Unconventional monetary policy
ECB will not consider QT until rates back to normal – Lagarde
Central bank holds close to €5 trillion in eurozone securities, over €4.2 trillion in public assets
RBA reports huge losses from bond purchase programme
Central bank says its asset purchase programme helped boost the economy despite its financial cost
ECB lays out plan to green corporate bond portfolios
Central bank will focus on issuer-specific climate scores
Inflation targeting’s time may be over, Adam Posen says
Posen says changes to global economy may necessitate complete rethinking of monetary policy
Uncertainty over ECB’s TPI muddies monetary and fiscal impact
Analysts say anti-fragmentation tool exposes long-standing flaws in EU fiscal framework
ECB uses bond reinvestments to support Italy and Spain
Central bank rebalanced its bond holdings in June and July
Eurozone debt likely unsustainable without QE – BIS paper
Authors find benefits of ECB’s PEPP extend beyond the end of the bond-buying programme
Markets likely to test ECB’s anti-fragmentation tool
ECB could struggle to avoid political disputes over TPI instrument, some observers warn
Fed faces years of losses as interest rates rise
QE brought major interest rate risk onto central bank’s balance sheet
Nagel lays out conditions for ECB anti-fragmentation instrument
Bundesbank president says it should be temporary and only used in “exceptional circumstances”
Exit from bond yield target was ‘disorderly’, admits RBA
Central bank says it is unlikely to use yield curve targeting again
RBNZ agrees plan to reverse QE
Central bank expects to sell off NZ$50 billion by 2027
Riksbank was right to use negative rates, say former central bankers
As ECB loosened policy, Swedish central bank lacked any credible alternative, Flug and Honohan conclude
Is this the end for ECB QE?
High inflation makes it difficult for central bank to justify asset purchases across eurozone
‘Unconventional credit policy’ can help avoid lower bound – BIS paper
Liquidity injections can be useful tools but also face limits, authors find
RBA’s approach to QT does not involve selling bonds
Selling assets could undermine future quantitative easing programmes, says assistant governor
QE ‘inappropriate’ for South Africa – Sarb paper
Asset purchases may create moral hazard and undermine debt management strategy, author says
Riksbank’s pandemic QE eased financing conditions, says research
Swedish central bank’s purchases boosted equities, depreciated krona and cut bond yields
Sovereign bond markets test ECB’s QE withdrawal plans
Investors see “huge risks” of turmoil in peripheral eurozone debt markets
Has the SNB accepted a stronger franc?
Swiss central bank reduces FX interventions as currency breaks 1.05 ceiling against the euro
Is the ECB policy framework suited to tackling higher inflation?
Officials and academics reflect on the two monetary regimes the central bank has faced since its creation
Time to stop handing out the pills: the great QE detox
We are facing a serious inflation threat that will test the resolve of central bankers, writes Jagjit Chadha
RBA drops yield curve control
Lowe acknowledges messy market conditions after yields broke free late last week
Bank of Canada ends QE
Inflation proving “stronger and more persistent than expected”