Interest rates
Uganda’s central bank cuts rates to historic lows
Uncertainty around the future path of Covid-19 weighs on growth prospects, governor says
Norges Bank signals September rate hike
MPC says economy is rebounding sharply as officials warn of high household debt levels
Brazil’s MPC raises rate and tightens forward guidance
Central bank warns energy crisis and difficulties in restoring supply are boosting inflation
Powell says US is recovering faster than expected
Majority of FOMC members now expect policy rate hike in 2023, with no decision yet on taper
Central banks will need new tools if low rates persist – Rogoff
Governments must clamp down on crypto assets while central banks develop CBDCs, economist says
Spanish governor favours green monetary policy
Hernández de Cos stresses ECB should account for climate risks in its price stability mandate
Peru holds policy rate amid election battle
Likely winner of presidential election says he “respects autonomy” of central bank
Global recovery is ‘double edged’ for EMEs – Carstens
“Too soon” to say whether inflation will be sustained but markets may overreact, says BIS chief
IMF sees scope for unconventional monetary policy in Thailand
Yield curve control with forward guidance might be the best option for BoT, fund says
Yellen: ‘slightly higher interest rate’ would be fine
Treasury secretary says US should push forward with spending plans
Fed adopts single interest rate for reserves
Amendment eliminates separate figure for excess reserves
EU common debt to boost euro’s international role – ECB
Currency still faces negative rates, fragmented debt market and lack of triple-A assets
Ghana’s central bank cuts interest rates to 13.5%
Inflationary pressures have all but disappeared, central bank says, but uncertainty around new variants could undermine recovery
New York Fed announces record use of reverse repo facility
Value of transactions exceeds December peak and number of counterparties nearly doubles
Mexican board members concerned by inflation, minutes show
Bank of Mexico board held rates at 4% in spite of 6.1% year-on-year inflation in April
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
ECB should adopt symmetric 2% target with AIT – US economist
Academics and former officials say ECB’s new policy framework needs to be nimble to react more quickly to inflation changes
Brazilian central bank publishes CBDC guidelines
Model under consideration would be intermediated by national financial system
Mexican president says he will not renew governor’s mandate
President questioned why central bank could not transfer executive 2020 operational profits
Icelandic central bank hikes rate as inflation climbs
Central bank faces trade-off as unemployment remains high
Book notes: Quantitative easing, by Jonathan Ashworth
Well-documented and fairly comprehensive book for anyone, including central bankers, wanting an overview of how monetary policy has evolved in recent decades
Policymakers should consider adjusting ECB’s target – BdF paper
Lower eurozone r* points to adjustment of monetary policy strategy, researchers find
BoE paper explores liquidity traps with ‘Hank’ model
Precautionary savings can send economy into deflationary spiral, authors find
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella. To understand current policy challenges, we must first understand money creation