Monetary Policy
Monetary policy staff pay highest in advanced economy institutions
Staff in monetary operations tend to earn slightly less than policy colleagues
FOMC ready to tighten policy further, minutes show
Members worried about inflation becoming entrenched but see some signs of pressures easing
Pakistan raises rates again as inflation climbs past 20%
IMF urges tighter fiscal policy as governor's post remains unfilled
Monetary policy set a maximum of 12 times a year
Frequency of meetings highest on average in upper-middle income economies
Bank of Uganda raises rates 100bp at unscheduled meeting
Move is second increase in as many months as governor’s post remains unfilled
Uruguay continues ‘contractionary’ monetary policy
Eighth consecutive rate hike is smallest since last November
Asset purchases used in only a handful of jurisdictions
Data shows small decline relative to 2021, which may reflect exit from pandemic stimulus
Nagel lays out conditions for ECB anti-fragmentation instrument
Bundesbank president says it should be temporary and only used in “exceptional circumstances”
BoE’s Pill says focus is on slower-moving elements of inflation
Policy-makers trying to walk “narrow path” as they resist second-round effects of high inflation
Bank of Canada deputy stresses heterogeneity’s role in monetary policy
Debt may complicate tightening cycle, as Canadian consumer inflation expectations rise
Bank Negara Malaysia raises policy rate by 25bp
BNM says it will ensure monetary policy remains accommodative to support economic growth
Quarterly forecast updates are the norm at central banks
Forecasting tends to be a collaborative exercise between staff and policy-makers
Bank of Israel orders biggest rate rise since 2011
Central bank continues “monetary contraction” as Israel faces fifth election since 2019
Labour market power can explain ‘wageless recovery’ – IMF paper
Monetary policy can cut unemployment without raising wages where bargaining power is weak
RBA raises interest rate by 50bp
Move marks a total of 125bp of increases since May
Monetary policy press conferences more common than minutes
High income institutions trail behind middle income banks on minutes publication
Bangladesh Bank orders second rate hike
Central bank publishes monetary policy for 2022–23
Corridor system used by most central banks to set rates
But methods vary widely depending on policy target and tools such as quantitative easing
Guatemala hikes rates 25bp for second consecutive month
Board blames global commodity prices, as inflation breached target range in May
Colombia announces largest-ever rate increase
Central bank orders 150bp rise, while president-elect announces next finance minister
Dominican Republic orders 75bp rate rise
Core inflation still rising as central bank orders sixth rate hike in eight meetings
Monetary policy and ops divisions mostly segmented
Nine in 10 institutions separate units in the Americas, Asia and Europe
US citizen pleads guilty to selling technology to Iranian central bank
Defendant faces jail after using UAE shell companies to skirt US national security law