Monetary Policy
Inflation expectations unreliable guide to policy – BoE’s Tenreyro
Policy-makers would be “unwise” to use expectations as an intermediate target, MPC member says
Rates round-up: Colombian central bank holds at 13.25%
Dominican Republic cuts rates, while other central banks in the region stay on hold
Advanced economies most likely to survey trust and understanding
Data shows differences in how central banks judge the effectiveness of monetary policy
Italian and Portuguese leaders criticise ECB policy
Right-wing Meloni and centre-left Costa both sound warning notes on rates
Brazil moves to adopt new targeting regime
National monetary council says it will aim for permanent inflation target from 2025
Kenya hikes 100 basis points at unplanned meeting
New governor says unexpected rise in inflation made rate increase necessary
Treasury officials more likely to serve on advanced economy MPCs
Monetary policy committees or boards comprise 8.2 people on average globally
Riksbank raises rates and signals further tightening
Swedish central bank accelerates government bond sales and is looking to hedge currency risk
Use of asset purchase programmes for monetary policy wanes
Additional central banks end scheme, as more institutions forecast decrease
Policy has not been tight long enough – governors
Hot labour markets boost wages and core inflation, making inflation persistent
New Zealand rejects RBNZ’s call for single price-stability goal
Updated central bank remit retains twin goals of price stability and maximum sustainable employment
A letter to Andrew Bailey
As the Bank of England struggles to bring inflation down, Jagjit Chadha warns the governor not to let markets take control
Few central banks brief fiscal authorities on monetary decisions
But practice is more common in institutions from the Americas
Communications Benchmarks 2023 – presentation
Specialist Jimmy Choi discusses communication strategies, social media, staffing and more
ECB ‘cannot declare victory yet’ over inflation – Lagarde
President stresses rates will need to be higher for longer to defeat persistent inflation
Caution needed with forward guidance and QE – IMF’s Gopinath
“Straitjacket” of ultra-loose policies may have delayed response to inflationary shock
SBP reverses course and hikes rates 100bp
State Bank of Pakistan raises key rate in emergency session as IMF deadline looms
Corridor systems most used to set monetary policy
Floor systems less popular overall but widely used with asset purchase programmes
Debt issuance powers remain key attribute of most central banks
Proportion of non-debt issuing institutions narrows year-on-year to 6%
RBI’s Shaktikanta Das on financial sector reform, sticking to inflation targets and the e-rupee
The Reserve Bank of India governor speaks about developing credible self-insurance and sizeable FX reserves, inter-dependence with government, non-bank and bank regulatory reforms, demonetisation, rupee internationalisation and daily UPI payments hitting…
Bank of Mexico holds rates again
Board says rates will remain at current level “for an extended period”
Philippine and Indonesian MPCs hold rates again
Analysts expect both banks to keep rates unchanged for several more meetings
NBER paper estimates demand for bank reserves in US
Fed needs global estimates of demand curve slope to maintain interest rate control, authors say
Turkish central bank raises rates for first time since 2021
Lira falls despite tightening as finance minister promises “free foreign exchange regime”