Monetary Policy
EMs can adopt higher inflation targets – BoE Bulletin
Authors say more elevated goals reflect economies’ faster growth and susceptibility to supply shocks
Australia leaves policy rate unchanged, as expected
Governor says policy a little restrictive, while RBA notes slightly higher-than-forecast inflation data
China reaffirms ‘moderately loose’ monetary policy path
PBoC flags risks from global fragmentation, as concerns remain about growth and price levels at home
BoJ’s Noguchi says need to adjust rate increasing ‘more than ever’
Member of central bank’s policy board says Japan on way to achieving 2% inflation target
Logan says FOMC should cut ties with federal funds rate
Dallas Fed chief says repo markets are better alternative to ‘outdated’ target
Banxico cuts rates by 25bp to 7.5%
Mexican central bank follows in Fed’s footsteps and signals intent for more easing
Central Europe’s central banks hold rates
Switzerland, Czech Republic and Hungary keep policy steady
Fiscal dominance: are central banks about to be Trumped?
Jagjit Chadha highlights the danger of an ‘upper bound’ on interest rates as fiscal strains grow
Powell and Bowman diverge on tariff and price risks
Fed chair and vice-chair for supervision both express concern for labour market
Nigeria lowers rates after three-year hiking cycle
Central bank says disinflation gives it room for cuts to support economic recovery
BoE chief economist says slowing QT risks bank’s independence
Financial stability operations should tame any future gilt market dysfunction, says Huw Pill
Miran praises tariffs, deportations and deregulation
Trump appointee says interest rates should be 200bp lower in first speech as governor
Riksbank cuts rates, teases end to QT in December
Swedish central bank says uptick in inflation is transitory
China leaves benchmark lending rates unchanged
One- and five-year LPRs held steady as PBoC conducts 14-day reverse repo operations before holiday
Sarb pauses easing cycle as inflation ticks up
Bank cautiously optimistic about growth, but wary of expectations becoming unanchored
BoJ holds policy as expected and plans to sell ETF and J-Reit assets
Two board members vote for hike, but all agree on sales that economists say will help normalise policy
Bank of Ghana makes higher-than-expected rate cut
Central bank strikes bullish tone over prospects for economic growth and reduction in inflation
Norges Bank continues easing campaign with another 25bp cut
Central bank governor strikes hawkish tone, highlights increasing productivity
BoE holds rates and slows QT
Maturity profile shortened as Bailey aims to avoid disrupting gilt markets
China holds and Hong Kong cuts after Fed eases
PBoC leaves seven-day repo rate unchanged as HKMA eases policy to maintain dollar peg
Brazil holds rates at 15% with hawkish guidance
Rate-setters say they would “not hesitate to resume” hiking cycle if necessary
Fed eases by 25bp as concerns grow over US labour market
Experts differ over impact of tariffs on inflation and unemployment