Monetary Policy
Chile holds rates at 4.5%
BCCh in no rush to cut but says inflation likely to undershoot previous forecast in short term
Banxico to slow easing cycle in 2026
Tax reforms and tariffs on China expected to have one-off effects on prices, Mexican central bank says
Weak yen prompted BoJ’s December rate hike, minutes show
Japan likely to continue tightening, though board said it had ‘no specific pace in mind’
ECB tweaks collateral framework, ‘paves way’ for DLT-based assets
Bank clarifies ‘climate factor’ in securities pricing, introduces haircuts on sterling, dollar and yen assets
Uruguay slashes rates by 100bp to 6.5%
Peso gains against dollar as central bank tweaks meeting schedule to allow ‘necessary flexibility’
BoJ holds rates as politics and sovereign bonds take spotlight
Decision closes out week in which JGB yields rose to historic highs after PM called snap election
BNM holds policy and points to positive economic outlook
Malaysian central bank keeps rates at 2.75% and expects domestic growth momentum to continue
BI holds rates amid renewed concerns over its independence
Indonesian central bank says keeping rates at 4.75% will stabilise rupiah and encourage growth
China leaves benchmark lending rates unchanged
One-year LPR stays at 3% and five-year rate remains at 3.5% following easing via structural tools
Europeans have more trust in compatriot ECB officials – study
ECB messages carry more weight when delivered by officials from one’s own country, research finds
BoK leaves policy rate unchanged
Economists predict South Korean central bank will hold at 2.5% for remainder of year
Goolsbee backs Powell and raises tariff concerns
Chicago Fed chief says tampering with independence increases inflation risks
China cuts lending rate for some sectors and flags room for more
PBoC deputy announces 25bp cuts to lending rate for agriculture sector, small businesses and others
St Louis Fed chief says independence remains critical
Musalem adds that there is little reason for further policy easing in near term
Banxico signals slowdown to rate cuts as inflation falls
Latest figures show non-core metric lies within Mexican central bank’s acceptable band
Peru holds rate for fourth time in a row
Strong currency, stable inflation and healthy growth allow central bank to keep things as they are
Book notes: The London Consensus, by Tim Besley, Irene Bucelli and Andrés Velasco
The authors set out guidelines to address shortcomings linked to the Washington consensus, but implementation will be a challenge
SNB hesitant to go negative as 0% policy is still ‘expansionary’
Concerns over AI bubble and 0% inflation did not spur governing board to go below zero, minutes show
Villeroy de Galhau warns of ‘Americanisation’ of money
Tokenisation and geopolitics are new disruptive forces, BdF governor says
Venezuela: a crude awakening?
Capture of Maduro opens new chapter for troubled economy and its central bank
Richmond Fed president leaves policy path open in 2026
Barkin says consumer sentiment is still negative, despite US economy’s resilience
Israel cuts rates by 25 basis points
Central bank’s updated forecast points to higher growth in 2026 than was previously predicted
Japan’s monetary base declines for first time in 18 years
BoJ’s balance sheet also shrank by 9.4% last year amid policy normalisation drive
Philly Fed president says rate cuts could come late in 2026
Paulson points to variety of factors hampering US labour market