Banknotes: January to March 2023

A round-up of news and salient issues that have affected central bankers in the past three months

Federal Reserve
Monetary Policy Fed hikes

The Federal Open Market Committee slowed its post-pandemic tightening cycle from its December 14 meeting, when it announced a 50bp hike after a series of 75bp increases. On February 1, it slowed further, with a 25bp hike, bringing the fed funds rate to 4.5–4.75%.

At the February meeting, the FOMC said it “anticipates that ongoing increases in the target range will be appropriate”. Powell expressed concerns about unanchored inflation expectations.

Despite several

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