Inflation
Powell says economy faces risk of downward spiral
Risks from aggressive policy action are much smaller than risks due to inaction, Fed chair says
Fed’s new framework splits opinion
Former Fed officials offer mixed reactions to average inflation targeting, with most calling for the US central bank to refine its communication
US Treasury imposes sanctions on Syrian central bank chief
Governor Karfoul used extortion tactics to help Assad regime, alleges US Treasury
Argentina allows peso to fall faster
Central bank increases repo rate as currency falls and inflation rises, despite severe GDP contraction
BIS’s Borio: natural rate puts central banks in ‘straitjacket’
Official urges policy-makers to take “broader view” of the costs and benefits of monetary policy
ECB open to above-target inflation – Lagarde
President lays out strategy review goals, hinting approach could bring ECB closer to the Fed
‘Combination’ forecasts can beat standard methods – RBI paper
Traditional inflation-output relationship seems “broken”, authors say
BoE’s Ramsden: UK not yet ready for negative rates
Deputy governor highlights several important considerations in decision to push rates below zero
RBI postpones MPC meeting after failure to appoint new members
Committee falls below quorum at a difficult time for the Indian economy
Bank of Mexico cuts rates again despite above-target inflation
President refuses to increase fiscal support package, citing danger of sovereign debt crisis
Norges Bank holds rates over Covid-19 fears
Norwegian central bank expects rates to remain unchanged over the next two years
Fed’s new framework has had little impact on expectations – NBER paper
Early evidence suggests few people heard the announcement and fewer understood it
Riksbank signals rates likely to stay at zero for several years
Central bank does not forecast negative rates, but doesn’t rule them out
Australia’s central bank considering FX interventions, says Debelle
RBA is evaluating additional monetary policy tools, deputy governor says
Bank of Canada sets out pandemic-adjusted CPI methodology
Pandemic triggered rapid shift in consumers’ spending habits
Iraqi prime minister changes central bank governor
New governor pledges banking reform as finance minister warns country needs economic change
Brazilian central bank interrupts rate-cutting cycle
Monetary policy committee says space for further monetary stimulus “should be small”
Ethiopia launches new high-denomination banknote
New 200 birr note aims to curb inflation and corruption, central bank says, as Covid-19 slows growth
FOMC signals rates likely to stay on hold until 2023
Latest Fed projections say inflation likely to stay below target for several years
ECB has ‘no room for complacency’, Lane says
Chief economist stresses ECB is ready to expand stimulus after Lagarde appeared to downplay risks
ECB leaves policy unchanged
Lagarde says she will not comment on euro’s exchange rate against the dollar
Central banks are using biased estimates of pass-through – BIS paper
Standard measures exchange rate pass-through fail to account for market power, researcher argues
BIS paper explores changing inflation risk factors
Authors highlight “significant non-linearities” among a range of risk factors
BoE officials fear long-term ‘scarring’ as uncertainty hits record high
MPC members broadly gloomy on the outlook, but there is “huge” uncertainty, says Andrew Bailey