Monetary Policy
Riksbank deputies say rate forecasting key to transparency
Officials say advantages of openness outweigh drawbacks
National Bank of Serbia holds rates
Summertime inflation warrants restrictive policy, central bank says
Russia eases by 100bp in third consecutive rate cut
Governor says decision was warranted by falls in both inflation and economic activity
Liquidity impairment harms policy transmission – BIS paper
Authors say QE may be more potent in times of market stress
European Central Bank holds rates
Staff’s new projections look “similar” to those published in June, Lagarde says
SNB to publish minutes of policy meetings in transparency push
Summaries of discussions will put Swiss central bank in line with its global peers
US faces recession unless trade tensions abate – economists
Experts expect Fed to cut rates as economy experiences first job losses since 2020
Canada set to cut rates, given soft labour market – economists
Concerns over rising unemployment outweigh stagflation risks, say experts
Bar for going back into negative rates is high – SNB chair
Schlegel says impact on pensions and savers means caution would be warranted
Poland cuts rates by 25 basis points
Economy continues to grow thanks to domestic demand, central bank says
More economists expect MAS to ease policy next month
Singapore survey finds most still expect no change to country’s currency exchange band
Malaysia holds policy after sanguine economic forecasts
Central bank says trade uncertainties remain but have abated somewhat
Tariffs may lower the natural interest rate – research
Increased trade costs reduce demand for capital, say authors
No ‘race to the bottom’ if Fed is forced to cut – Schnabel
ECB board member says politicised US central bank would be “very disruptive”
BoJ deputy governor says policy should be tightened further
Ryozo Himino says real interest rate remains low, despite three hikes since last year
Thai central bank warns country’s SMEs vulnerable to US tariffs
Bank of Thailand monetary policy committee signals further easing likely, minutes show
A not-so-stable Genius Act?
New stablecoin rules raise monetary sovereignty and financial stability concerns
Professor says Fed must defend its post-Covid credibility
Jackson Hole speaker Emi Nakamura talks credibility, tariffs and independence
Philippines eases policy 25bp to 5% ‘Goldilocks zone’
BSP governor says one more cut likely this year as bank cites risks posed by US trade policy
Teach people monetary policy to anchor expectations – ECB paper
Experiment run at ECB visitor centre finds strong impact from education
Yield spreads of bonds held by mutual funds decline in QE – ECB paper
Bond purchase programmes compress risk premia and boost demand, research finds
BoC will continue targeting inflation at 2%, governor says
Guidance is well understood and provides stability in uncertain times, argues Canada’s Macklem
Powell indicates policy shift at Jackson Hole
The Fed chair says the balance of risks appears to be shifting; FOMC no longer plans to overshoot inflation target