Reserve management: A governor’s eye view

Federico Sturzenegger

Central bank reserve management has to deal with an ever-changing international scenario. Consider the events of 2018, for example. That year was the first in which the Fed pushed for balance-sheet normalisation and raised interest rates. In April of that year, it was common to share scenarios that anticipated many further hikes in interest rates. This scenario was mainstream and created significant change in the financing conditions in emerging economies. Fast forward to 2019, and you’ll find a Fed that suddenly pulls back (the result of Trump’s pressure?) and halts the anticipated rise in

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