Central Banks
Opec+ production cut threatens inflation outlook
Higher energy prices were the main factor boosting inflation in 2022
BoE’s Tenreyro urges reframing of QE
Perception that the central bank is “printing money” has been hard to shake
State Bank of Vietnam cuts interest rate
Central bank says Vietnam’s economic growth has faced difficulties
RBA pauses rate hikes as inflation slows
Central bank board has not ruled out further tightening
Fed’s Cook says monetary policy is now restrictive
PCE and core PCE inflation both fall as Cook argues tight banking conditions could ease path
Bank of Israel warns political turmoil could hit GDP
Central bank slows cycle with 25bp hike, raising key rate to 4.5%
Few central banks report recruitment difficulties
Central banks from emerging market countries more likely to say they face problems finding staff
Tech could shake up international monetary system – IMF paper
Inertia likely to maintain status quo in near term, but impact of technology “highly uncertain”
Long-term unemployment can affect inflation – BoE paper
Non-linear Phillips curve helps explain finding that breaks with previous literature
China and Brazil set up infrastructure for renminbi clearing
Move comes as renminbi overtakes euro as Brazil’s second largest reserve currency
IMF approves $15.6 billion for Ukraine
Fund calls wartime loan “unprecedented” and risky
BoE paper explores ‘anatomy’ of gilts crisis
Detailed account of crisis reveals contagion, concentrated risk and role of wider market players
Advanced economy central banks more likely to make profits
Majority of central banks report profits in most of last five years
Eurozone headline inflation drops sharply
But core figure remains high as service price rises persist
Sweden does not yet need CBDC, inquiry finds
Report recommends strengthening access to cash and other offline payment methods
PBoC has lent banks $44 billion for ‘green projects’
Facility helps Chinese and foreign lenders to fund carbon emissions reduction, says governor
Singapore and Malaysia set up cross-border payments link
Travellers can use QR codes to pay for transactions in foreign stores
Rates round-up: Kenya raises rates to highest since 2018
Sarb adds 50bp more as economy struggles; Zimbabwe cuts 1,000bp; Mozambique holds
Central banks differ on profit-sharing agreements
Advanced economy central banks more likely to have formal agreements on profit distribution
BIS paper warns of worsening fiscal and monetary trade-offs
Many governments have sought to shield consumers from price rises, at a high budgetary cost
BoE proposes minimum resilience for LDI funds
Funds at centre of UK’s bond market 2022 crisis must withstand bigger “yield shock”, BoE says