Monetary Policy
ECB to apply climate risk to collateral framework
Move expected to reduce value of assets in bank’s refinancing operations
Kyrgyzstan tightens policy for first time in more than a year
Central bank raises rates by 25bp to keep inflation in check amid tariff uncertainties
‘Start late, then sprint’ may cost when tackling inflation – CEPR
Research says approach ultimately succeeded post-Covid, but hurt central banks’ credibility
Russia cuts rates by 200bp, citing moderation in inflation
Experts say central bank waited until expectations had moderated and cut may support country’s lenders
Tailored central bank messaging boosts trust – BoJ study
Citizens are more confident about inflation forecasts when delivered by someone similar to them
European Central Bank pauses rate-cutting campaign
ECB considers strengthening eurozone economy to be “crucial” in face of geopolitical challenges
Turkey cuts for first time since March’s political turmoil
CBRT reduces rates by 300bp to 43% and vows to maintain “tight” policy stance
Ukraine opts to keep rates higher for longer
Central bank holds at 15.5% and says policy must remain “rather tight” if 5% inflation target is to be met
New Zealand expects continued easing amid trade uncertainties
RBNZ chief economist says tariff uncertainty likely to slow inflation and growth
Sri Lanka holds rate as US tariffs loom
Central bank keeps policy rate at 7.75% amid domestic economic and global trade uncertainties
US firms face up to $71bn of extra costs from tariffs – study
Authors say additional complexities mean findings are likely to be on the conservative end of costs
Hungary holds rates for 10th consecutive time
Economy continues to stagnate despite rising household lending
RBA waiting for more data before deciding whether to cut rates
Minutes of last meeting show board favoured easing but was split over when it should occur
China holds key lending rates
PBoC keeps one- and five-year LPRs at 3% and 3.5% respectively, as expected
Sino-Egyptian collaboration could reshape global monetary order – expert
MoU provides further evidence of shift towards multipolar world, says professor
Bank of Ghana convenes emergency MPC meeting
Next monetary policy decision to be announced on July 28
Will Fed’s HQ cost overruns be enough for Trump to fire Powell?
Chair’s defenders say administration wants to use renovations bill as pretext for his removal
Central bank watch: Biased to ease, for now
A mid-year review of the monetary policy outlook for G10 central banks, India, China and South Korea
Indonesia eases policy rate after Trump announces 19% tariff
Central bank says 25bp cut was needed to support economy amid weak global outlook
The battle for the future of central banks
Inflation-targeting institutions must not simply defend against overt interference, they must also resist a sly erosion of their authority, writes Biagio Bossone
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
Splits on FOMC are no bad thing, say experts
Former policy-makers say economic uncertainty means dissent over US rates path is inevitable
South Korea holds policy rate at 2.5%
Central bank says it needs more time to assess changes to household debt and house prices
Negative interest rates are last resort – BdF governor
Villeroy de Galhau outlines “order of operations” for deploying monetary policy tools