Monetary Policy
Sarb hikes interest rates for first time in three years
MPC split, though governor says this was more about timing than direction of travel
Uruguay holds interest rates steady at 5.75%
BCU says balance of risks to inflation are tilted “slightly upwards”
RBNZ governor’s tiebreaking vote keeps rates on hold
New Zealand central bank says rate increases likely at future meetings
ECB board members begin priming markets for rate hike
Schnabel “does not expect” TPI to be needed as bond selloff was driven by “inflation compensation”
Haiti’s woes exacerbated by supply shocks – governor
Ronald Gabriel says regional central banks should adopt more internationalist approach
Sri Lanka surprises with 100bp policy hike
Central bank says tightening needed to combat inflation and rupee’s slide amid Iran war
More African nations respond to inflationary effects of Iran war
Mauritius and Rwanda raise rates, though Nigeria, Ghana and Egypt opt to hold
Philippines governor says off-cycle rate hike possible
Remolona says BSP may have fallen behind the curve on inflation
Book notes: The art of monetary policy, by Kristin Forbes
The message that effective monetary policy-making requires judgement, flexibility and realism alongside technical expertise is both persuasive and highly relevant
Europe’s central banks face tough policy calls – Barclays CEO
Venkatakrishnan also spoke on UK political uncertainty, Brexit and banking regs
Iceland hikes by 25bp, citing rising expectations
Economic outlook deteriorates as energy prices rise and domestic wage pressures persist
Economy resilient despite restrictive rates, says BCB governor
Galípolo also tells Senate committee that fallout from Banco Master case is ‘extremely serious’
Indonesia surprises with 50bp hike
Bank predicts Fed tightening in 2027 as it continues to battle rupiah weakness
Fed’s Paulson says current interest rate level ‘appropriate’
High inflation accompanied by widespread pessimism in US labour market, FOMC member notes
RBA felt May hike gave it room to assess impact of Iran war
Board members believed tightening would make conditions slightly restrictive, minutes show
Focus on duration and not size of Fed ledger, ex-governor says
Discussion around balance sheet should go beyond shrinking nominal amount, argues Jeremy Stein
Uganda holds, but Zambia and Angola opt for cautious cuts
Economist says loosenings were motivated by positive inflation figures in southern African countries
The challenges facing Fed chair Kevin Warsh
New chair has pledged sweeping change, but can he keep Trump – and the FOMC – onside?
Battle of Trafalgar holds lessons on global liquidity – CEPR paper
Newly formed BdF struggled to cope with sudden loss of access to dominant currency