Banknotes: April to June 2023

A round-up of news and salient issues that have affected central bankers in the past three months

Federal Reserve
Monetary Policy FOMC hikes twice

The Federal Reserve eased up on its tightening cycle with a 25-basis point increase at its March meeting, following concerns about the stability of parts of the banking system. The fed funds rate was 4.75–5% after that meeting. On March 31, Federal Reserve board member Lisa Cook said that “monetary policy is now in restrictive territory”.

On May 3, the Federal Open Market Committee ordered another 25bp hike to 5–5.25%. Many market observers expected the May

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