Monetary Policy
Swiss National Bank sharply lowers inflation expectations
Central bank may have reached limits of monetary policy, observer argues
BoE on hold as Brexit weighs on outlook
Policy-makers point to weak investment and continued uncertainty
Norwegian central bank hikes rates as inflation rises
Central bank increases the policy rate by 25 basis points to 1%, despite global uncertainty
FOMC cuts rate projections as Powell warns of slowing growth
Federal Reserve’s rate-setting body projects slower inflation, higher unemployment
Fed set to end quantitative tightening in September
FOMC will also slow the pace of its balance sheet reduction programme from May
IMF urges Seychelles central bank to limit forex interventions
Mission chief Amadou Sy urges regulator to remain “vigilant” to inflationary pressures
PBoC improves policy communication
Central bank revamps English website and appears to address market concerns more frequently
Local currency debt not enough to escape US dollar influence – BIS paper
Emerging markets borrowing in domestic currency are still affected by the US dollar exchange rate
IMF supports Argentina’s efforts to tame inflation
The central bank extended its monetary base targeting after inflation rose sharply in February
BIS paper studies high-frequency data on central bank intervention
Sterilised foreign exchange interventions can help to slow credit growth, authors find
NGDP target can create ‘divine coincidence’ – Bullard and Singh
Nominal GDP targeting can “repair” distortions from credit market frictions, authors find
Pressure on Hong Kong dollar set to continue despite a dovish Fed
HKMA intervenes to defend peg, with pressure looking likely to continue
Argentina toughens monetary targeting on higher inflation
Government to send bill to parliament to prohibit central bank from financing the Treasury
ECB’s chief economist takes to Twitter
Praet expresses scepticism about dual mandate and rejects ‘modern monetary theory’
Developed world needs fiscal boost – Romanian deputy governor
Once wages recover pre-crisis level, inflation will rise fast, research finds
Turkey’s monetary policy will depend on fiscal caution, central bank says
Minutes say MPC could further tighten policy if the government fails to deliver on promises
Yi Gang makes People’s Congress debut as dilemmas grow
Governor says he sees smaller room for cutting reserve requirement ratios in 2019 but does not rule out the possibility
IMF says Gambian central bank is managing well
Significant policy rate cuts are “appropriate” in light of falling inflation, IMF report says
Climate change matters for monetary policy – RBA’s Debelle
More frequent and acute climate disruptions need inclusion in economic models
Housing prices fuelled by low interest rates in Australia – research
Increased migration has also boosted rents since the 2000s, RBA authors find
Fed IOER amendment aimed at ‘thwarting’ The Narrow Bank
The move appears to specifically target The Narrow Bank’s business model, the firm says
Brainard hints at Fed’s monetary policy plans
Governor’s speech signals plans on policy rates and Treasury bills purchasing after QT end
Draghi unveils new bank funding as ECB forecasts slower growth
Forward guidance extended and third round of TLTROs introduced as Draghi warns of uncertainty
Weak pass-through may shield UK from sudden rate rise – BoE’s Saunders
Central banks may start to lose control of policy transmission even above lower bound, says MPC member