Coronavirus
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
The Central Bank of Brazil governor speaks about how Brazil is managing fallout from the coronavirus pandemic, the benefit of large reserves, his plans to deploy emergency asset purchases and why he favours extending the IMF’s SDR funding
Nigeria slashes rates by 100bp
Central bank thinks stimulus package can still prevent the economy from entering recession
Carstens, Jordan, Weber: respect the boundaries of fiscal and monetary policy
Axel Weber says huge US deficit could pose problems for global financial stability
Fed can boost power of fiscal spending in communities – Harker and Rajan
Targeted fiscal policies are needed to address concerns over inequality, they say
ECB’s Enria unsure banks will dip into capital buffers
Anxiety over investor and rating agency reaction may limit banks’ use of Covid relief measures
Banxico forecasts Mexican economy could fall by 8.8% in 2020
Central bank stresses the profound uncertainty to which the economy is subject
National Bank of Poland cuts rates again but predicts recovery
“Significant fall” in activity likely to reverse in latter part of the year, policy-makers say
Bank of Korea cuts policy rate to new record low
Bank of Korea slashes key rate to record low of 0.5%; economy is expected to grow at the slowest pace in over two decades due to Covid-19
Record hiring needed to reach pre-crisis unemployment by end-2021 – paper
Hiring four times faster than most robust pace in Great Recession still not enough, researchers find
No date in sight for Fed Board nomination vote
Delays in voting on Judy Shelton and Christopher Waller leave board understaffed during crisis
Crisis exposes flaws in US financial stability regime
Former Fed chair Janet Yellen urges Congress to reform US’s financial stability framework, after failure to curb corporate leverage in the lead-up to lockdown
The complex art of reserve management
The coronavirus lockdown represents another inflection point for central banks seeking to optimise the management of their $12 trillion in FX reserves
European Commission pushes for €750 billion budget expansion
Shared financial resources designed to support weakest EU members while spreading cost
Rising to the challenge – Reserve management in an uncertain world
Amid unprecedented measures being taken by central banks and governments to combat the global Covid‑19 pandemic, BlackRock‘s Stephan Meschenmoser, Laszlo Tisler and Crystal Wan compare and contrast BlackRock’s model portfolio against its high-grade…
US consumers expect more fiscal support – New York Fed survey
Consumers assigned a 40% chance of more federal welfare benefits in next 12 months
Eurozone approaching ECB’s worst-case scenario – Lagarde
Economy likely to shrink by over 10% in 2020, says ECB president
French governor says ECB could directly fund loans
Villeroy de Galhau also calls for flexible emergency purchases but rules out yield curve control
Iranian central bank announces takeover of militia-owned banks
Five banks owned by Revolutionary Guards to be taken over by country’s largest lender
Israel holds as exchange rate hampers exports and inflation target
Central bank left rates unchanged at 0.1%; government bond purchases support financial stability
ECB warns banks face significant losses due to Covid-19
Central bank stresses fiscal and monetary interventions have contributed to stabilise markets
Poloz calls for action to avoid deflationary spiral
It is critical to avoid deflation as it interacts “horribly” with debt, outgoing BoC governor says
ECB minutes hint at further easing measures
Governing council discussed expanding size and scope of pandemic purchase programme
Turkish central bank cuts rates again
CBRT makes ninth consecutive cut since July 2019 but analyst warns strategy is “unsustainable”
Covid-19 biggest threat to Fed mandate ‘in our lifetimes’ – Clarida
Fed may not provide further forward guidance until September, Richard Clarida says