Inflation
Immigration reduces inflation in US – IMF paper
But immigrants put upward pressure on house prices, study finds
Norges Bank says time is not yet right for easing
Central bank holds rates, but suggests cut is likely in March
Inflation uncertainty spills over into US – Fed study
Lack of clarity over input costs and interest rates leads to lower levels of investment, study finds
Bank Negara Malaysia holds policy rate
Central bank has left key rate unchanged for 20 months against backdrop of strong growth
Large firms drive inflation in advanced economies – BIS study
Analysis of barcode scanner data finds pricing decisions by individual companies have outsize impact
2025 capital market expectations: slowing but not sinking
Monetary policy is the governor of the relationship between growth and inflation
Bank Indonesia delivers surprise rates cut
Central bank shifts focus from backing rupiah to supporting growth with 25bp easing
BoJ to discuss whether to raise rates, deputy governor says
Himino Ryozo says policy-makers need to monitor wage growth and future US policies
BoE study suggests policy can affect inflation expectations
However, many households still have theoretically “wrong” idea about effects of tightening
IMF: $44bn loan deal to Argentina fell short of expectations
Monetary policy’s effects limited as central bank suffered heavy cashflow losses, evaluation finds
Serbia rules out further easing for now
Central bank says previous rate cuts have yet to make full impact
Banxico board uncertain on pace of easing, minutes reveal
Members had differing views on inflation dynamics and effects of tariffs in December meeting
Fed board members pledge caution in cutting rates
Governors say unemployment and inflation risks are roughly in balance
Central banks must be responsive to commodity price swings – BIS
Risk of transitioning to “high-inflation regime” may require more active policy, bulletin says
Madagascar’s governor on targeting M3 over inflation
Central Bank of Madagascar head Aivo Andrianarivelo speaks about introducing an interest rate corridor, diversifying from dollars to gold, using instant payments to bolster inclusion and drawing on IMF sustainability funding
Turkey makes 250bp cut
MPC narrows rate corridor by 300bp as inflation shows signs of cooling
Distributions allow better state-level forecasts – RBI paper
Authors find new method incorporating inflation and expectations can cut forecast errors
Unfunded fiscal spending leads to lower real rates – research
Deglobalisation could limit ability of monetary policy to control inflation, says author
Colombia surprises markets and slows easing cycle
Quarter point cut a “strong message” of independence by central bank, analysts say
Mexico continues easing with quarter-point cut
Analysts think larger reduction is plausible but central bank stays cautious
China holds benchmark lending rates
One- and five-year loan prime rates unchanged after authorities pledge to loosen policy next year
Central Bank of the Philippines cuts policy rate by 25bp
Third reduction in a row follows Fed’s quarter-point cut
BoJ holds rates, completes broad monetary policy review
Governor admits bank has been slow to raise rates, but highlights need to assess wage data and US policy