Monetary Policy
Former Argentine governor dismisses stabilisation plan
Martin Redrado says monetary base targeting is unsustainable and insufficient to tame inflation
Emerging markets Argentina and Turkey: mission impossible?
High international debt exposures, large deficits and institutional frailty have fuelled capital outflows, weaker currencies and soaring inflation in Argentina and Turkey. Does the US Fed’s pause give the EM central banks reason for hope?
Ghana to maintain flexible exchange rate, says Addison
Governor confirms he stands by flexible exchange rate despite recent volatility
Understanding the Fed’s proposed reserves tool
The FOMC hinted at a tool for cutting reserves demand at its last meeting – the question is, why?
Ukraine embarks on easing cycle
Falling inflation allows National Bank of Ukraine to launch first rate cut in new easing cycle; forecasts depend on implementing IMF reforms
Canada’s Poloz says policy-makers ‘preoccupied’ with growth slowdown
Central bank expects weakness to be temporary, but cuts more hawkish wording
CBRT spooks markets by dropping tightening wording
Lira falls as central bank takes rate hike off the table
Riksbank surprises observers with fresh QE and dovish message
Swedish central bank extends QE programme and delays next rate hike
BoJ vows to continue ‘powerful’ easing for longer
Central bank promises low rates will last longer, and unveils raft of other measures
RBNZ faces communication challenges in new policy framework
Some observers think new monetary policy committee may add confusion, but Orr appears to be focusing on broader topics
Bank of Jamaica should reduce forex ‘footprint’ – IMF
“Further rate cuts” also necessary, the fund says
Financial openness key for monetary spillovers – RBA research
Trade flows appear not to contribute to interest rate correlation
Higher EU corporate bond spreads in 2018 unrelated to ECB policy – research
Global trade disputes played a bigger role than the end of the European asset purchase programme
New York Fed launches new regional website
New design offers more convenient access to data, events and locally-focused research; data highlights sharply differing outcomes across regions
NY Fed official sketches key factors for balance sheet plans
Fed’s nominal securities purchases may be higher than before crisis, official says
Fed should target inflation range – Boston president
Policy is similar to price level and inflation averaging targets, but is easier to explain, Rosengren says
Kazakhstan cuts interest rates under pressure from president
Cut to 9% comes just days after president ordered change
China’s new loans rebound as PBoC focuses on growth
PBoC maintains focus on growth but possibility of reserve ratio cut in April has eased
Consensus over Fed inflation target shifted during Great Recession – San Fran Fed
Up until the 2008 crisis, most FOMC participants preferred a 1.5% target, researchers find
RBI’s Das questions convention of 25-basis point hikes
“Let me try and somewhat shock you,” says governor
FOMC’s normalisation ‘largely successful’, St Louis Fed president says
Fed must “tread carefully” though, as inflation and yield curves offer challenges, Bullard says
Assessing the RBNZ’s new dual mandate
Researchers weigh pros and cons of multiple central banking objectives
Fed still open to rate hike this year
Lower for longer interest rates could lead to greater financial stability risks, FOMC members say
Draghi gives downbeat assessment of eurozone prospects
ECB stands ready to use “all instruments” to meet inflation target, Draghi says