Liquidity
BoE becomes reluctant market-maker of last resort
Gilt market turmoil has again forced the BoE to intervene. Is there a better way?
Four African central banks take policy decisions
Morocco and BEAC increase rates and Tanzania reduces liquidity while Angola cuts policy rate
Some new monetary frictions
Negative net interest set to hit Fed earnings with monetary and fiscal policy implications
Inflation: what went wrong, and why?
Three theories on the causes of high inflation and their implications for policy responses
Fed paper explores rate hike impact on money markets
Monetary tightening likely to impact flows in and out of Fed’s overnight repo facility
Markets starting to reflect ‘tenacious’ inflation, says BIS
Swings in markets highlight investors’ struggle to understand outlook, quarterly review says
ETFs in reserve management focus report 2022
Exchange traded funds (ETFs) have risen in popularity among investors and may be of interest to central bank reserve managers in pursuit of safety, liquidity and returns. Central bank mandates vary, but all reserve managers must navigate a new, complex…
Navigating a new, complex economic environment
In 2021, net assets in exchange-traded funds (ETFs) stood at almost $10 trillion, after inflows of more than $1 trillion
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
More reserve managers use ETFs
Debate around how investor and ETF behaviour interact during times of market stress continues
Morocco’s Jouahri on inflation, forex reform, digitalisation and sustainability
BAM governor speaks about Covid-19, Fed tightening, BIS membership, regional co-operation and inclusion
BoE to act as lender of last resort to UK energy firms
Move aims to counter high collateral demand, given energy market volatility
Joseph Stiglitz on the challenge of fixing macroeconomics
Nobel Prize-winner discusses if central banks went wrong in 2021 and what to do about inflation
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers during the past three months
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions raise questions about the US dollar’s central role
Tensions flare between policy-makers over US Treasury reform
SEC’s proposed rule-changes have “ruffled feathers” at Treasury department
FedNow scheduled for mid-2023 launch
Bowman and Brainard see CBDC substitution and cloud technology advantages
Hungary raises interest rate to 11.75%
Central bank official cites inflation and dispute over rule of law
Chile renews IMF flexible credit line as risks grow
Months after ending the previous facility, Chile has reactivated it
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Ex-NBU governor talks about fund shortfalls, finstab challenges, the CBR and post-conflict rebuilding
US Treasury market preps for reporting showdown
Sifma expected to attack transparency plans; prop traders brand objections “crazy”
Book notes: The Fed unbound, By Lev Menand
This book highlights need for charter-like oversight of shadow banking sector
Philippine central bank raises policy rates by 50bp
The BSP revises upwards average inflation for 2022 to 5.4% from 5%