Interest rates
Natural rate is rising in US and eurozone, BIS study finds
Research adds to debate on metric but warns it is “blurry guidepost” for monetary policy
ECB suffers first loss in two decades as rate risk bites
Loss takes €7 billion chunk out of central bank’s equity
Bailey hints at possible outcome of Bernanke review
Bank of England may present range of scenarios around central forecast
Escaping the structural liquidity trap
Investment needs to be subsidised not taxed if developed countries want to avoid inflation and financial crises, writes Andrew Smithers
The BoJ’s possible path to positive rates
Are market expectations about a spring shift from negative Japanese rates credible, asks Sayuri Shirai
Bundesbank research looks at German banks’ forecasts
Economists measure lenders’ effectiveness at planning for rates cuts
Reserve Bank of Australia holds policy rate
Central bank has not ruled out further hikes while inflation eases
Debtor nations face ‘long-term pain’, BdF research finds
Long-term debt issued when rates were higher will create burden, Banque de France paper says
Basel’s cherry-picking toughens IRRBB shock scenarios
European banks want higher outlier thresholds to offset higher confidence level in new standard
Governance and diversity at the Federal Reserve
Could changes in governance practices have contributed to poor performance in 2021–22? asks Jeffrey Lacker
Monetary policy transmission may have grown weaker – Dallas Fed
Research finds countries with slow and fast pass-through rates experience similar demand effects
European monetary transmission ‘weaker and slower’ – IMF paper
Latest tightening cycle weakened by market concentration and ample liquidity, authors find
Fed governor bolsters hopes for rate cuts in 2024
Strong state of US economy means there is no need to rush, argues Christopher Waller
Market ‘exuberance’ a problem for central banks – Gopinath
Easier financial conditions may be coming too early, IMF official says
Bank of Korea holds rates amid property market concerns
Governor Rhee Chang-yong warns cutting rates too soon could reignite inflation
Sri Lanka considers move to single policy rate
CBSL plans overhaul of monetary operations and improved liquidity forecasting
Dallas Fed chief backs slower balance sheet runoff
Lorie Logan says liquidity is no longer “super abundant”
Banknotes: October to December 2023
A round-up of news and salient issues that have affected central bankers in the past three months
Caucasus central banks cut rates as inflation falls
Armenia, Azerbaijan and Georgia continue gradual easing, with Armenian inflation at -0.5%
Chile cuts rates for fourth consecutive meeting
Board forecasts inflation will return to 3% target in 2024
Colombian central bank begins cutting rates
Board splits over decision, as inflation remains above 10% while economy slows