Central Banking
Top central bankers admit inflation models fell short
Reliance on Phillips curve and demand-driven models may have created blind spots
Campos Neto says ‘worst of the inflation’ has passed
Brazil’s governor says central bank “came out ahead” of price increases
Central banks should take on more credit risk during stress – BoE paper
Research claims generous credit terms can be more efficient than cutting the risk-free interest rate
US targets North Korean crypto hacking
Treasury seeks co-operation to better enforce sanctions on North Korea and Russia
GFXC launches tool to spur buy-side adoption of FX code
Standard-setter aims to overcome “lukewarm” buy-side response with web-based prototype tool
Williams also expects US to avoid recession this year
Unemployment will likely rise to 4% as growth slows due to tightening process, says NY Fed head
Banking systems’ long-term systemic risk has grown – ECB paper
Assets became safer but banking systems’ failures were more harmful, analysis finds
Hungary makes shock 185bp rate increase
Central bank responds to inflation and weak forint with largest increase since 2008
State Bank of Pakistan appeals to supreme court over interest ban
Sharia court ordered Pakistan to adopt fully Islamic banking system within five years
Crypto a ‘wake-up call’ for central banks
Digital economy needs CBDC as risk-free asset, say panellists at ECB’s Sintra conference
Zimbabwe central bank raises policy rate to 200%
Finance minister guarantees use of US dollar through 2025, while RBZ will mint gold coins
Fed’s Evans and Bullard downplay recession risks
Both presidents looking to increase the policy rate to around 3.5% by the end of the year
PBoC chief vows to keep policy accommodative
But economist expects room for China to cut interest rates further to be small
Czech central bank raises rates after inflation hits 16%
Expectations could become unanchored from 2% inflation target, board warns
IMF approves $4 billion payment for Argentina
Country passes first IMF review, but reserves have declined in recent weeks
Norway’s MPC tightens policy and signals more hikes to come
Norges Bank raises policy rate expectations as it says Norwegian labour market is extremely tight
China loans Pakistan central bank $2.3 billion
Ailing country in talks with IMF as foreign exchange shortage crimps fuel purchases
PBoC launches renminbi reserve pool with BIS
Equivalent of $13.5 billion will be pooled by six central banks to withstand market volatility
BIS says central banks must act ‘decisively’ on inflation
Tightening policy hard and fast may be central banks’ best shot at engineering a soft landing
BIS balance sheet buffeted by market turbulence
Institution still turned a profit in the year to March 2022
IMF paper proposes ‘policy space index’
Authors try to quantify countries’ room to respond to a “black swan” event
Former RBNZ official questions board pick
Central bank and Treasury deny former NZ Post chair has disqualifying conflict of interest
Fed finds major banks able to withstand ‘severe recession’
All banks pass stress test despite tougher scenario than in 2021
BSP raises rates by 25bp, while Indonesia holds
Economist warns Philippine central bank’s action may not be enough to bring inflation down