Monetary Policy
‘Say what?’ Trust in central bank communications
Central banks are changing how they communicate with different audiences, but judging the success of these communication efforts is difficult
Zimbabwe’s central bank hikes rates to 60%
Resurgent inflation pressures force inflation to 54% while exchange rate weakens
Colombia continues tightening monetary policy
Central bank board unanimous on raising rates, but splits 5–2 on size of increase
Azerbaijan authorities order 50bp hike
Price deregulation and global factors lead list of inflation drivers
BoJ cuts inflation outlook to zero as it holds rates
Producer price inflation in Japan is at a 13-year high, but CPI inflation lingers around zero
Lagarde acknowledges high inflation pressures
ECB keeps stimulus unchanged and insists inflation will decline during 2022
Saudi Arabia boosts Pakistan’s reserves
Package from Saudi development fund comes as Pakistan’s balance of payments issues ease
Brazil makes largest rate hike in decades on fiscal concerns
Inflation continues to grow, as mid-month reading hits 10.3% in October
Bank of Canada ends QE
Inflation proving “stronger and more persistent than expected”
BSP governor sides with ‘team transitory’ as inflation stays high
Philippine inflation averaged 4.5% during the first nine months this year, well above target
Central bank communications ‘after’ Covid
From crisis responses to coping with sudden digitisation, Covid-19 forced central bank comms teams to innovate fast. How much of it will stick?
Kazakhstan continues monetary tightening
National Bank orders third 25bp increase in a row, in line with Russia
Bank of Russia raises rates and inflation forecasts
Nabiullina warns central bank will tighten policy further if above-target inflation persists
Podcast: Paul Fisher on the future of balance sheet policy
Central banks must think about the composition of their balance sheets, the former BoE official says
Paraguay’s MPC hikes rates by 125 basis points
Country follows Chile with unexpectedly large tightening as inflation continues to rise
Turkish central bank cuts rates again as currency falls
Lira hits new low days after president dismissed senior officials
Forecaster surveys improve eurozone inflation modelling – ECB paper
Households’ and firms’ expectations do not provide useful data on inflation
ECB paper examines ‘euroised’ economies
European countries’ informal adoption of euro places limits on central banks, says working paper
Fed’s Bullard believes a ‘five-year window’ for AIT is ‘realistic’
St Louis Fed president says “big tent language” was a reason overshoot details were not specified; “precise numerical implementations” can “get you into trouble”
Permanent or transitory? Officials wrestle with inflation uncertainty
Bailey warns of possible damage to credibility, but Carstens urges caution amid high uncertainty
IMFC backs new trust to channel resources to vulnerable economies
Resilience and Sustainability Trust would offer support to a wider set of countries and could be used to share out special drawing rights
James Bullard on Fed policy, action and governance
St Louis president calls for tapering amid “exceptional” job market and risk of “more persistent” inflation, quantifies ‘big tent language’ for pioneering AIT move, and details Congress’s role in Fed ethics oversight
Mexican inflation rising rapidly, warns deputy governor
Heath says prices increasing at “really phenomenal” rate but expects full pandemic recovery by 2023
MAS allows Singapore dollar to appreciate in tightening move
Policy-makers raise slope of the S$NEER policy band, citing rising inflation