Communication
Campos Neto says ‘worst of the inflation’ has passed
Brazil’s governor says central bank “came out ahead” of price increases
Chile’s Marcel stresses importance of trust
Former central bank governor warns monetary and fiscal policies will diverge
Communications Benchmarks 2022 – executive summary
Key findings of the 2022 report, including the ongoing shift to social media and the impact of Covid-19
Communications Benchmarks 2022 – opening new channels
Data sheds light on the continued shift to new channels and tools of communication
Social media ahead of traditional comms for central banks
High income institutions still skewed towards traditional channels
Central banks use wide array of external comms channels
Institutions employ about 10 media formats on average, and almost all use social media
Central bank websites vary greatly in popularity
Some get hundreds of page views per month, while others get millions
Christopher Waller denies Fed is ‘behind the curve’
Governor argues Fed not given due credit for forward guidance and low unemployment
Private sector tools often used to shape comms strategies
Meltwater, Hootsuite and Fuseworks among named software providers
Email main channel for central banks’ two-way communication
A majority of central banks interact with the public through social media platforms
Early comms involvement in policy raises effectiveness
Teams involved in earlier stages of policy report communications are more successful
Central banks use multiple channels for internal comms
Email and platforms developed in-house are top channels, but many others are also common
Central banks offer wide range of comms training courses
Many train communications staff in areas such as writing, public speaking and social media
Many central banks ‘layer’ news for different audiences
Techniques include use of differing language, visual and video presentation, and data release
Central bank comms staff earn $40,000 on average
Data shows wide disparity across institutions and income groups
Wide variation in comms staff numbers
Smallest communications team has just two members, and the largest over 100
Maintaining trust is top focus of comms teams
Benchmarking data sheds light on how central banks measure the effectiveness of communications
Most central banks are bilingual communicators
Only a handful communicate in three languages, but it is common to translate at least some documents
Media relations is biggest job for comms teams
But website, social media and internal comms also account for significant portions of time
Fed’s asset selloff may start in May, Brainard says
FOMC minutes show consensus for “balance sheet runoff at a coming meeting”
BoE’s Broadbent highlights perils of forward guidance
Deputy governor warns conditional guidance is often viewed as a promise to act in a certain way
Brazilian governor signals central bank close to halting rate hikes
Roberto Campos Neto said Selic rate at 12.75% should be enough to lower inflation back to target
West African central bank denies devaluation
CFA franc has been pegged to European currency since establishment
Bank of Canada governor says rate increase ‘was first step’
Macklem says he expects inflation to fall in second half and expectations remain anchored