Monetary Policy
Inflation targeters tend to pay monetary policy staff more
Salaries tend to rise with GDP per capita but less developed economies pay larger multiples
Cracks open in ECB’s governing council
Italian governor warns against excessive tightening as Bundesbank president insists rates must be higher
Confidentiality of policy votes remains common practice
Proportion of central banks revealing voting information with a lag creeps up
RBA keeps policy rate steady
Decision comes after Australia’s inflation slows in May
ECB expresses concern over draft Belgian laws
Minimum saving account rates could harm financial stability and policy transmission
Monetary policy reports usually published four times annually
Institutions from Africa tend to release fewer publications
Inflation expectations unreliable guide to policy – BoE’s Tenreyro
Policy-makers would be “unwise” to use expectations as an intermediate target, MPC member says
Rates round-up: Colombian central bank holds at 13.25%
Dominican Republic cuts rates, while other central banks in the region stay on hold
Advanced economies most likely to survey trust and understanding
Data shows differences in how central banks judge the effectiveness of monetary policy
Italian and Portuguese leaders criticise ECB policy
Right-wing Meloni and centre-left Costa both sound warning notes on rates
Brazil moves to adopt new targeting regime
National monetary council says it will aim for permanent inflation target from 2025
Kenya hikes 100 basis points at unplanned meeting
New governor says unexpected rise in inflation made rate increase necessary
Treasury officials more likely to serve on advanced economy MPCs
Monetary policy committees or boards comprise 8.2 people on average globally
Riksbank raises rates and signals further tightening
Swedish central bank accelerates government bond sales and is looking to hedge currency risk
Use of asset purchase programmes for monetary policy wanes
Additional central banks end scheme, as more institutions forecast decrease
Policy has not been tight long enough – governors
Hot labour markets boost wages and core inflation, making inflation persistent
New Zealand rejects RBNZ’s call for single price-stability goal
Updated central bank remit retains twin goals of price stability and maximum sustainable employment
A letter to Andrew Bailey
As the Bank of England struggles to bring inflation down, Jagjit Chadha warns the governor not to let markets take control
Few central banks brief fiscal authorities on monetary decisions
But practice is more common in institutions from the Americas
Communications Benchmarks 2023 – presentation
Specialist Jimmy Choi discusses communication strategies, social media, staffing and more
ECB ‘cannot declare victory yet’ over inflation – Lagarde
President stresses rates will need to be higher for longer to defeat persistent inflation
Caution needed with forward guidance and QE – IMF’s Gopinath
“Straitjacket” of ultra-loose policies may have delayed response to inflationary shock
SBP reverses course and hikes rates 100bp
State Bank of Pakistan raises key rate in emergency session as IMF deadline looms
Corridor systems most used to set monetary policy
Floor systems less popular overall but widely used with asset purchase programmes