Monetary Policy
Richmond Fed's Lacker on 2005 economic outlook
In a speech on 'The Economic Outlook for 2005' given on 3 January, Jeffrey Lacker of the Federal Reserve Bank of Richmond said we are well-positioned for fairly healthy economic conditions in 2005 and inflation should remain well-contained. Lacker struck…
Chicago Fed National Activity Index, Nov 2004
The Chicago Fed National Activity Index (CFNAI) for November 2004 was +0.12, down markedly from +0.49 in October. Three of the four broad categories of indicators that comprise the index made small positive contributions, while the employment-related…
Reserve Bank of New Zealand Bulletin, Dec 2004
The Reserve Bank of New Zealand has published the December 2004 issue of its Bulletin. An article in the latest issue reports on recent work examining foreign exchange hedging practices by New Zealand exporters and importers. A second article provides a…
PBOC pledges to work on yuan reform
The People's Bank of China said on Tuesday 4 January that it plans to move forward with currency reform in 2005, but repeated its long-time pledge to keep the yuan stable.
Weak dollar cuts Bundesbank profits
The appreciation of the euro against the dollar may have reduced the German central bank's 2004 profit down to nothing, Handelsblatt newspaper reported.
G8 plan Asia debt relief
The world's richest nations are likely to agree to freeze debt repayments for nations devastated by the Indian Ocean tsunami, according to Britain's treasury chief Gordon Brown.
Guynn to vote as an alternate on FOMC
The U.S. Federal Reserve has said Federal Reserve Bank of Atlanta President Jack Guynn will vote as an alternate on the Open Market Committee in 2005.
Richmond Fed's Lacker gives economic outlook
Next year will likely see "a continuation of growth along a quite similar trajectory," said Jeffrey Lacker, president of the Richmond Fed, in a speech on Monday 20 December. Economic recovery from the recession of 2001 finally put down "firm roots" in…
Bank of Japan's monthly economic report - December
The Bank of Japan said that the economy was continuing on a recovery trend although there were weak spots, notably in production.
Hungary passes amendments to central bank law
Hungary's president has signed into force a controversial set of amendments to the law governing the country's central bank, which gives the prime minister the ability to appoint a majority of the bank's monetary board.
Slovakia leaves rate unchanged
The Slovakian central bank maintained interest rates on Tuesday 21 December, as was widely expected by markets.
BoE Inflation attitudes survey
The Bank of England's latest inflation attitudes survey reveals expectatsions hovering about 2.4% (compared to 2.3% in the August survey).
Fund: Pakistan on course, but inflation a worry
The IMF has released details of its recent article IV surveillance of Pakistan.
A not-so-merry Christmas message
Giving the Henry Thornton lecture at the Cass Business School in London on Wednesday 15 December, the economic historian Barry Eichengreen gave his view on the international financial system, and issued a worrying warning to those that downplay the…
US forgives $4.1 billion of Iraqi debt
The US concluded a bilateral agreement on Friday 17 December to write off debts of $4.1 billion owed to it by Iraq, and expressed the hope that other countries would follow its example.
Norges Bank's December Economic Bulletin
The December issue of Norges Bank's Economic Bulletin includes articles on benchmark rates in the long-term bond market, credit risk models and managing financial crises.
Turkey to join inflation targeters in 2006
Turkey's central bank will start "formal" inflation targetting in 2006, according to its Monetary and Exchange Rate Policy document for 2005.
Interest rate round-up
A number of central banks adjusted their interest rates in the last week, some in line with market expectations and others providing a surprise.
Japanese experts comment on dollar prospects
Three Japanese experts gave their views on the dollar yen exchange rate and the prospect of central bank intervention at a panel discussion on December 17. The dollar has further to fall, they suggested, but Asian central banks will not liquidate their…
FOMC Minutes, 10 November
Minutes from the Federal Reserve's 10 November FOMC meeting released on 16 December revealed that policy makers wrestled with the best way to foreshadow the course of short-term interest rates.
Bank of England Quarterly Bulletin, Winter 2004
The Bank of England released its Quarterly Bulletin Winter 2004, on 17 December. In the report the bank said it has underestimated the strength of the pound in the past 18 months, while another article concludes that UK household debt "remains affordable…
Sweden's Heikensten on economic governance in EMU
In a speech on 'Strengthening economic governance in the EMU - A comment' given on 15 December, Lars Heikensten of the Sveriges Riksbank said better and more efficient methods of following up Member States' public finances are needed. Budget discipline…
SNB's Roth on life in a two-headed monetary system
In a speech on 'Life in a two-headed monetary system: The Swiss experience' given on 29 November, Jean-Pierre Roth of the Swiss National Bank said the birth of the euro has fundamentally changed the shape of the international monetary system with the…
New distribution of work at Sveriges Riksbank
On 14 December the Executive Board of the Riksbank decided to implement a number of changes in the Board's distribution of work. The decision is part of a process of change that, among other things, aims to clarify the responsibilities between the…