Central Banking
Inflation expectations rising due to tariffs – BoC’s Macklem
Governor says Canada’s central bank will pursue policy that works in multiple scenarios
BoE museum showcases virtual reality Phillips machine
VR version of Moniac brings 144kg hydraulic economic model to wider audience
Fed’s NBFI scenario may be more use than CCAR – experts
Main severely adverse scenario does not capture contagion risks from any squeeze on non-banks
Iceland and Switzerland cut rates, while Sweden holds
Central banks highlight global developments and high levels of uncertainty
China holds loan prime rates again
PBoC stays put while government works to boost consumption
Hands off our gold, says National Bank of Belgium
Central bank rejects politicians’ calls to use bullion to pay for defence
Brazil delivers another 100bp hike
BCB’s battle against inflation continues as government announces more fiscally expansionary measures
Central Banking Awards 2025: final winners announced
Last group of awards includes governor of the year and lifetime achievement
FOMC holds rates amid uncertainty and stagflation risks
Fed chair Jay Powell says inertia also a factor as committee opts for caution
Denmark will reach r* this year – central bank
National Bank of Denmark continues 26-month streak of non-intervention in FX market
Indonesia holds rates after stock market rout
BI opts to defend exchange rate as country records deflation for first time in 25 years
Morocco cuts rates to 2.25%
Central bank expects inflation to be near 2% over next two years
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
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
Central Banking Awards 2025: third group of winners released
Paraguay recognised for market infrastructure and IMF for work on AI, as green and FMI awards also unveiled
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