Monetary Policy
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
China holds key lending rates as expected
Central bank keeps one- and three-year LPRs at 3% and 5% respectively
Norway, Sweden and Switzerland cut, while Moldova holds
Swiss and Nordic banks ease policy by 25bp
Brazil raises policy rate to 15% and signals ‘prolonged’ hold
BCB makes seventh consecutive hike; inflation trends downwards but still above target
Fed maintains wait-and-see approach with rate hold
Powell ignores Trump’s calls for easing amid president’s continued insults
BoE holds rates, as three MPC members call for cut
Dissenting policy-makers highlight labour market weakness and lower pay growth
Philippines cuts policy rate by 25bp
Central bank points to improved outlook for inflation, as well as threats to growth from global events