Monetary Policy
Climate change among issues that became ‘taboo’ during QE – study
Central banks also exercised “strategic silence” on house prices to avoid becoming politicised
Ethiopia holds policy rate as inflation persists
Central bank vows to maintain tight stance until figure returns to single digits
The future of money
Central banks may require more flexible inflation targets and facilitate wider payments interoperability to maintain trust and the ‘singleness’ of money. By Sethaput Suthiwartnarueput
ECB unveils latest strategy fit ‘for all circumstances’
Chief economist says unconventional tools are “unconventional for a reason”
Finland’s Välimäki on the ECB’s monetary policy framework review
Bank of Finland board member Tuomas Välimäki discusses the benefits of a ‘hybrid’ balance sheet model to provide dependable structural liquidity without distorting markets
PBoC to increase ‘intensity’ of policy adjustments
Bank to retain “moderately loose” stance while targeting stable growth and reasonable prices
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
Abandoning HICP targeting would help the poorest – paper
Focus on discretionary spending inflation could lower recessions’ effects, Sintra conference paper argues
Turkey stresses vigilance amid progress in disinflation
Central bank emphasises firm monetary stance despite cooling inflation
Banxico makes fourth straight 50bp cut
Inflation edges up but growth still sluggish; central bank opens door to slower easing
RBA research finds monetary easing can reduce inequality
Reserve Bank of Australia study finds impact of economic shocks dampened after accounting for household income
Hong Kong intervenes to protect currency peg
HKMA sells US$1.2 billion at HK$7.85 to the dollar as local currency hits weak end of FX band
Czech central bank holds rates in unanimous decision
CNB takes wait-and-see approach despite strong economic growth
Hungary holds rates as economic outlook nosedives
MNB’s annual growth forecasts are significantly lower than the government’s
Morocco holds following drop in inflation
Central bank maintains policy rate at 2.25% as non-agricultural growth strengthens
Paraguay maintains policy rate at 6%
Central bank delivers 15th consecutive hold as inflation trends towards new 3.5% target
Thailand holds rates as trade talks with US continue
Central bank says tariffs are among reasons for projected economic slowdown in 2025
BoE’s Greene defends new balance sheet strategy
Cross-border arbitrage of central bank facilities a “feature, not a bug”, says MPC member
BoJ board member says rate rises likely
Naoki Tamura predicts tightening of policy as economy improves
Stablecoins will not revolutionise money, says BIS
But a “trilogy” of tokenised assets on a unified ledger might, organisation concludes
Bowman is latest Fed member to call for July rates cut
Vice-chair for supervision joins Waller in saying risks to growth outweigh risks to inflation
Central banks must rethink how they speak
Communication is critical for effective policy and social media is not merely a channel of communication, it is a space for dialogue, a feedback loop and a reputational battleground, writes Biagio Bossone
Paraguay’s Carvallo Spalding on resilience and cutting its inflation target
The Central Bank of Paraguay (BCP) governor speaks about lowering the inflation target to 3.5%, opening up to foreign investors and promoting inclusion through digital payments
Turkey holds policy rate at 46% as inflation trend moderates
MPC maintains tight stance to anchor disinflation and restore price stability