Monetary policy
Ailing Suriname floats its currency
Defaulting country holds debt talks as inflation and corruption take toll
ECB poised to clarify tapering of PEPP purchases
Analysts agree central bank views higher inflation as transitory and will maintain rate of purchases
Financial sector still a headache for central bank modellers
Macro-financial links are difficult to integrate into key models, with progress since the global financial crisis slow. But some central banks are making breakthroughs
Yellen: ‘slightly higher interest rate’ would be fine
Treasury secretary says US should push forward with spending plans
Governance Benchmarks 2021 report – the frameworks that rule central banks
How are central banks governed? Benchmarking data offers insights on appointments, legal structures, powers, decision-making bodies, independence and more
ECB policy paper says unconventional policy worked
Paper says QE purchases explain “lion’s share” of changes to eurozone yield curves
Central banks face legal risk over climate – ECB’s Elderson
NGOs could sue central banks for failure to take suitable action over climate change, says NGFS chair
Weidmann drops opposition to ‘greening’ ECB bond holdings
Bundesbank president says ECB could limit purchases of corporate bonds from some sectors
Fed adopts single interest rate for reserves
Amendment eliminates separate figure for excess reserves
Firms and supervisors must ‘transform’ climate risk management – regulators
Complexity and uncertainty demand major rethink of risk, say ‘Green Swan’ event speakers
Ingves renews attacks on ‘artificial division’ in proposed Riksbank act
Proposal limits policy flexibility and is “wrong way to go”, governor says
‘Run it hot’: the risks and rewards of a new policy era
Covid-19 has added impetus to an emerging intellectual shift in policy-making. But central banks face unresolved issues – on expectations, on fiscal policy, and on the capacity of the economy to ‘run hot’
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
Eurozone inflation reaches target for first time since 2018
Early estimates suggest HICP inflation hit 2% in May
Boards or committees tend to set monetary policy
Some central banks set the same monetary policies as part of supra-national institutions
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
RBI faces dilemma from US policy spillovers – BIS paper
Authors highlight evidence of “contractionary devaluation” when US monetary policy tightens
Fed’s Quarles says time is coming for taper talk
St Louis Fed’s Bullard says it is “too early” to talk of tapering asset purchases
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
People: Erdoğan fires deputy governor
South Korea appoints new sovereign wealth fund chief; Fed lawyer moves to OCC; and more
Benoît Cœuré on CBDCs, stablecoins and central bank fintech co-operation
BIS Innovation Hub chief voices concerns about the timing of stablecoin and CBDC roll-outs, fintech risks for supervisors and monetary policy, and details development plans for eight innovation locations
Mexican president says he will not renew governor’s mandate
President questioned why central bank could not transfer executive 2020 operational profits
Reserve management in China: foreign reserves, renminbi internationalisation and beyond
Hui Feng explores how China has managed its reserves over the past decade, detailing the dynamics of the PBoC's investment strategy and how reserve management has impacted monetary policy