Central Banks
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
BoK economists discuss policy responses to ‘super ageing’
In Do Hwang and Boreum Kwak speak about the actions South Korea should take as critically low birth rate limits central bank’s policy space
Financial Stability Benchmarks 2025 report – the threat from tariffs
Benchmarks highlight how many central banks see tariffs as a high risk to financial stability
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
Firing Cook is not going to be easy, legal experts say
Some scholars criticise the US president’s move, but others say there may be grounds for dismissal
BIS’s Hernández de Cos tells central banks to be realistic
Policy-makers should make clear what they can and cannot do, says new general manager
Trump tries to remove Fed governor Lisa Cook
President says mortgage applications by Cook constitute “due cause” for her removal
Aging population may improve fiscal sustainability – paper
More old people means more money to invest in assets like government bonds, researchers point out
Hong Kong allows collateral reuse in offshore yuan bond repos
HKMA says changes will increase offshore participation in mainland China bond market
The next step for Africa’s digital economy: fast, inclusive payments
Central banks should lead policy for a payments transformation that benefits all levels of society, argue Jean Pesme and Michael Wiegand
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
North Macedonia reshuffles reserve requirements
Central bank eyes more long-term, dinar-denominated savings and stronger deposit base for banks
US consumer spending resilience hides inequalities – research
Low-income consumers’ credit card debt has risen substantially since 2019
Eurozone unemployment stats may understate slack – research
Authors say they have created an indicator with important monetary policy implications
Climate change harming global economy – BoK study
Study finds high income countries more vulnerable to climate change, in contrast to other research
RBI says its monetary framework serves India well
Central bank rejects idea of removing food from CPI index used for inflation targeting
Book notes: King dollar, by Paul Blustein
A well-researched overview of the position of the US currency, providing an optimistic view on the future of ‘king dollar’.
People: July to September 2025
A round-up of central bankers in the news and on the move during the past three months