Expectations
The ECCB’s Timothy Antoine on currency union, cooperation and DCash 2.0
The ECCB governor speaks with Christopher Jeffery about maintaining a currency zone, addressing climate and cyber risks, the decline in correspondence banking and lessons learned from issuing a retail CBDC
‘Conceptual complexity’ has risen in BoE publications, research finds
Conceptual complexity plays central role in expectations, understanding and trust, authors find
Claudio Borio on financial cycles, operating frameworks and non-bank reform
The BIS veteran highlights a ‘unique constellation’ of challenges for central banks as they fight inflation
Costa Rica and Paraguay whittle away at rates
Both countries make 25bp cuts as inflation falls
Philippine central bank delivers off-cycle rate hike
Governor Remolona said high inflation expectations were ‘very worrisome’
Rate hikes: too much, too late – and now too dangerous
Why monetary tightening risks a global credit crunch
Policy ‘pivot’ can deliver soft landing, says NBER paper
Authors aim for more realistic model of expectations through “level-k thinking”
Financial regulators: one, two, maybe a few?
As Jamaica moves to introduce the ‘twin peaks’ approach to financial oversight, Ben Margulies assesses some of the pros and cons
PBoC cuts key rates as economy stutters
China stops publishing youth jobless rate after record-high figure in June
BoE paper analyses banks’ forecasting accuracy
Banks with better governance, including more senior women, make better predictions, authors find
Brazil makes first rate cut in cycle
Board divides 5–4 over size of reduction, with majority backing larger 50bp option
Supervisory soft skills: working in a consensus-driven environment
New studies highlight the importance of supervisors being able to say ‘no’ – and persuade banks to act accordingly, writes Manoj Singh
Inflation expectations unreliable guide to policy – BoE’s Tenreyro
Policy-makers would be “unwise” to use expectations as an intermediate target, MPC member says
Advanced economies most likely to survey trust and understanding
Data shows differences in how central banks judge the effectiveness of monetary policy
A letter to Andrew Bailey
Jagjit Chadha warns the Bank of England governor not to let markets take control
BoJ’s easing stance fuels yen undervaluation dilemma
Japanese policy-makers need to consider feedback loop that an undervalued yen has on cost-push inflation; reflect on YCC exit options in ‘broad perspective review’, writes Sayuri Shirai
Fed holds policy rate steady
Powell says conditions for lower inflation are coming into place, and July will be a “live meeting”
Rule-setters need to heed their own advice
The US risks a reputation for failing to meet standards to which it holds others
RBNZ raises rates to peak level
Central bank predicts rates will come down slightly faster than in February forecast
Eurozone consumer inflation expectations rose significantly, ECB says
Rise in expectations may bolster arguments for tighter monetary policy
Advanced economies face slowdown and stubborn inflation
Jagjit Chadha analyses the shifting outlook for the world economy
Brazilian MPC holds key rate again
Central bank warns of “lingering uncertainty” over future fiscal policy
Extended QE creates pessimistic sentiment – Bank of Canada paper
News and social media “significantly” impact market sentiment, researchers say
Climate change and the role for central banks
Gavin Bingham, Andrew Large and Paul Fisher explain how climate change affects central banks and the competing tensions it raises in relation to policy responses