Inflation
Riksbank moves towards normalisation; interest rate on hold
Executive board votes to keep the interest rate at –0.5%; says it will end QE programme in December 2017
FOMC will lose two dissenting doves in 2018
Kashkari and Evans were the only members who voted against the last rate rise on December 13
Google’s Hal Varian on how technology is changing economics
Google’s chief economist talks to Christopher Jeffery about how big data and machine learning are facilitating changes in economic thinking; discusses the impact technical breakthroughs may have for central banks
Bank of Mexico hikes rates as inflation rises
Central bank resumes tightening path as Mexican economy faces trade and currency challenges
SNB keeps accommodative policy unchanged
Central bank acknowledges Swiss franc’s depreciation, but still considers the development “fragile”
BoE expects UK inflation slowdown
Bank of England keeps rates on hold at 0.5%; disinflationary base effects likely to outweigh tightening labour market in near term
Fed hikes as Yellen hails strong job growth
Janet Yellen gives her last press conference as Federal Reserve chair
Early asset purchases much more successful – BIS paper
Authors find effectiveness falls over time as the shock wears off, questioning the value of long-running quantitative easing
Weak inflation in Nordic countries likely to keep rates on hold
Sveriges Riksbank and Norges Bank set to prolong their dovish stances in last policy meeting of 2017; Iceland holds rates
Lower inflation brings relief for Argentina’s central bank
Central bank leaves interest rates on hold at 28.75%, as year-on-year inflation lowers to 22.5%
UK inflation breaks out of target band
Inflation now above the BoE’s 3% upper limit, though breach may prove temporary
IMF suggests changes to Mauritian monetary policy framework
Lack of clarity in current framework risks “undermining” the credibility of monetary policy, report says; medium-term inflation target of 3% should be implemented
Adrian Orr to lead RBNZ in 2018
Former deputy takes over at a time when the central bank mandate is being called into question; Grant Spencer sets sights on retirement
Loose policy supported equality in Sweden – Skingsley
Deputy governor of Sveriges Riksbank reflects on how monetary policy promotes inclusive growth
Brazilian policy rate at lowest level in 30 years
Copom expects inflation to fall to 2.9% this year
Diversified export markets may offset Mexican Nafta showdown
Bank of Mexico sees a failure to renegotiate the trade deal as the biggest risk to the economy
More easing next year if inflation does not pick up – RBNZ
Global supply chains, the rise of China and the digital economy led to a low traded-goods inflation
Venezuela to launch cryptocurrency as cash crisis continues
New cryptocurrency will be backed by Venezuela’s oil reserves and other raw materials; new ‘blockchain observatory’ has responsibility for oversight
Goodfriend nominated to Fed board
Central bank veteran to fill one of the four vacant spots on the board of governors
Bank of Korea makes first hike in six years
Central bank triggers hiking cycle despite below-target inflation, as economy shows “solid” growth
Strong growth and lower unemployment allows Fed to normalise policy, Yellen says
Outgoing chairwoman adds policy is not preset and will depend on economic data
Slower health care price rises limiting US inflation, San Francisco Fed paper says
Medicare prices rise by 1.1% annually since 2012, compared with 3.5% in mid-2000s
Distorted Swiss surplus not good base for policy – Jordan
Multinationals’ operations, higher nominal rates abroad and Swiss franc appreciation increase the surplus
ECB officials disagree on open-ended QE
Agreement on keeping private-sector purchases sizeable, which would increase their importance