Inflation targeting
South Africa lowers inflation target from 4.5% to 3%
Sarb governor’s wish finally granted as finance minister announces change during budget review
US inflation regime persistently above target now – Fed economist
Price rises are broad-based and have significantly impacted expectations says researcher
Venetian lessons for today’s central bankers
Loose money and lost credibility in 17th century city state provide a cautionary tale about the importance of international investor confidence, argues Biagio Bossone
EMs can adopt higher inflation targets – BoE Bulletin
Authors say more elevated goals reflect economies’ faster growth and susceptibility to supply shocks
BoJ deputy governor says policy should be tightened further
Ryozo Himino says real interest rate remains low, despite three hikes since last year
BoC will continue targeting inflation at 2%, governor says
Guidance is well understood and provides stability in uncertain times, argues Canada’s Macklem
Powell indicates policy shift at Jackson Hole
The Fed chair says the balance of risks appears to be shifting; FOMC no longer plans to overshoot inflation target
RBI says its monetary framework serves India well
Central bank rejects idea of removing food from CPI index used for inflation targeting
On the eve of the Fed’s framework review
Experts speak about the Fed’s monetary strategy review, including the role of flexible average IT and the need to better communicate policy trade-offs
Australia cuts rates by 25bp as expected
RBA governor says inflation within target, as bank’s forecasts assume further cuts
ECB paper finds strong policy can stop expectations de-anchoring
Communicating counterfactual scenarios can help to inform monetary policy decisions
South Africa’s central bank denies reducing inflation target
Sarb says it is targeting bottom of existing 3–6% range, after reports it had bypassed Treasury
Fed holds rates, despite pressure from White House
Experts say stance is in response to Trump’s trade policies and lament his attacks on central bank
Bank of Canada holds rates as core inflation heats up
Governor points to tariffs, but economist highlights “mystery” of core metric’s divergence from headline measure
Chile cuts rates for first time this year
Central bank says more easing to come as US tariff threats on copper complicate outlook
Obituary: Süreyya Serdengeçti, 1952–2025
Governor of Turkey’s central bank whose policies brought inflation down from 75% to single-digit figures
Russia cuts rates by 200bp, citing moderation in inflation
Experts say central bank waited until expectations had moderated and cut may support country’s lenders
Ukraine opts to keep rates higher for longer
Central bank holds at 15.5% and says policy must remain “rather tight” if 5% inflation target is to be met
RBA waiting for more data before deciding whether to cut rates
Minutes of last meeting show board favoured easing but was split over when it should occur
Judy Shelton on gold, tariffs and where the Fed went wrong
The potential successor to Jerome Powell discusses why she thinks the Fed is too powerful, why her stance on gold is not a ‘crank’ position, and why she feels events have vindicated her and president Trump on the need for rate cuts
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience