Monetary policy
Over 40% of central banks lack formal recapitalisation agreement
Ten banks were recapitalised in the past year
Ghana raises rates to 28% despite fall in inflation
Central bank also points to credit risks in banking sector
Some central banks report pressure to change monetary policy
Central banks mention financial and political factors impacting independence
ECB monetary policy spills over to US – Chicago Fed study
Resulting appreciation of dollar causes US leveraged loan investors to demand more compensation
Ethiopia holds rates to tame inflation
Central bank says it aims to reduce figure from 15% to single digits in “medium term”
Hungary holds rates amid continuing upside risks to inflation
MNB points to geopolitical and trade uncertainty in explaining first policy decision under new governor
PBoC tweaks lending facility as framework reform continues
Chinese central bank phases out MLF’s role in monetary policy by allowing dynamic pricing
BIS paper links long-term rates decline to FOMC meetings
Study finds 70% of drop in rates in G10 countries is due to market moves close to Fed meetings
Turkey raises overnight lending rate in emergency move
Central bank tries to protect lira after opposition figure’s arrest triggers fall in currency
Iceland and Switzerland cut rates, while Sweden holds
Central banks highlight global developments and high levels of uncertainty
Central Banking Awards 2025: final winners announced
Last group of awards includes governor of the year and lifetime achievement
FOMC holds rates amid uncertainty and stagflation risks
Fed chair Jay Powell says inertia also a factor as committee opts for caution
Denmark will reach r* this year – central bank
National Bank of Denmark continues 26-month streak of non-intervention in FX market
Financial market infrastructure services: Nasdaq
Nasdaq has added a monetary operations portal to its cloud-based reserves services as part of its growing integrated suite
Insurers play key role in monetary transmission – IMF paper
Authors show sensitivity to long end of yield curve is “causally connected” to risk premia
Forward guidance ‘partly to blame’ for inflation – panel
ECB should do more scenario planning, revise collateral rules and incorporate Taylor principles
ECB framework needs ‘few tweaks’ – panellists
Digital euro is “even more important” in the wake of Trump CBDC ban, says BdF governor
Bank of Canada cuts rates by 25 basis points
Monetary policy “cannot offset the impacts of a trade war”, says central bank
Pakistan pauses easing cycle after six consecutive rate cuts
Central bank says high core inflation could still drive up overall price levels, despite fall in headline figure
MNB to follow ‘disciplined, patient policy’ – new governor
In first speech since taking office, Varga says bank will closely monitor food and service inflation
European Central Bank continues easing with 25bp cut
Revised forecast points to stunted growth, as Lagarde says bank is operating in “high uncertainty”
BIS paper explains monetary policy’s impact on long-run rates
Authors say “forgiving” economy allows central bankers to set policy without clear view of r*
Winds of change 2025: spotting opportunities after peak yields
The outlook for the US fixed income market and emerging and developing market debt