Interest rates
Peruvian Congress approves central bank board members after two-year delay
Depleted board expected to be back at full strength next week after three appointees finally get green light from the legislature; originally appointed in July, but sacked following street protests
Interest rates best transmit South African monetary policy, say researchers
New Sarb paper analyses five transmission channels for a monetary policy shock, finding interest rates to be the strongest, and asset prices the weakest
Chicago Fed paper aims to explain asset fluctuations through ‘unified' model
Framework draws on two theories of the role of credit in asset price fluctuations; study is first step in larger project
OTC derivatives turnover driven by 'non-dealer' contracts, says BIS
Article in latest BIS quarterly review notes share of inter-dealer trades shrunk to 35% in 2013; trading remains concentrated in major financial centres despite 'rapid' growth in EM currencies
Unexpected increases in Fed funds rate prompt gold prices to rise
Atlanta Fed working paper examining futures data between 1998-2008 finds that unexpected changes in the Fed's monetary policy can influence commodity prices
Norges Bank issues ‘secret' advice on prudential regulation
Norwegian finance ministry will publish central bank recommendations on countercyclical buffers only once it has decided whether or not to follow the advice; bank holds interest rates at 1.5%
ECB ‘ready and able to act’ as staff lower inflation forecasts
European Central Bank holds key interest rate at 0.25% as staff predict inflation drop in 2014; Draghi says governing council is willing to use ‘all available instruments’
'Sticky' deposit rates could cost US households dearly when Fed raises rates
Unwillingness among retail banks in the US to pass on rising market interest rates to depositors costs the country's poorest savers up to $100 million a year, Fed economists find
Departing Bernanke takes stock of Fed's unprecedented actions
Federal Reserve chairman discusses the ups and downs of the bank's asset purchases and attempt to guide market expectations; admits shortcomings but maintains policies are warranted
OECD joins calls for eurozone QE
Organisation says ECB should consider ‘institutional changes' to allow it to buy corporate and sovereign bonds; suggests a timetable for US taper
Leaning against the wind does more harm than good, warns Svensson
Former Riksbank deputy Lars Svensson argues higher interest rates to combat asset bubbles and financial instability have the opposite effect by raising the real debt burden of households
Latvia central bank brings rates and rules in line with eurozone
Bank of Latvia slashes rates to match ECB's ultra-low 0.25%; economists say the move, along with new regulations, was designed purely to ready the country to join the eurozone in January
Bank Indonesia's surprising rate hike to mitigate worse-than-expected trade deficit data
Unexpected rate hike leads economists to fear worse data is on its way; 'deficit problem could be more serious than markets expected', says DBS economist
'Bold' ECB cuts rates as low inflation settles in
Mario Draghi surprises markets by announcing a cut in the main refi rate in face of falling inflation; opinion differs on whether this is the ECB's last throw of the dice
Boston Fed president wants low rates well into future
Boston Fed president Eric Rosengren says Federal Reserve should not raise its short-term interest rates until there is ‘much more progress’ towards full employment and its inflation target
Chilean policy-makers grow concerned over inflation
Central Bank of Chile board members voice concerns over persistently low inflation in their October monetary policy meeting; vote to cut key policy rate for first time in 18 months
Hungarian easing shows no sign of abating
Central Bank of Hungary reduces its key policy rate for the fifteenth time in as many months, and says ‘further cautious easing’ could follow
RBI takes hawkish stance against inflation with another rate hike
Repo rate hike and MSF rate cut bring spread back to its normal level of 100 basis points; ‘material' risk of entrenched inflation could mean another hike is on the way, says DBS economist
Canadian research finds drop in uncertainty following policy changes
Bank of Canada working paper presents evidence that uncertainty over interest rates in Canada fell after recent changes to monetary policy including forward guidance
RBI and industry disagree over interest rate futures launch
Secret consultation on introducing interest rate futures in India finds disagreement between industry and regulators over the nature of the underlying bonds
Bank of Canada holds rates despite drop in growth and inflation forecasts
Governing council holds key policy rate at 1% despite suggesting inflation will take two years to return to target; says economy is rebalancing but the process will ‘take longer than previously projected’
OECD tells Brazilian government to stay quiet on interest rate policy
New report urges government to stop commenting on future trajectory of interest rates, and set fixed terms for MPC members ‘during which they cannot be dismissed'
Bundesbank warns over surge in German property prices
House prices in the country's biggest cities are up more than a quarter since 2010, as investors search for yield amid record low interest rates; lack of supply also plays a role, says new study
Central Bank of Chile cuts interest rates for first time in 18 months
Central bank cuts rate 25bp to 4.75%, amid slowing demand growth and below-target inflation; analyst says inflows, not outflows, biggest concern despite current account deficit