Monetary Policy
Turkish central bank continues monetary ‘simplification’ process
Upper band of interest rate corridor cut to 9.5%; inflation will be the main indicator for future decisions, bank says
Lagarde: Kazakhstan central bank needs clear mandate
Floating the currency was "just the beginning", IMF chief says; urges update of monetary and fiscal policy frameworks
Philadelphia Fed president sees potential for two or three hikes in 2016
Patrick Harker warns of needs to avoid “aggressive policy actions” in the future; expects both inflation and expectations to rise in the medium-term
SBP catches markets off guard with cut
State Bank of Pakistan’s MPC votes for rate cut after being split 5-5 in April, confounding markets’ expectations; inflation on the rise
Exports decline ‘worrying’ as Bank of Israel holds
Monetary committee cites "intensifying decline" in exports as it holds the policy rate at 0.1%; inflation dips to –0.9%, as growth figures disappoint
Further tightening may be needed in Colombia, IMF says
Staff in Washington, DC, welcome “resolve” of central banking in latest tightening cycle; current account deficit and inflation expectations may call for further action
Brexit and Hungary’s challenge to European governance
The European Central Bank and Europe's political leaders must meet the challenge as another front opens for European monetary stability
Haldane admits BoE communications can be ‘impenetrable'
Chief economist notes ever-longer publications have not tallied with better understanding among the UK public, suggesting the message needs to be clearer and simpler
ECB governing council welcomes markets' increased risk appetite
Governing council members happy with increased risk appetite in eurozone and global markets, minutes show; worried by slow pace of structural reform and no clear trend of rising inflation
June hike an option but Fed officials split on prospect
Minutes from FOMC meeting in April show “most” participants happy to hike next month if incoming data continues to improve, but some suspect gains may not come fast enough
Sarb ‘pauses’ hiking cycle on improved inflation outlook
South African monetary policy committee votes five-to-one to leave rates on hold; governor stresses central bank is not reversing policy
Riksbank’s Skingsley sees potential in helicopter money
Small, open economies will have limited room for manoeuvre if global real rates stay low, so central bankers should be willing to consider more radical options, deputy says
Dissent affects size but not clarity of minutes – paper
Study looks at BoE, BoJ, Fed and Riksbank; when dissent in monetary policy meetings increases, so does the size and content of the minutes, but readability is preserved
Bank of Zambia expects ‘sharp decline’ in inflation
Monetary policy stance having “desired” results, according the MPC, minutes from latest meeting show; bank leaves rate on hold at 15.5%
IMF staff encourage central Asian economies to overcome ‘fear of floating’
Even in economies with supposedly free-floating currencies, central banks have a hard time resisting the urge to intervene, IMF report says
Central bankers may talk too much, economist warns
The public's limited attention span might distort the intended message, publication warns; central bankers might consider talking less and delivering a more succinct message when they do
Paper models impact of ECB’s collateral policy
A working paper offers a model of the impact of the ECB’s collateral policy on the eurozone between 2009 and 2011; effects smoothed transmission of monetary policy, researchers argue
RBA minutes reveal discussion around rate cut
No real change in economic activity or unemployment rate, minutes show; committee 'persuaded' monetary easing would improve prospects for inflation and growth
Bank of Canada review explores inflation target renewal
Four articles consider various elements of the central bank’s inflation targeting framework; one charts growing influence of nominal wage rigidity on average wage growth
Mexican deputy Sánchez takes stock of easy policy in advanced economies
Manuel Sánchez explains how extraordinary monetary accommodation may be generating costs; tells audience in Mexico central bank policy co-ordination is a challenge
Czech central bank anticipates near-zero inflation in coming months
Czech central bank says monetary policy should have been easier; anticipates inflation falling towards zero in coming months but rising by end of 2016
Philippines announces new rate corridor
Central bank will introduce new lending and deposit facilities in June, with interest rates set either side of a lower policy rate
IMF’s Rennhack outlines challenges facing LatAm economies
Robert Rennhack sees terms of trade driving real exchange rates; tells audience in Mexico region as a whole is in recession
Carney dismisses independence fears after EU referendum comments
Governor says BoE has responsibility to comment on short-term impact of EU referendum; fog of uncertainty makes policy-making unusually difficult, as MPC holds rate again