Data
Hybrid comms teams prioritise website over other activities
Communications department budget averages just over $1 million yearly
‘Imaginations are running wild’ – Nagel on AI
Europe is prepared for a financial downturn, Bundesbank president says
Monetary Policy Benchmarks 2025 – model banks analysis
Data breakdowns shed light on policy risks, transparency and balance sheet tools
Monetary Policy Benchmarks 2025 – executive summary
Data reveals risks to the outlook, applications of scenario analysis and balance sheet policy
Bailey switches sides as BoE holds at 4% in 5–4 decision
Members’ views, published for first time, show disagreement around staff’s central projection
Monetary Policy Benchmarks 2025 report – risk-based policy
Benchmarks highlight main risks and how central banks analyse them, as balance sheets normalise
Rethinking policy transmission in the age of AI
Managing machine expectations related to faster, more non-linear and potentially asymmetric price dynamics will require analytical innovation and potentially new forms of oversight, argues Elisa Vilorio de Painter
AI models ‘know more than they say’ – BoE paper
Tapping into ‘hidden states’ of large language models can improve data processing, authors claim
RBA holds policy as inflation rises
Australian central bank’s inflation forecast assumes one further rate cut in easing cycle
AWS outage barely affected Europe’s central banks
Monetary authorities say robust risk mitigation frameworks helped them to largely avoid fallout
Policy impact widely gauged by macro and market indicators
Policy-making frameworks commonly reviewed on ad hoc basis
San Marino blocks bank sale, looks to quell instability
Central bank says financial system is “solid and resilient”
Quarter of central banks have government reps on MPC
Only one such committee publishes policy-makers’ votes
Half of central banks offer no forward guidance
MPCs that meet at above-average frequency less likely to observe blackout period
MPCs with more frequent meetings tend to be more transparent
Just under three-tenths of central banks publish current level of r-star
ECB and BoJ officials reject explicit forward guidance
Central bankers promote ‘meeting-by-meeting’ approach to rates setting
Geopolitics and supply shocks top monetary policy risks outlook
Risk factors vary by nominal anchors and geographical regions
Committees of exchange rate targeting central banks meet most often
Inflation targeters have the average highest number of committee members
Targeted liquidity facilities decline year on year
Lending to small businesses and other goals are top criteria for access
Central banks’ asset purchase programmes thin out further
One in five inflation targeters still use scheme, but most plan to taper purchases
Most monetary policy units sufficiently resourced
Macroeconomic analysis and research duties are officials’ top functions
Monetary policy staff annual pay rises year on year
Divisional budget averages less than $10 million a year
Middle income monetary policy teams comprise more junior staff
Monetary policy FTE employees average nearly 40 individuals across central banks
The voice of the central bank in times of uncertainty
The NBU’s monetary policy head Volodymyr Lepushynskyi explains the importance of transparent communications in maintaining trust and managing expectations