Monetary policy
Upgraded Moody’s outlook puts Sarb rate cut bank on the menu
Lower inflation and an appreciating rand mean the South African Reserve Bank could cut rates at its meeting next week, but analysts think it might be too soon
PBoC gains two-headed leadership
In appointing Guo Shuqing as party secretary at the PBoC, president Xi Jinping appears to be strengthening party control over the central bank
Communications on financial stability should be strengthened
The IMF’s Olga Stankova outlines how central banks and other official agencies can better communicate their financial stability work
Technological change has contributed to low wage increases – Riksbank’s Skingsley
Monetary policy can respond by balancing high resource utilisation with price stability
Lagarde proposes new European fiscal fund
The mechanism would reduce reliance on monetary policy to respond to future crises
Fed policy should become more neutral – Bostic
As the economy operates close to potential and inflation approaches target, rates can be raised, the Atlanta Fed president says
Incoming RBNZ governor signs deal on new mandate
Agreement establishes dual mandate in the birthplace of inflation targeting; government reveals more details on changes to decision-making structure
Canada’s Wilkins calls for improved macro frameworks
Bank of Canada deputy highlights the importance of better models and improved data in understanding impact of monetary policy on stability
BoE on track for May rate hike
MPC votes 7-2 in favour of maintaining rates at 0.5% but leaves the door open for two potential rate hikes in 2018
SNB achieved record profits in 2017
Acquisitions of euros and dollars via foreign exchange interventions yielded 91% of the gains; SNB reshapes portfolio with greater share of equities and riskier bonds
Mongolian central bank opposes interest rate cap
Mongolia has some of the world’s highest interest rates, but the central bank warns caps are not the right solution
Who is Yi Gang?
Hui Feng says Beijing’s choice for PBoC chief fits into a wider liberal cadre across senior financial positions – but Yi faces plenty of challenges in delivering reform
Powell strikes cautiously upbeat note in first policy press conference
Federal Open Market Committee shifts economic forecasts up marginally
Fed’s unconventional policies similar to measures in 1920s, says research
Market operations early in the 20th century more than tripled Fed’s Treasury portfolio
Kenyan central bank condemns interest rate cap legislation
Rules introduced in 2016 have restricted access to credit for small firms and impaired the central bank’s ability to conduct monetary policy
Nigerian central bank hopes for end to monetary policy committee deadlock
Governor says country’s lawmakers should approve MPC nominees soon
Populism challenges central banking independence, Bruegel says
Brussels-based think-tank gathers various works on the matter; overdue debates on inflation targeting could open
China picks Yi Gang to lead PBoC
US-trained Yi is viewed as a pro-market reformist, who has worked under his mentor Zhou Xiaochuan for two decades
Bank of Israel profits from rising equities – market operations director
Andrew Abir says Israeli central bank has benefited from rising US equities
Re-pricing of assets could dampen global recovery, RBA deputy warns
Debelle says equities may be mispriced and says interest rates show “puzzling” features
PBoC set for new governor
President Xi Jinping’s adviser Liu He widely expected to be named next PBoC governor
Yakiv Smolii confirmed as Ukrainian governor
Interim governor voted in as permanent head after 10 months
SNB struggles to end ultra-loose policy regime
The Swiss central bank’s hopes of normalising policy are being held back by weak expectations, a strong currency and policy actions abroad
Norges Bank board strikes more bullish tone on outlook
Stronger signs from the economy prompt the central bank to bring forward plans for first hike; new inflation target will have limited effect on policy, central bank says