Monetary Policy
BoE asset purchases sit on knife-edge
Bank of England rejects further asset purchases in what is assumed to be a ‘close call’; UK finance minister could alter MPC remit in upcoming budget
Draghi hints at governing council rate split
ECB holds rates again but Draghi reveals dissent among council members; central bank staff lower growth forecast
Asia-Pacific central banks tread water with rate holds
Malaysia and Indonesia join Australia and Japan in holding rates - citing healthy growth and on-target inflation
RBNZ policy to be set by ‘governing committee’
Reserve Bank of New Zealand’s four governors will make all its monetary and financial policy decisions in a new committee
Monetary policy is ‘mirror image’ of financial shocks, says ECB paper
Study finds that monetary policy is effective in mitigating financial shocks because it is capable of reversing the impact of shocks on GDP and investment
BoJ rejects immediate shift to radical easing
Bank of Japan remains committed to hitting new inflation target ‘at the earliest possible time’, but today rejected a proposal to start open-ended purchases straight away
ECB and BoE edge closer to more easing
Commentators home in on signs the ECB is shifting towards a more dovish stance; BoE could sanction more QE after three members voted in favour last time
Polish central bank shocks market with steep rate cut
Monetary policy committee cuts rates by 50bp but indicates the move brings to an end the cycle of easing started in November last year
Philadelphia Fed president demands end to QE
Charles Plosser says asset purchases should be phased out gradually and halted before the end of the year; ‘meagre benefits’ are outweighed by threat to price stability
Bank of Mongolia launches ‘interest rate corridor’
New monetary policy framework seeks to reduce volatility in short-term interest rates, improve transmission and make policy more transparent
Swiss paper finds SNB's 2009 bond purchase policy narrowed spreads
Researchers find 'unique' Swiss bond purchase programme had a 'discounted portfolio balance effect of the expected purchases, as distinct from policy signalling'
Riksbank report deflects criticism over persistent below-target inflation
Economic commentary says low inflation is partly caused by factors outside the Riksbank’s control; argues tight policy cannot take all the blame for high unemployment
Benoît Cœuré says ECB can only 'buy time for political bodies to act'
ECB executive board member calls on Europe's governments to 'redefine the European social contract' - saying rebalancing is 'inevitable'
Bernanke evaluates long-term interest rates
Federal Reserve chair Ben Bernanke expects long-term interest rates to rise gradually; says upside and downside risks to rate level are 'roughly symmetric'
Yellen says monetary easing needed to support labour market
Federal Reserve vice-chair says labour market should take centre stage in Fed’s monetary policy; does not believe asset purchases are threatening financial stability
BoE Funding for Lending Scheme sees loans contract in first 6 months
Data out today show lending down following the introduction of FLS; BoE points to the counterfactual and says transmission 'takes time'
Norges Bank ‘takes note’ of report criticising its communication
Norges Bank governor Øystein Olsen unintentionally misled markets over Norges Bank rate cut last year, according to a report funded by Ministry of Finance
Japan’s Kuroda signals ‘substantive step change’ in fight against deflation
Haruhiko Kuroda, nominated as the next Bank of Japan governor, says the central bank is not doing enough to stimulate inflation
Thailand deputy defends rate hold in wake of appreciating currency
Pongpen Ruengvirayudh says surge in capital inflows is a cause for concern, but says abandoning inflation targeting would be ‘counterproductive’
ECB under pressure to act as eurozone unemployment hits new heights
Analysts see growing chance of rate cut as eurozone unemployment rises 10%, while it falls in the rest of the European Union
ECB's Mersch calls for 'true banking union' to unblock policy transmission channel
Yves Mersch says banking union and single supervisory mechanism are necessary to allow European Central Bank to effectively set monetary policy in the eurozone
Hungary PM picks finance minister Matolcsy for central bank top job
Government seeks to ‘harmonise’ policy with central bank by nominating finance minister György Matolcsy as András Simor’s successor; appointment could herald greater policy easing
Hungary central bank staff review their monetary policy model
The National Bank of Hungary's Monetary Policy Model has been in place for two years - staff publish a review of its performance ahead of governor switch
Central banks are 'not competing' over currencies, says Swiss bank chief economist
Central banks are pursuing domestic priorities and are not engaged in competitive devaluation, says keynote speaker at FX Invest Europe conference