Monetary Policy
Current threats to central bank independence
Improved communications, advocacy for tech oversight and international co-operation will help to address challenges posed by populism, excessive debt and new forms of money, write Gavin Bingham, Paul Fisher and Andrew Large
BNM chief: central banks must be ‘architects of resilience’
Policy challenges are ‘converging all at once’, Malaysian governor tells Central Banking Meetings
Norges Bank holds and signals future rate hikes
Job of tackling inflation ‘has not been fully completed’, says governor
Shrinking Fed’s balance sheet a ‘solvable challenge’ – Miran
Central bank can shed $2 trillion off ledger without hitting scarce reserves threshold, governor says
Mexico surprises markets with rate cut in split decision
Central bank faces headwinds from weak growth and oil shock
As new gauge puts CPI above 2%, is BoJ prepping for a hike?
Revised data shows price growth at a level the bank said would trigger tightening
BoE’s Greene warns of lasting inflation from Iran war
MPC member says energy prices could stay higher even after conflict ends
Philippines holds rates at unscheduled policy meeting
BSP is latest central bank to highlight inflationary risks from current geopolitical developments
YCC, carry trades and the changing role of the yen
Marcello Minenna argues that as the BoJ adjusts its policy regime, changes in carry positioning are increasing the instability of the correlation between exchange rates and yield differentials
Iran war and persistent inflation will derail policy – panellists
Former St Louis Fed president joins ECB and BIS’s chief economists in outlining future paths
BoE faces its toughest test in four years
Path to contain inflation from supply-side shocks is different compared with 2022–23
Backdrop to energy shock ‘more benign’ than in 2022 – Lagarde
ECB president says it is still too early to tell if rates will have to rise in response
Second-round effects from Iran war could persist – BoE’s Pill
Bank’s chief economist says ‘structural change’ in wage-setting behaviour warrants caution in policy
Fed should still ease policy amid energy shock – Miran
Governor says his outlook for four rate cuts this year remains unchanged
Paraguay signals neutral stance with pause in easing cycle
Central bank expects inflation to rise to 3.5% target by end of year
Russia eases amid Middle East conflict uncertainty
Central bank says it is too soon to estimate war’s likely impact on domestic economy
Czech Republic, Moldova, Sweden and Ukraine all hold
Riksbank also lowers rate for supplementary liquidity facility as liquidity starts to dry up
Central banks in China, Hong Kong and Taiwan hold rates
Taiwan tilts hawkish, Hong Kong follows Fed and China expected to ease by 10bp this year
Interest rate crosswinds buffet IRRBB teams
Political intervention and rapid-fire law changes are skewering bank models for forecasting cashflows
ECB holds rates, predicts 2.6% inflation for 2026
Lagarde presents gloomy outlook for eurozone inflation and growth as energy prices spike
Bank of England holds rates and hints at hikes
MPC member says UK economy ‘damaged’ by energy shock as war triggers first unanimous vote since 2021