Monetary Policy
Rate round-up: bulk of central banks hold
Rate decisions this week see a slew of institutions maintain policy stance
Fed’s independence in public’s interest: Bernanke
Ben Bernake says the Federal Reserve will work with Congress to ensure maximum transparency
ECB’s Stark places onus on deficit states
European Central Bank's Jürgen Stark says euro area’s deficit states must embrace economic reforms for the common good
Real exchange rate matters: SARB’s Mminele
South African Reserve Bank’s Daniel Mminele on the role of exchange rates in monetary policy
Bank holds rates, halts asset purchases
Bank’s rate-setters stand pat, pointing to a clash of pressures between inflation and anaemic growth; ex-MPC members concur
Fed is best in crisis, says British think-tank
The Federal Reserve’s credit easing operations have fostered a quicker recovery than in the UK and eurozone, research finds
Romania makes half-point cut
Romanian central bank lowers cost of borrowing despite above-target inflation
Norway puts rate rises on ice
Pause in exit strategy as recovery “takes hold”, inflation likely to fall
RBI’s Gokarn doesn’t rule out capital controls
Reserve Bank of India’s Subir Gokarn says intervening in market to keep capital flows in check is an option
CEE more vulnerable to exchange-rate shocks
National Bank of Hungary looks at the transmission of monetary policy in Central and Eastern Europe
Bank of Canada – Monetary Policy Report January 2010
Bank of Canada’s Monetary Policy Report shows economic growth resumed in the third quarter of 2009
RBA surprises with rates freeze
Reserve Bank of Australia wrong-foots markets after three straight hikes, cites Chinese policy tightening
China must look to interest rates: OECD
Paris-based organisation calls on Chinese central bank to move interest rates rather than putting liquidity controls in place
No hikes if inflation stays below 8.5%: RBI
Indian central bank’s governor and deputy governors say hikes could dampen growth, key rates to stay flat unless inflation exceeds 8.5%
Turkey’s inflation forecast unchanged despite hike
The Central Bank of Turkey’s quarterly Inflation Report shows inflation hike end-2009 temporary
Fed could have done more: CEPR paper
A paper reviewing the Fed’s policy actions in the crisis finds that it could have pushed further, according to economic theory
Shirakawa slams govt “misunderstanding”
Japanese central bank governor Masaaki Shirakawa defends policy actions and says calls for more monetary easing are fundamentally misguided
ECB – Structural Indicators for the EU Banking Sector
European Central Bank (ECB) publishes its latest report Structural Indicators for the EU Banking Sector
RBI hikes reserve ratio
Reserve Bank of India bids to counter risk that high food inflation could spark broader price pressures
Rate decisions this week
Majority of central banks to vote this week hold rates constant though dissent voiced in the US and South Africa; Philippines and India tighten, Hungary loosens
Monthly report (January) – Bank of Japan
Bank of Japan sees upward pressure on corporate goods prices, increases in exports and production
RBI hints at tightening ahead of policy meet
Reserve Bank of India flags inflation as “major concern” on eve of rate vote
Frank says Fed presidents shouldn’t vote on policy
Head of House Financial Services Committee labels heads of regional Federal Reserves “private citizens selected by other private citizens”
Kansas’s Hoenig dissents at FOMC meeting
Kansas Fed president Thomas Hoenig votes against action to keep promise of extremely accommodative policy