Central Banks
US stagflation risk is significant and rising, experts say
Path of tariffs will largely determine level of risk, academics tell Central Banking
Bank of Japan holds rates amid trade uncertainty
Strong wage growth underpins economic recovery but central bank remains wary of US tariffs
Governors serve unlimited terms in half of central banks
While term length averages five years, majority of governors can be dismissed early
US dollar dominance: beyond the ‘exorbitant privilege’
Biagio Bossone argues that dollar ‘seigniorage’ extends into the very structure of global finance and its ‘exorbitant privilege’ is worth up to $804 billion annually
MNB funds funnelled through ‘impenetrable’ structure – state audit
Management firm lost “significant amount” of central bank endowment in real estate investment, report finds
RBI hails AI’s potential in addressing customer grievances
Malhotra says technology should be integrated at “every stage” of complaints process
ECB tells lenders to regularly tap central bank liquidity
Banks should include refinancing operations in day-to-day liquidity management, say Buch and Schnabel
NY Fed credit survey shows consumers are strapped
Study finds more people are having applications rejected and expect loans to be harder to secure
Trump taps Bowman to become Fed’s vice-chair for supervision
Designated chief regulator has opposed Basel III endgame and pushed for lighter capital rules
Smaller central banks more likely to manage government debts
Consumer protection widely overseen in larger institutions
Financial market infrastructure services: Nasdaq
Nasdaq has added a monetary operations portal to its cloud-based reserves services as part of its growing integrated suite
Insurers play key role in monetary transmission – IMF paper
Authors show sensitivity to long end of yield curve is “causally connected” to risk premia
Obituary: Liu Hongru, 1930–2025
Former PBoC deputy governor left influential legacy in China’s modernisation of banking and finance
Iran releases 2 million rial banknotes
New series of high-value notes introduced as value of currency continues to fall
No return to ‘whatever it takes’ for EU defence – BdF head
Villeroy de Galhau says US is “shooting itself in the foot” with tariffs
People: BNM appoints deputy and assistant governors
CNB makes appointments in internal audit and economic modelling divisions
Half of central banks must be consulted on law changes
Practice is slightly more common at banks with government officials on the board
US farmers need extra revenue to make ends meet – research
Costs largely outweigh income generated by agri, says Richmond Fed study
Professional long-run inflation forecasts are flawed – study
Chicago Fed research says projections are bogged down by cognitive distortions and overconfidence
Peru holds policy rate at 4.75%
BCRP stays put as inflation and growth continue to move in right direction