Interest rates
Paper examines US pensions’ effects on natural rate
Welfare effects of possible reforms depends on productivity growth, Bank of Italy paper finds
Kyrgyzstan central bank hikes rates as inflation rises
Fifty-basis point hike brings rate to 5.5% amid rising inflation and following political upheaval
Will Treasury yields keep on rising?
Falling price of US bonds may force reserve managers to change duration to preserve capital
Powell: US economy still ‘a long way’ from meeting Fed goals
Fed chair predicts continued need for low interest rates and QE, as recovery remains “uneven and far from complete”
Bank of Israel maintains stimulus despite rapid vaccination
GDP shrank by 2.4% in 2020, less than previously forecast
Norges Bank’s policy space ‘almost exhausted’ – governor
Norwegian governor warns public spending is increasingly dependent on sovereign wealth fund
SNB should adopt higher inflation target, report says
Senior economists recommend the Swiss National Bank reviews its policy strategy
Bank Indonesia resumes monetary easing
Central bank commits to further government bond purchases on the primary market
Inflation climbs in UK and Canada
Headline figures increased year on year by 0.7% in the UK and 1% in Canada
Bank of Zambia caught between surging inflation and debt crisis
Central bank hikes policy rate as kwacha falls and fiscal spending overshoots targets
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
Mexican central bank board cuts policy rate
Rate-setting board unanimously votes for looser policies despite above-target inflation
Brazilian congress passes central bank autonomy law
Law gives CBB autonomy and sets renewable four-year terms for governor and MPC members
European central bankers see room for fiscal-monetary co-operation
Pandemic showed it was “critical” for both policies to work together, say central bank governors
Eurozone inflation jumps to 0.9% in January
Analysts argue sharp increase was pushed by German tax increase and statistical changes
Reserve Bank of Australia launches A$100bn in new QE
Australian central bank surprises analysts with easing measure, despite more hopeful macroeconomic forecast
Colombian central bank holds rates under new governor
Interest rates remain at 1.75%, a record low; board split in a 5–2 vote
Brazil’s inflation still above target in January
Early reading recorded at 4.3%, adding pressure to tighten policy
BoE paper explores macroeconomic impact of macro-pru
Authors build DSGE model featuring “detailed banking sector” and sticky interest rates
Israeli reserves “well beyond adequacy” – IMF
Fund calls on Bank of Israel to cease FX purchases once inflation returns to target
ECB leaves stimulus unchanged
Lagarde says prompt implementation of EU-wide fiscal stimulus is key to eurozone recovery
Brazil’s MPC removes forward guidance
Rate-setting committee forecasts it will raise policy rate by 125bp during 2021
BoE’s Tenreyro says negative rates likely to work in UK
Looser monetary policy might help limit “scarring” to the economy, says MPC member
Fed’s Clarida says vaccine rollout has ‘brightened’ 2021 economic outlook
Rising Covid cases are downside in near term, but economy should bounce back, says vice-chair