Monetary Policy
Turkey reverses easing cycle by raising policy rate to 46%
Central bank makes further attempt to calm markets following opposition leader’s arrest
Namibia holds policy rate at 6.75%
Central bank points to uncertainty caused by disruption to global trade
Waller is latest Fed governor to sound warning over tariffs
Board member says effect on growth and jobs likely significant, but inflationary hit could be transitory
Average inflation targeting raised post-Covid prices in US – study
Dallas Fed research argues Fait framework contributed to surging prices
Policy should respond to long-run expectations – Fed study
Such a framework would enhance price stability, paper argues
Market turmoil causes BoE to reschedule long-dated bond sale
Change to QT plan comes after tariff uncertainty triggers surge in UK government bond yields
Philippines resumes easing cycle with quarter-point cut
Inflation slows but growth risks increase amid “more challenging” external environment, BSP says
Reserve Bank of India cuts benchmark rate to 6%
RBI hails fall in food inflation, but revises growth forecast down because of US tariffs
Kenya cuts benchmark rate to 10%
Central bank says easing necessary to boost lending to private sector and stimulate growth
New Zealand makes rate cut in response to tariffs
RBNZ eases policy by 25bp and points to trade war’s downside risks to growth
Current and former Fed officials lambast Trump tariffs
Bloom Raskin says central bank is now “last bulwark” against measures’ inflationary impact
Book notes: Unexpected revolutionaries: how central banks made and unmade economic orthodoxy, by Manuela Moschella
This book delves into the political science perspective of central banking since the 1970s but lacks nuance and depth
US monetary policy affects income inequality – Fed research
Surprise rate hikes affect lowest paid, authors find
Kganyago continues push to lower Sarb inflation target
Economists back South Africa’s central bank governor, but finance minister remains sceptical
Australia moves forward with ‘ample reserves’ framework
RBA raises price of short-term repo and encourages lenders to recycle liquidity in private markets
Colombia holds rates amid government pressure for cuts
Banrep board divided after three new members join; country’s president says decision “unacceptable”
Ghana raises rates to 28% despite fall in inflation
Central bank also points to credit risks in banking sector
Mexico’s central bank cuts rates by 50bp
Economist says last month’s uptick in inflation means Banxico should have held
ECB monetary policy spills over to US – Chicago Fed study
Resulting appreciation of dollar causes US leveraged loan investors to demand more compensation