Operating framework
Fed slims down repo market interventions
Relative to year-end, the Fed will cut $250 billion of the cash offered to banks
Central banks must learn lessons of BoJ’s inflation target rise – Fed paper
Failure to hit old targets and disagreement among policy-makers will harm credibility, paper argues
Carney launches review of BoE monetary policy
“Deep structural changes” have left little space for conventional tools to work, governor says
Phillips curve still explains eurozone inflation movements – research
Results may become a focal point of debate in the forthcoming ECB strategy review
Bernanke offers ideas for Fed’s policy framework review
Unconventional policies are “preferable” to raising inflation target and can still be enhanced, Bernanke argues
Fed avoids year-end cash crunch
Repo market shows barely a ripple over New Year’s Eve after Fed injects a quarter of a trillion dollars
Central bankers in favour of climate change goals in mandates
Central Banking’s Climate Risk Summit shows community rapidly embracing green policies
New York Fed expands year-end repo operations
More cash to be made available both overnight and in term repos
PBoC’s monetary policy framework not likely to change – RBA research
Institutional structure prevents alignment with international peers
Mauritius to roll out forward-looking policy framework
New monetary policy operating framework will look to smooth yield curve
Greater exchange rate flexibility warranted in Peru – IMF
Limiting interventions would help reduce dollarisation further, says fund
Swedish MPs propose dual mandate for Riksbank
Proposals aim to redefine institution’s role in monetary policy, financial stability and payments
Fed’s Brainard calls for major framework overhaul
Yield curve caps, flexible inflation targeting and more active macro-prudential policy could help, governor says
Will the Fed pass its year-end funding test?
An unprecedented rate spike in September prompted the Fed to inject billions into funding markets
FOMC considering repo market tools, minutes show
Meeting participants worried that standing repo tool might create moral hazard
ECB says new eurozone benchmark successfully introduced
Data shows September rate cut fully passed through to new €STR benchmark, ECB says
Fed considering tools to help flow of reserves in the system
Remarks are some of the most detailed Jerome Powell has made on financial plumbing issues
Fed likely to ‘institutionalise’ policy framework review, Powell says
Move would likely be akin to the Bank of Canada’s routine five-year review
Fed researchers aim to address uncertainty over demand for reserves
Demand for reserves could be between $712 billion and $919 billion, researchers find
Fed’s policy framework may incentivise reserves hoarding
However, this doesn’t seem to affect bank lending, Fed researchers find
St Louis Fed president calls for standing repo facility
Facility would solve “almost all” of the Fed’s problems in controlling rates, James Bullard says
Fed opts for asset purchases as liquidity solution
Central bank chooses not to address possible plumbing issues – at least for now
RBI weighs reforms to liquidity framework
Report recommends retaining the corridor system and simplifying operations
Financial plumbing might be ‘rusty or clogged’ – Philadelphia Fed president
Patrick Harker calls for review of the US’s money market plumbing