Interest rates
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Central Bank of Armenia governor says central banks can start to regain credibility by admitting their mistakes. This could include employing a risk-management approach to monetary policy aimed at avoiding nonlinear ‘dark corners’ and placing much less…
Ghana hikes rates again as inflation passes 40%
Governor says country faces “huge financing gap” as government uses central bank credit
Guatemala accelerates hikes while Dominican Republic pauses
Dominican core and headline inflation falling, but pressures are rising in Guatemala
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Bank of Canada posts first quarterly loss in its history
“We do not make policy to maximise our income,” says Macklem
Bank of Thailand raises interest rate by 25 basis points
Central bank decision comes after headline inflation eased to around 6% in October
Rates round-up: Pakistan adds 100bp to main rate
Central banks raise rates in Kenya, Congo and Iceland
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
Balance sheet policy needs rethink, economists say
BoE chief economist says central banks should focus more on risks of assets they buy
Riksbank slows down normalisation with 75bp rise
Ingves chairs last policy decision as Riksbank predicts higher inflation and lower growth
UK Treasury makes first payment to BoE to offset QE losses
Indemnity was “integral” to QE but “day of reckoning” had to come, economist says
Bank of Israel slows down policy normalisation
Central bank increases rates by 50bp to 3.25%, as inflation stood at 5.1% in October
RBNZ delivers record 75bp rate rise to curb inflation
Central bank now expects policy rate to peak at 5.5% next year, up from previous estimate of 4.1%
PBoC keeps key lending rates stable
China’s central bank maintains reference rate for mortgages but calls on banks to support developers
Eurozone banks’ TLTRO repayments are below market expectations
Slow pace of repayments may hamper ECB policy normalisation, some analysts say
ECB’s policy rate should reach 2% in December, Villeroy de Galhau says
Banque de France governor says “jumbo” rate hikes “will not become a new habit”
Argentine central bank debt poses major risks, analyst says
Moody’s analyst says central bank faces macroeconomic crisis as short-term debt rises
ECB warns array of risks threatens financial system
Luis de Guindos calls on governments to avoid fiscal policies running against tighter monetary policy
Rates round-up: tighter policy in Uruguay, Rwanda and French Pacific
Persistent inflation prompts further rate rises in emerging market economies
Fed outlook: officials urge caution amid uncertainty
Pace of rate hikes doesn’t need to be as “rampant” as recent moves, says Mary Daly
PBoC keeps key lending rate unchanged
Central bank sticks to accommodative policy as China faces slowdown
ECB’s Panetta warns tighter policy could inflict unnecessary damage
Monetary policy could permanently reduce potential output, argues ECB board member