Central bankers challenge Caruana on leaning against wind

Jaime Caruana

Central bankers at the International Monetary Fund meetings in Washington were sceptical as to the value of leaning against the wind, challenging Bank for International Settlements (BIS) general manager Jaime Caruana on his support for the policy during a panel discussion on October 10.

During the session, Caruana put forward an argument the BIS has been making for some time – that central banks have shown downward bias in their rate decisions, which in turn drives financial imbalances.

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