Monetary Policy
MPCs with more frequent meetings tend to be more transparent
Just under three-tenths of central banks publish current level of r-star
BoK holds policy at 2.5% and signals room for further cuts
Rhee Chang Yong says four of six board members open to cutting to 2.25% over next three months
ECB and BoJ officials reject explicit forward guidance
Central bankers promote ‘meeting-by-meeting’ approach to rates setting
Geopolitics and supply shocks top monetary policy risks outlook
Risk factors vary by nominal anchors and geographical regions
US inflation regime persistently above target now – Fed economist
Price rises are broad-based and have significantly impacted expectations says researcher
Committees of exchange rate targeting central banks meet most often
Inflation targeters have the average highest number of committee members
Venetian lessons for today’s central bankers
Loose money and lost credibility in 17th century city state provide a cautionary tale about the importance of international investor confidence, argues Biagio Bossone
Targeted liquidity facilities decline year on year
Lending to small businesses and other goals are top criteria for access
Central bank watch: Measured moves
Franklin Templeton analysts assess the monetary policy outlook for the G10 central banks, plus China, India and South Korea
BoE paper offers methods for policy-making under uncertainty
Forecast-based, news-based and rules-based methods can be used together, authors say
Central banks’ asset purchase programmes thin out further
One in five inflation targeters still use scheme, but most plan to taper purchases
Miran accuses FOMC members of alienating conservatives
‘Singling out one set of policies’ can make conservatives ‘feel they’re opposed to them’, said Miran
Most monetary policy units sufficiently resourced
Macroeconomic analysis and research duties are officials’ top functions
Powell defends policy stance and balance sheet
Fed chair stands firm, amid criticism from Bessent and others
Monetary policy staff annual pay rises year on year
Divisional budget averages less than $10 million a year
US inflation expectations at risk of de-anchoring – Boston Fed study
Authors say post-Covid spike has altered perceptions of future price stability
Singapore holds policy as economy slows
MAS says this year’s growth will continue to moderate over coming quarters
Middle income monetary policy teams comprise more junior staff
Monetary policy FTE employees average nearly 40 individuals across central banks
The voice of the central bank in times of uncertainty
The NBU’s monetary policy head Volodymyr Lepushynskyi explains the importance of transparent communications in maintaining trust and managing expectations
Scenario analysis widely used to assess risk but communication varies
Most central banks produce multiple forecasts to illustrate monetary policy risks, but less than half publish them
How FOMC divisions could be a strength, not a weakness
Fed watchers say disagreements make for better policy, provided governors are not in hock to government
Iceland, Romania and Serbia hold, while Poland cuts rates
High food inflation continues to affect eastern Europe
Philippines unexpectedly cuts policy rate
Central bank says government spending concerns have weakened business sentiment