Interest rates
Lagarde awards Schnabel key policy role in renewed ECB board
Panetta leads market infrastructure and payments, banknotes and international relations
Crises are non-linear, beware high debt levels – research
IMF paper warns against complacency on high debt levels
Rates have been falling for eight centuries – BoE research
Study casts doubt on major theories, including secular stagnation; author warns rates could “soon enter permanently negative territory”
Fed avoids year-end cash crunch
Repo market shows barely a ripple over New Year’s Eve after Fed injects a quarter of a trillion dollars
Markets surge as PBoC cuts RRR
Cut designed to support the flagging economy; PBoC insists it is retaining “sound” policy
Macroeconomics is not broken
The discipline has moved beyond the neoclassical synthesis. Critics should too
Schnabel and Panetta appointed ECB executive board members
The final distribution of responsibilities in January will determine the new members’ portfolios
Argentina lowers key rate floor
New governor aims to abandon ultra-tight financial conditions
Bank of Mexico cuts again as growth remains sluggish
Board says economic weakness is likely to persist
BoE holds rate, but two officials vote for cut
Policy-makers note gloomy backdrop and signs that the labour market is “loosening”
Central banks need to avoid dependence on markets, officials say
ECB and Fed officials reflect on relation between bond market expectations and their policy decisions, in farewell conference for Benoît Cœuré
Australian dollar falls as RBA keeps rate cut on agenda
Central bank willing to provide more stimulus after economic reassessment due in February 2020
Turkish central bank slashes rates for fourth time straight
Move was larger than many had expected, and comes as inflation re-enters double digits
Brazil lowers rates to record-low 4.5%
Weak growth requires interest rates “below the structural level”, says the central bank
FOMC calls halt to cutting cycle
Unanimous decision keeps rates on hold; Powell signals no move likely for some time
Brazil likely to end easing cycle with 50bp rate cut
Record-low rates will suffice to boost growth in 2020; inflation up on weaker real
Paul Volcker, 1927–2019
The Fed chair made his name battling inflation, and left his mark on independence and post-crisis financial regulations
Argentinian president appoints new governor
Miguel Angel Pesce rejects high interest rates as means of reducing inflation and backs price controls
Eurozone banks sharply increase voluntary TLTRO II repayments
Firms appear to be preparing for second series of TLTRO III later in December, analysts say
Chilean MPC abandons easing plans amid political unrest
Currency fell sharply in November following prolonged street protests
Fed’s supervision may have added to repo turmoil, Quarles says
Republican lawmaker concerned for financial stability if “bad regulation” is driving monetary policy
Mauritius to roll out forward-looking policy framework
New monetary policy operating framework will look to smooth the yield curve and improve communication with external stakeholders
Chile launches biggest forex intervention in 20 years
Chilean peso has fallen by 14% against dollar since mid-October amid massive street protests
IMF approves new credit line for Mexico as fiscal outlook darkens
Central bank’s success in reducing inflation may be compromised by fiscal weakness