Monetary Policy
Bank of Mexico halts tightening cycle
Board says it will be necessary to keep rates unchanged “for an extended period”
IMF approves $3 billion for Ghana
Governor welcomes conditions, including cutting inflation and ending monetary financing
Philippine central bank pauses tightening as inflation eases
Governor Medalla says rate rises seem to have affected domestic demand
Spillovers more widespread than previously thought – Boston Fed
Many central banks cause spillovers besides the Federal Reserve, researcher says
Book notes: The Federal Reserve: a new history, by Robert L Hetzel
This book should become the standard reference for scholars
Communications Benchmarks 2023 report – engaging with the public
Data reveals comms teams’ structures and strategies, as well as key trends in usage of traditional and social media
Inflation impact of ECB tightening will peak in 2024, says research
Effect on economic activity is faster and will reach highest intensity in 2023
Quantitative tightening and forward guidance need rethink, say economists
Forward guidance removes options to respond to shocks, say academics and experts
Argentina raises rates again
Economic stability grows more distant as elections loom
Lula’s risky challenge to the Brazilian central bank
President can nominate board members and increase inflation target as he pushes for lower rates
Fed communication drives house price expectations – NBER paper
Researchers find people’s expectations vary widely and depend on clear explanations
Fed walking a financial stability ‘tightrope’
Experts disagree over US regulators’ use of systemic risk exception for deposit insurance
Peru holds rate at 7.75%
Central bank maintains policy unchanged since January, although inflation remains over target
BoE raises rates 25bp and ditches UK recession forecast
Central bank predicts inflation will stay higher for longer after MPC splits 7–2 on policy hike
Eurozone consumer inflation expectations rose significantly, ECB says
Rise in expectations may bolster arguments for tighter monetary policy
US CPI inflation slows to two-year low
Shelter costs contribute to sticky core inflation, but headline CPI comes in below expectations
Around half of communications staff hold master’s degree or above
Over 40% of staff were hired with a communications degree on average
Eurozone interest rates should increase further, says Nagel
Bundesbank president stresses ECB will start reducing balance sheet at a faster pace from July
Brazil’s president selects ally for central bank board
Lula has repeatedly attacked central bank independence as well as the governor
Riksbank makes mistake publishing policy minutes
Swedish central bank says it takes the incident seriously and will strengthen procedures and controls
Most people visit central banks’ websites via search engines
Clicks on social media platforms drive around 7% of traffic to central banks’ websites
Macro-pru helps dampen global shocks – BIS paper
Authors find capital controls are less effective than prudential tools at offsetting shocks
Most central banks give background briefings on key initiatives to journalists
Practice is dominant across central banks from advanced and emerging economies