Coronavirus
Unemployment falls across North America
US recovery is weaker than expected, while Canada reaches pre-pandemic jobs levels
Peru central bank raises rates for third time in two months
BCRP forecasts inflation will return to target, but expresses concern over expectations
Some ECB rate-setters concerned over inflation
Minutes show certain governing council members called for sharper cut in asset purchases
Peru’s president re-nominates long-standing governor
Economy minister says Julio Velarde is an “excellent professional”
Bank of Israel again holds rate steady
But MPC signals it is ready to end QE programme if economic recovery continues
Uruguayan central bank makes second rate increase in a row
Central bank aims to end “expansive” monetary policy and guide inflation to target range
Covid-19 has accelerated paradoxical developments in cash usage
Antti Heinonen explores the unusual patterns in banknote demand in 2020 and draws lessons for the future
Evergrande tests China’s commitment to deleveraging
Chinese officials are having to choose between near-term growth and long-term economic health
Romania orders first rate increase in more than three years
Central bank adds 25 basis points as energy prices bite, while Moldova continues tightening
Fed asks watchdog to review controversial trading
Move follows resignation of Boston and Dallas heads, as Warren asks for SEC probe
BoE report sheds light on Covid market operations
Surge in scale and frequency of operations amid switch to work from home created “issues”
Pandemic is top stability concern for benchmark respondents
House prices, cyber crime and crypto assets are also major worries for central banks
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
Colombia raises policy rate for first time since 2016
Board forecasts inflation will be above target band for the rest of this year
Jamaican central bank makes first rate rise since 2019
Central bank forecasts inflation will be above target for two years as it hikes rate by 100bp
Bank of Mexico makes third consecutive rate raise
Board says inflation risks are tilted to upside and raises fourth-quarter inflation forecast
Elizabeth Warren publicly rejects Powell reappointment
Senator calls Jerome Powell “a dangerous man to head up the Fed”
Bailey puzzles over UK labour market signals
A lot of people are still out of the labour market, but unemployment remains low
Brainard cites Delta in dovish speech
Fed governor warns “employment is still a bit short of the mark” for taper
Dallas Fed president resigns, following Boston’s Rosengren
Both faced criticism for equities trading and holdings, but are not unique among Fed leaders
Boston Fed president resigns, citing health
Rosengren had been accused of conflicts of interest due to real estate holdings
Norges Bank becomes first in G10 to raise rates
Olsen forecasts further rise in December and report points to more hikes in 2022
Stress tests key for financial stability – Benchmarks participants
Most Benchmarks participants conduct stress tests more than once a year, but methods vary
Brazilian central bank raises rates and promises further hikes
MPC forecasts policy rate will rise by 200 bp and cautions government against expansion