Interest rates
ECB posted €1.3bn loss in 2025
Reserves grew by €13.6bn while central bank thinned balance sheet by €37.3bn
Policy normalisation may cause economic contraction – BoJ study
Effects greater under less credible forward guidance, central bank researchers find
High tariff regime in the US is ‘here to stay’ – BoE’s Taylor
Impact on trade flows and pricing will take years to play out, MPC member says
Banxico minutes signal potential resumption of rate-cutting cycle
One-off hit of tax rises and tariffs could see rates cut in March
Bank Indonesia holds rates again to defend currency
Weak rupiah to delay rate cuts as ratings downgrade weighs on investor appetite, analyst says
FOMC minutes show sharp division in projections
Some members argue rates may need to be raised while others make case for easing
Egypt cuts rates by 100bp and lowers reserve requirements
Central bank continues to reverse tight monetary policy stance as inflation gradually declines
Russia eases by 50bp despite inflation risk
Central bank says pro-inflationary threats are still greater than disinflationary ones
Zambia cuts rates by 75bp to 13.5%
Inflation expected to fall to within target range by next quarter, central bank governor says
RBI keeps policy steady
Policy committee takes positive view of inflation and growth outlook, despite some external headwinds
Full ‘postmortem’ on QE yet to be written – Klaas Knot
Former DNB governor expects Fed to continue international monetary diplomacy under Warsh
Lenders use strict covenants to hedge against rate hikes – study
US banks exposed to policy volatility use breaches to cut lending in tightening cycles, authors say
BoE holds rates at 3.75% in yet another close decision
Good progress on disinflation and weak labour market open door for cut in March
RBA tightens policy, citing higher-than-expected inflation
Australia’s first rate hike since late 2023 had been expected by economists
Colombia shocks markets with 100bp rates hike
First tightening in nearly three years comes after government announces 23% rise in minimum wage
South African central bank holds rates in split decision
Sarb stays cautious as country continues to adjust towards new 3% inflation target
Brazil holds rates again but signals easing at next meeting
BCB may cut by half point in March as forward guidance is ‘explicitly dovish’, analyst says
Bank of Ghana slashes rates by 250bp
Institution says fiscal consolidation and plummeting inflation justified additional easing
Fed risks president’s ire by holding rates
Experts say decision was obvious way to go, given US labour market and inflation figures
Chile holds rates at 4.5%
BCCh in no rush to cut but says inflation likely to undershoot previous forecast in short term
Banxico to slow easing cycle in 2026
Tax reforms and tariffs on China expected to have one-off effects on prices, Mexican central bank says