Monetary Policy
Bank of Korea turns focus to stability threats after rate cut
Bank of Korea cuts rates to historic low, but shift in language indicates growing concerns over financial stability
Eurozone AQR adds to Swedish uncertainty, says Ingves
Riksbank governor says conditions for monetary policy are ‘perhaps even more uncertain than usual' due to confluence of international and domestic factors
Bank of Russia FX intervention hits $6bn
Governor Elvira Nabiullina says central bank will move ahead with switch to inflation-targeting regime as currency falls to record low
MAS holds policy on back of stubborn core inflation
Monetary Authority of Singapore says it will let the S$NEER appreciate at a 'modest and gradual' rate in its semi-annual monetary policy statement
RBI paper: Rural wages main driver of Indian food inflation
Research published by the Reserve Bank of India says it ‘bears to reason’ there is a need to raise agricultural productivity to mitigate food price pressures
European Court of Justice hears case against OMTs
European Central Bank’s programme for buying sovereign debt to be considered by Europe's top court; ruling could have implications for monetary policy
Armenian central bank looks to spark inflation ‘rebound’
Central Bank of Armenia says it will continue ‘loosening’ monetary conditions as it looks to return annual CPI inflation to its 4% target
Plosser wants Fed to follow ‘rule-like’ monetary policy
Philadelphia Fed president says constrained discretion has been shown to produce better policy-making, citing Nobel prize-winning research
Fischer says Fed ‘better think about’ international spillovers
Fed vice-chair says international effects of monetary policy ‘spill back’ on to the US, and the central bank cannot make ‘sensible’ choices without taking them into account
Carstens says EMs should look inwards to engineer growth
Bank of Mexico governor warns developed economies will grow below potential for a 'relatively long period’; Lagarde would 'do belly dancing' if it got US to approve new IMF governance
Draghi distinguishes ECB forward guidance from Fed and BoE variants
ECB president compares forward guidance across major central banks; channels John Maynard Keynes and warns that ‘without reform, there can be no recovery’
Fed minutes reveal growing rifts over forward guidance
Minutes show increased debate over whether forward guidance is being used correctly; two dissenters object to phrasing of policy statement
SNB speaks out against 'gold initiative'
Swiss National Bank rejects proposals to prevent it from selling gold; Jean-Pierre Danthine argues that ‘currency reserves that cannot be sold are not truly reserves’
New York Fed’s Potter fleshes out normalisation plans
Vice-president responsible for open market operations gives details on how the Fed will use interest on excess reserves and reverse repos to raise its interest rate
Netherlands Bank flags risk from ECB asset purchases
Markets are positive about the ECB's efforts to ease monetary policy, but unconventional measures carry the risk of pumping up asset bubbles, Dutch financial stability review warns
Bank of Russia sells $1.4 billion to prop up ruble
Central bank intervenes in foreign exchange market to support currency as it continues to slide against the US dollar; commentators split over prospect of rate hike
Ekholm leaves Riksbank for post in finance ministry
Dovish deputy quits her term early to become state secretary to Sweden's new finance minister; vocal critic of central bank's ‘lean against the wind' policy
Rates: BoJ maintains pace of asset purchases; RBA holds steady
Bank of Japan continues pace of asset programme despite some dissenters; RBA holds rates with growth persisting below target and signs of spare capacity
Significance of Swedish debt levels for Riksbank policy ‘exaggerated', says deputy
Per Jansson says expansive policy helped Sweden manage crisis better than many other countries; adds higher inflation is Riksbank's top priority
Polish paper examines impact of foreign currency loans
Foreign currency loans restrict the transmission of monetary policy to the real economy but do not have a 'significant' impact on efficacy of macro-prudential measures, paper finds
Central bank independence key focus of Brazilian elections
With the central bank’s autonomy a hot topic in the build-up to this weekend’s presidential elections, specialists are divided on the benefits of greater independence
Czech economy generating ‘noticeable inflationary pressures’
Czech National Bank board members point to ‘rapid’ rise in wages as indicator of inflationary pressures, but remain concerned by price developments in the eurozone
Lagarde sees black clouds over monetary policy normalisation
IMF managing director underlines risk of spillover effects as Fed winds down monetary easing; says ‘asynchronous’ normalisation could come back to bite advanced economies
IMF encourages Kenya central bank to set-up forecast unit
Staff report with Kenya praises the evolution of the central bank’s forecasting model and recommends creation of dedicated unit; wary of rising food prices and credit growth