Central Banking
Is this time different for Argentina?
Reserve shortage and overvalued currency cast a pall over an otherwise successful stabilisation campaign
Experts split over wisdom of Mexico’s 25bp rates cut
Economist says policy committee’s sole dissenter was right to vote to hold
Czech Republic holds rates again and upgrades growth outlook
CNB says economy running hot on all fronts warrants restrictiveness in monetary stance
Trump picks Miran to replace Kugler on Fed board
Adviser set to take up role until January as president continues search to replace Powell as chair
US’s gains from tariffs diminish when countries retaliate – study
Dallas Fed authors say negotiated settlements may be best for all concerned
Fed policy may disproportionally affect largest banks – study
More leveraged US lenders experience sharper stock declines following rate hikes, Fed paper finds
BoJ eyes further rate hikes, possibly by year’s end
Central bank says global economies’ resilience to tariffs “remarkable”, while predicting slowdown
US deposit insurance requires rethink, say experts
Dallas Fed study asks if current level is sufficient, while NYU professor argues for 100% coverage
BoE cuts rates by 25bp in historic close call
For first time in history, MPC voted twice as initial round ended in 4–4–1 stalemate
BoK governor expresses confidence in finance minister
Rhee’s comments follow apparent discord between bank and government over digital assets policy
RBNZ survey respondents expect bank to cut policy rate
Business leaders and forecasters also expect weaker inflation in New Zealand over medium term
Trump’s tariffs and the emerging market economies
Steve Kamin says EMEs are likely to escape the worst outcomes from capricious and chaotic trade policy
Chile launches programme to shore up FX holdings
Central bank aims to increase reserves by 40% and reduce role of foreign currency credit lines
People: Bowman to chair FSB supervisory committee
Plus: New governor in DRC and Rwandan deputy governor steps aside to become PM
ECB study points out unevenness in EU capital rules
Current prudential framework generates “unwarranted heterogeneity” in banking union, authors argue
India holds policy, thus ending easing cycle
Central bank leaves rate at 5.5%, citing lower inflation and continued risks from US tariffs
RBNZ seeks regulatory powers over payments system
Central bank says New Zealand’s High Value Clearing System currently poses significant risks
The Bank of England’s four pillars for a new CCP rule book
Executive director urges feedback on margin transparency, broader collateral and aiding innovation
Kugler’s resignation from Fed opens door for Trump, say experts
Governor’s departure could enable president to appoint “shadow chair” to further undermine Powell
Trump should not have fired head of stats bureau, say experts
Economists say dismissal undermines trust in official data, along with president’s arguments and democracy itself
Vietnam asks lenders to reduce interest rates
Central bank says lower rates are needed to support country’s growth target
China analysts expect moderate rate cuts in H2
PBoC mirrors politburo stance in mid-year meeting while eyeing further internationalisation of yuan
News coverage affects inflation expectations – NBER paper
Authors say bad news has bigger impact on perceptions of inflation
The foundations of sovereign finance are quietly evolving
Digital settlement infrastructure is taking shape. Now SSA issuers must decide how, not whether, to participate, argues Domenico Nardelli