Average inflation targeting
FOMC holds rates again, ending year at 5.25–5.5%
“Committee is proceeding carefully” as inflation recedes, but slowly, says Powell
Uganda cuts rate for first time since 2021
Central bank head refuses to comment on World Bank decision to halt funding
Switzerland and Norway raise rates
Norges Bank expects further increases while SNB does not rule them out
Iceland raises rates 125bp to head off ‘wage-price spiral’
MPC orders largest increase in two-year tightening cycle as inflation remains near 10%
US CPI inflation falls again
Falling fuel prices drive down index for sixth straight month
Costa Rican board says it will slow rate rises
Central bank orders 50bp increase, but says cycle will continue at “lesser rhythm”
Inflation: what went wrong, and why?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as their implications for policy responses
Inflation offers route to unconventional policy exit
Asset purchases and negative rates can be reversed, but Fed/ECB policy divergence raises major risks
BoI’s Yaron stresses flexibility offered by inflation target range
Bank of Israel has been studying the possibility of modifying its inflation target
Iceland meets high inflation with second 100bp hike
MPC forecasts more increases as Nordic country confronts internal and external pressures
Reserve Bank of Australia joins 50bp club
Australian central bank continues post-pandemic tightening with second, larger hike
Fed’s favoured inflation gauge falls
PCE inflation reading for April 2022 was down from March
Zimbabwe freezes all bank lending
President announces controls on money creation to stem decline of currency
Iceland raises rates again as inflation reaches highest level since 2012
MPC accelerates current cycle as experts point to problems in housing market
Pierre Wunsch on inflation, forward guidance and policy tightening
The National Bank of Belgium governor speaks about over-reliance on central bank models and forward guidance, the impact of energy costs and inflation expectations, and the need to unwind unconventional monetary policies
Fed keeps investors guessing on speed and endpoint of tightening
Investors generally agree the Fed will tighten policy, but how much and when are unclear
2021: The year in review
The year has seen central banks switch from recovery mode to battling inflation. Central Banking looks back at the stories that made the biggest impact in 2021
Bank of Canada renews monetary policy framework
Central bank conducts first “systematic” study of other frameworks since it adopted inflation targeting
US inflation reaches new peak
CPI figure hits 6.8%, the highest rate in nearly four decades
Powell: FOMC may accelerate taper
Fed will no longer refer to inflation as “transitory”
Mervyn King attacks central bank theories of inflation
Expectations are “too fragile” to serve as an anchor for inflation, former BoE governor says