Interest rates
Russia cuts on carry trade concerns
Bank of Russia chops a further 0.25% off its key refinancing rate and intervenes in currency markets on worries of rouble strength
When to exit?
In Central Banking’s second webinar, sponsored by BNP Paribas Securities Services, Charles Goodhart, Lucrezia Reichlin, Paul Mortimer-Lee and Gabriel Stein discussed when central banks should raise rates
Bank of Korea – Monetary Policy Statement (February)
South Korean central bank’s February statement shows the worries of a Greek default played a part in its maintenance of a loose policy stance
RBA justifies surprise hold
Reserve Bank of Australia says decision to keep cash rate at 3.75% came on back of success of previous hikes
Governors back greater role for monetary aggregates
Christian Noyer, Glenn Stevens and Duvurri Subbarao say more attention must be paid on monetary aggregates
Hungary split on size of cut
Minutes of the Hungarian central bank’s January meeting reveal that three members wanted a larger cut than was ultimately implemented on the threat of disinflation
China surprises with second reserve requirement hike
People’s Bank of China ups its reserve requirement ratio by 0.5 percentage points to drain excess liquidity from system
Fed’s Kohn: don’t underestimate interest-rate risk
Federal Reserve’s Don Kohn says it is crucial interest-rate risk does not undermine the safety and soundness of the most important lenders
Kuwait makes surprise 50bp cut
Central Bank of Kuwait trims half a percentage point off key rate in the face of low inflationary pressures and to encourage lending to non-oil sectors
Rate round-up: bulk of central banks hold
Rate decisions this week see a slew of institutions maintain policy stance
Bank holds rates, halts asset purchases
Bank’s rate-setters stand pat, pointing to a clash of pressures between inflation and anaemic growth; ex-MPC members concur
Fed is best in crisis, says British think-tank
The Federal Reserve’s credit easing operations have fostered a quicker recovery than in the UK and eurozone, research finds
Norway puts rate rises on ice
Pause in exit strategy as recovery “takes hold”, inflation likely to fall
RBA surprises with rates freeze
Reserve Bank of Australia wrong-foots markets after three straight hikes, cites Chinese policy tightening
China must look to interest rates: OECD
Paris-based organisation calls on Chinese central bank to move interest rates rather than putting liquidity controls in place
No hikes if inflation stays below 8.5%: RBI
Indian central bank’s governor and deputy governors say hikes could dampen growth, key rates to stay flat unless inflation exceeds 8.5%
Fed could have done more: CEPR paper
A paper reviewing the Fed’s policy actions in the crisis finds that it could have pushed further, according to economic theory
Monthly report (January) – Bank of Japan
Bank of Japan sees upward pressure on corporate goods prices, increases in exports and production
RBI hints at tightening ahead of policy meet
Reserve Bank of India flags inflation as “major concern” on eve of rate vote
Kansas’s Hoenig dissents at FOMC meeting
Kansas Fed president Thomas Hoenig votes against action to keep promise of extremely accommodative policy
Services inflation must fall: Bank’s Sentance
BoE rate-setter Andrew Sentance says spike in goods inflation is increasing pressure for services inflation to be controlled
Iceland cuts by 50 bp as króna stands ground
Unexpected reduction leaves borrowing costs at 9.5%, central bank notes Icesave debacle failed to impact króna
SARB split over rate hold
Majority opt to hold rates at 7%, governor discusses inflation-targeting review
Timing is everything: RBI’s Subbarao on exit
RBI governor Duvvuri Subbarao stresses the need to support recovery while addressing soaring inflation a week ahead of next policy meeting