Monetary Policy
BoE’s Pill: UK must accept it’s ‘worse off’
Chief economist says declining terms of trade mean purchasing power must fall
BSP governor warns against cutting rates faster than the Fed
Medalla’s comment follows central bank’s recent move to support the peso
Most AE central banks split internal and external communications
But those in emerging market economies tend to assign the tasks to a single team
Climate change and the role for central banks
Gavin Bingham, Andrew Large and Paul Fisher explain how climate change affects central banks and the competing tensions it raises in relation to policy responses
UAE launches ‘t-sukuk’ to support monetary policy
Central bank continues to implement its new dirham monetary framework
Riksbank increases rates by 50bp in divided vote
Two board members preferred a 25bp rate hike while leaving open further increases
Monetary policy can matter in poor countries – IMF paper
Study suggests changes to money supply may have impact through exchange rate
Most central banks have centralised communications teams
Result broadly similar across central banks in advanced and emerging market economies
Most communications teams outsource tasks to external providers
Outsourcing more common among central banks in emerging markets
Romer and Romer ask ‘does monetary policy matter?’ – again
Study based on “narrative approach” predicts major impact from recent Fed tightening
Email and social media most common two-way channels
Central banks in emerging market economies prefer social media to email
Brazilian governor rejects senator’s rate cut ‘plea’
Campos Neto says he leads a “technical body that makes technical decisions”
EMEs now coping better with financial market stress – BIS paper
Authorities have tackled old vulnerabilities, but trouble is springing up elsewhere
Argentina raises rates 300bp and restricts access to dollars
Peso falls sharply in April as inflation soars and BCRA struggles to obtain hard currency
Suriname president signs central bank independence law
IMF currently withholding loan payments to corruption-plagued country
Costa Rica cuts rates for a second time in a row
Inflation still above target but has fallen steadily since September, board says
Uruguay cuts rates citing ‘gradual decrease in inflation’
Country becomes second in Latin America to start unwinding rate rises
RBA review calls for major policy and governance changes
Australian government welcomes call for new rate-setting body and clearer mandate
Challenges ahead for Ueda’s easing commitment
BoJ governor’s plan to maintain monetary easing until 2% inflation is hit may not be easy, writes Sayuri Shirai
Lagarde warns fragmented world could be inflationary
“Multipolarity” could also raise global co-ordination challenges, ECB president says
Monetary policy faces tougher trade-offs – IMF panel
Financial instability risks may be abated with changes to inflation targets and tools
Global recession possible, Canadian governor warns
Tiff Macklem says firms are still raising prices excessively
Singapore’s central bank holds policy for first time since 2021
MAS warns of slowing economic growth for this year
Kganyago calls for lower inflation target and tighter policy
Sarb governor urges reform of South Africa’s troubled transport and electricity sectors