Growth
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
BoE raises rates 50bp as outlook marginally brightens
Two MPC members vote to keep rates on hold, as staff predict slightly lower inflation
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
RBI raises rate 35bp to ‘break’ inflation persistence
Committee splits as it tries to balance inflation fight against continued growth
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
RBNZ delivers record 75bp rate rise to curb inflation
Central bank now expects policy rate to peak at 5.5% next year, up from previous estimate of 4.1%
Chinese MPC member calls for 5% growth target in 2023
China faces "difficulty" in sustaining strong annual growth from now to 2035, Liu Shijin says
BoE officials reject criticism of forecast misses
Bailey says labour market dominates firms’ concerns and says Brexit has hampered economy
ECB’s Panetta warns tighter policy could inflict unnecessary damage
Monetary policy could permanently reduce potential output, argues ECB board member
Book notes: Yellen, by Jon Hilsenrath
This book offers new insights into the tough decisions and tremendous efforts Yellen has made as a pre-eminent economic policy-maker
Liquidity dependence may hamper QE exit
Expanding reserves may prove perilous for financial stability, with maximum danger during QT, writes Viral Acharya
Reshuffle heralds new era of Chinese central banking
Policy room for the next PBoC governor looks limited, as loyalists win out over technocrats for top economic posts
Bank Indonesia delivers another 50bp rate rise
Governor Perry Warjiyo describes the rate hike as a pre-emptive move
US and European policy-makers feel ‘vindicated’ over aggressive hikes
QT may deserve a slower approach than traditional policy, says Jacob Frenkel
African governors face multiple financial ‘floods’
Kenyan governor says a “doubling, tripling” of access to IMF resources is needed
PBoC rolls over 500bn yuan policy loans to maintain liquidity
Central bank keeps the rate on the medium-term loans unchanged at 2.75%
World has ‘very little space’ for policy, says Georgieva
Carney, Georgieva, Donohoe and El-Erian agree room is limited and mistakes are punished harshly
Singapore’s central bank tightens policy for fourth time this year
MAS decision comes after Singapore’s economy rebounded in the third quarter
Peru and Uruguay carry out more rate rises
Peruvian policy now “clearly restrictive”, analyst says, while Uruguay warns of risks to growth
Rates round-up: RBA tightens policy 25bp
Plus rate increases in India, Israel, the Dominican Republic and Jamaica
IMF warns UK government as pound resumes fall
BoE’s Huw Pill signals need for “significant monetary policy response” to government spending plan
Norges Bank hikes rate by 50bp for third time in a row
Norwegian central bank revises inflation forecast up and future GDP estimate down
PBoC leaves key lending rates unchanged
Chinese central bank pauses monetary easing as yuan falls to two-year lows
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions