Interest rates
Fed holds rates and maintains asset purchases in first vote since membership shake-up
Esther George, president of the Federal Reserve Bank of Kansas City, votes against QE in her first meeting
Hungary defies IMF to cut rates again
Central bank cuts rates in six consecutive meetings, despite IMF warning that inflation is not well contained and looser policy will do little to boost the economy
ECB’s Praet warns against ‘hazardous’ policy experiments
Executive board member says he is ‘very sceptical’ of suggestions to raise the inflation target, but cautions against complacency over policy toolkits
New studies tackle diverse inflation outcomes in eastern Europe
Papers by the IMF and National Bank of Slovakia assess factors behind incomplete interest rate pass through and divergent drivers of inflation in eastern Europe
Polish monetary policy council divided on size of rate cut
National Bank of Poland lowers interest rate for third successive meeting; some council members push for even deeper cuts
Carney insists Bank of Canada will tighten policy despite holding rates again
Mark Carney says the withdrawal of monetary stimulus is postponed, but not cancelled, as Bank of Canada’s governing council holds rates again
Further dispute among Fed presidents
Three more Federal Reserve bank presidents deliver their verdicts on the FOMC’s accommodative policy stance
Bank of Canada front-runner discusses interest rate rise
Tiff Macklem, tipped to be the next Canadian governor, reveals concern over household imbalances despite ‘signs of stabilisation’ and points to potential interest rate rise
Kenyan interest rate continues to plummet
Benchmark interest rate nearly halved since September; latest cut intended to increase uptake of expanding private sector credit
BoJ formally asked to double inflation target
Japanese government pressures Bank of Japan to increase short-run inflation target to 2%; no action likely before next monetary policy meeting on January 21–22
Draghi denies calls for rate cut as ECB holds again
European Central Bank's governing council holds rate, as inflation and growth remain steady; Mario Draghi optimistic about growing financial market confidence
Riksbank cuts rates in face of slowdown
Executive board votes to cut benchmark interest rate by 25 basis points to 1% and revise down forward guidance on rates; some members say actions should have gone further
Central Bank of West African States boosts growth estimates
Monetary policy committee praises member states’ investment in agriculture and infrastructure; holds benchmark interest rate
BoJ paper finds noisy reference rate can create volatility
Working paper studies effect of reference rates on stabilising or destabilising interbank markets; finds noise in rates reported by large banks can feed volatility and impair monetary policy
Ingves defends position on rate-setting
Sveriges Riksbank governor insists in the absence of other instruments monetary policy should deal with potential risks of household indebtedness
Malawi minutes explain rate rise
Interest rate increased by 400 basis points as inflation hits 30.6% and the Malawian currency depreciates ‘faster than expected’
Fed paper examines commodity price correlation
Study find lower interest rates capable of smoothing price divergences
Interest rate cut finally passes in Poland
Polish central bank’s monetary policy council agrees to cut rates by 25 basis points to 4.5%, after proposed cut mentioned in fourth successive meeting
Bank of England MPC unanimously rejects QE
Minutes from the Monetary Policy Committee’s meeting show debate about the potential effects of further asset purchases; unanimous vote to maintain programme level and hold interest rate
Nigeria commits to tight monetary stance
Interest rate held at 12% despite decline in growth and core inflation
Interest rates ‘too blunt’ to address financial stability, says Chilean governor
Chile’s Rodrigo Vergara says rates are often not the most efficient instrument to tackle financial stability issues
BIS’s Caruana warns of low interest rates risk
Jaime Caruana says low interest rates have created a ‘first-mover disadvantage’ that prevents rates rising and could fuel financial instability
Svensson sheds light on Riksbank division
Sveriges Riksbank deputy governor explains schism in central bank’s monetary policy committee; says choice of repo-rate path is flawed
External members again dominate Hungary’s monetary council
The council’s four external members outvote the governor and his two deputies for the third consecutive meeting, minutes show