Interest rates
Interbank rate uncertainty raises cost of credit – ECB paper
“Novel measure” helps authors judge effect of disruptions to interbank markets
Egypt sharply cuts rates as inflation slides
Central bank resumes easing cycle, reducing rates by 150 basis points
Summers and Stansbury warn of ‘black hole’ as central bankers debate solutions
Economists say they hope for revolutionary thinking at Jackson Hole conference – “but we are not holding our breath”
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
FOMC divided over July cut, minutes show
Some FOMC members worried by effect of rate cut on US financial stability
Overcoming deflation: Japan’s experience and challenges ahead
Bank of Japan governor Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for the future conduct of monetary policy at other central banks
Latin America’s escape from hyperinflation
Adoption of inflation targeting, flexible exchange rates and prudent fiscal policies in Brazil, Chile, Colombia, Mexico and Peru ended decades of runaway inflation
Argentine governor rules out defending peso ‘far from’ economic fundamentals
Sandleris reaffirms commitment to tight monetary policy to tame inflation
RBA ready to cut rates below record-low 1% – minutes
On August 6, central bank cut its growth projections on higher international trade tensions
Trump attacks ‘horrendous lack of vision’ by Powell
President calls for return to crisis-era policies and acknowledges strong dollar is harming other economies
The roots of the new gold fever
The end of the Central Bank Gold Agreement could herald the return of gold as a key reserve asset
PBoC reforms rates mechanism in bid to cut funding costs
Loan prime rate will replace existing benchmark lending rates
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail and use of CCyBs, highlights challenges of an asymmetric monetary system, hits out at cumbersome payments and warns Facebook’s libra cannot ‘learn as…
Mexico cuts rates for first time in five years
Economy has had weakest first-half growth in six years, Dallas Fed reports
Trump criticises ‘clueless Jay Powell’ as markets plunge
US equity markets face sell off and 30-year treasuries dip below 2% for first time
Fed paper looks at negative rates’ impact on eurozone banks
Effects of policy rate cuts on equity change past the zero lower bound, researchers say
BoE under pressure with July inflation release
Bank of England must deal with recent fall in GDP and Brexit uncertainty
Central banks should use direct lending in shocks – BIS paper
Lending to firms directly could reduce welfare loss during financial shocks, researchers say
Rate cuts support Australia’s economy – RBA assistant governor
RBA cuts rates to record lows in two successive months as GDP growth slows
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works
Erdoğan sidelines senior central bank officials
Move follows dismissal of governor Murat Çetinkaya in July
Shekel’s strength clouds Bank of Israel’s inflation outlook
Economists ponder whether central bank actions contribute to lower prices and what priorities it should consider in the near future
Serbia cuts rates to record low due to falling inflation
Executive board highlights slowdown in global trade, growth and looser policies in major economies
Government assets are just as important as deficits – IMF research
Borrowing costs are determined by structure of public assets