reported setting monetary policy less frequently than peers
BoE’s Hauser mulls future of central bank balance sheets
Balance sheets will be bigger but also more variable, executive director says
Canadian governor outlines next phase of policy
Governor says Bank of Canada will keep asset holdings unchanged in “reinvestment phase”
ECB announces moderate cut in net asset purchases
Council unanimously agrees adjustment despite mid-term below-target inflation projections
Pandemic Treasuries market calmed quickly – research
Dallas Fed analysis finds “headwinds” early on, but not lasting pandemic disruptions
Bank of Canada on hold as growth proves weaker than expected
Second quarter contraction comes as Canadian exporters struggle with bottlenecks
Asset purchase programmes prevalent among advanced economies
But just 17% of emerging market economies said they operate a purchase programme
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’
Powell says taper test has been met ‘with regard to inflation’
Fed chair tells Jackson Hole conference that slowing QE this year “could be appropriate”
ECB council divided on forward guidance, minutes show
Some senior officials argued new formulation risks inflation overshooting
Is the ECB’s strategy review enough?
The reformed framework may allow greater stimulus to tackle weak inflation expectations, but the Governing Council is already divided on what to do next
From Covid‑19 recovery to a greener economy
BNP Paribas asks, in a world challenged by the Covid‑19 pandemic and empowered by recovery from it, what’s next for the central banking sector? Also discussing how banks and central banks can collaborate to encourage sustainable growth and build a better…
Fed may taper asset purchases this year, say FOMC minutes
Federal Reserve staff warn US financial system has “notable” vulnerabilities
Fixing market-based finance: duct tape or deep reform?
Central banks are increasingly having to act as market-makers of last resort. But deeper reforms may be needed to avoid stretching their balance sheets to breaking point
No one monetary policy target optimal – Bank of Canada paper
Flexible inflation targeting one of best performers in “horse race” with other options
The distant cry of hawks? Fed begins tightening talk
Richard Clarida gives a date for hiking interest rates, as debate on taper timing continues
BoE on hold as inflation looks set to soar to 4%
Committee hints at need for “modest tightening” soon, but says asset purchase programme will not unwind until interest rates reach 0.5%
Brainard reiterates that inflation is ‘transitory’
Fed board member speaks after PCE inflation figure of 4% released
Fed launches standing repo facilities
Facilities to be open to foreign central banks and domestic primary dealers; FOMC keeps policy on hold
ECB bond holdings exposed to nature-related financial risks – paper
Study warns corporate bond holdings rely on ‘ecosystem services’ and contribute to biodiversity loss
BIS paper warns against ‘timid’ QE and ‘debt-averse’ fiscal policy
Policy mistakes at zero lower bound can worsen economic problems, authors say
Powerful companies are diluting monetary policy effectiveness – IMF
Competition policies are needed to ensure central banks can use monetary policy effectively
ECB reinforces commitment to monetary stimulus
Central bank expects inflation to reach 2% “durably”, midway through its projection horizon
ECB set to adapt forward guidance in July meeting
Analysts expect ECB to adjust policy to meet goals of recent strategy review