Monetary Policy
Market turmoil causes BoE to reschedule long-dated bond sale
Change to QT plan comes after tariff uncertainty triggers surge in UK government bond yields
Philippines resumes easing cycle with quarter-point cut
Inflation slows but growth risks increase amid “more challenging” external environment, BSP says
Reserve Bank of India cuts benchmark rate to 6%
RBI hails fall in food inflation, but revises growth forecast down because of US tariffs
Kenya cuts benchmark rate to 10%
Central bank says easing necessary to boost lending to private sector and stimulate growth
New Zealand makes rate cut in response to tariffs
RBNZ eases policy by 25bp and points to trade war’s downside risks to growth
Current and former Fed officials lambast Trump tariffs
Bloom Raskin says central bank is now “last bulwark” against measures’ inflationary impact
Book notes: Unexpected revolutionaries: how central banks made and unmade economic orthodoxy, by Manuela Moschella
This book delves into the political science perspective of central banking since the 1970s but lacks nuance and depth
US monetary policy affects income inequality – Fed research
Surprise rate hikes affect lowest paid, authors find
Kganyago continues push to lower Sarb inflation target
Economists back South Africa’s central bank governor, but finance minister remains sceptical
Australia moves forward with ‘ample reserves’ framework
RBA raises price of short-term repo and encourages lenders to recycle liquidity in private markets
Colombia holds rates amid government pressure for cuts
Banrep board divided after three new members join; country’s president says decision “unacceptable”
Ghana raises rates to 28% despite fall in inflation
Central bank also points to credit risks in banking sector
Mexico’s central bank cuts rates by 50bp
Economist says last month’s uptick in inflation means Banxico should have held
ECB monetary policy spills over to US – Chicago Fed study
Resulting appreciation of dollar causes US leveraged loan investors to demand more compensation
Ethiopia holds rates to tame inflation
Central bank says it aims to reduce figure from 15% to single digits in “medium term”
Hungary holds rates amid continuing upside risks to inflation
MNB points to geopolitical and trade uncertainty in explaining first policy decision under new governor
Borrower-lender ties key in policy transmission – BoE research
Stronger ties between banks and firms leads to weaker pass-through in low-rate environment, study finds
PBoC tweaks lending facility as framework reform continues
Chinese central bank phases out MLF’s role in monetary policy by allowing dynamic pricing
BIS paper links long-term rates decline to FOMC meetings
Study finds 70% of drop in rates in G10 countries is due to market moves close to Fed meetings
Turkey raises overnight lending rate in emergency move
Central bank tries to protect lira after opposition figure’s arrest triggers fall in currency
Inflation expectations rising due to tariffs – BoC’s Macklem
Governor says Canada’s central bank will pursue policy that works in multiple scenarios
Iceland and Switzerland cut rates, while Sweden holds
Central banks highlight global developments and high levels of uncertainty
China holds loan prime rates again
PBoC stays put while government works to boost consumption
Brazil delivers another 100bp hike
BCB’s battle against inflation continues as government announces more fiscally expansionary measures