Monetary policy
IMF supports Cabo Verde’s reforms with new programme
IMF supports monetary policy reform and says the central bank must improve supervision and comms
IMF paper analyses Philippines inflation
Longer delay in tightening rates would have led to higher inflation, researchers find
FOMC considers using repo facility
But some committee members warn over possible financial stability risks
Chinese domestic interest rates falling – PBoC official
Key money market rates falling, says PBoC official, and bank will try to boost credit for SMEs
Cleveland Fed paper looks for reasons for flatter Phillips curve
Monetary policy responses to “output deviations” may be key factor, researcher argues
Riksbank’s rate-setters disagree on future rate moves – minutes
Some executive board members stress trade tensions, while others point to local economic strength
NBER paper outlines ‘four-equation model’
Authors expand the textbook three-equation model to account for unconventional monetary policy; extra policy tool is necessary to overcome credit shocks
Central Bank of Egypt holds rates despite lower inflation
Deposit rate remains at 15.75%; core inflation fell to 6.4% in June from 7.8% in May
IMF backs ECB’s looser stance
Directors concerned about banks’ low profitability, and call for common deposit insurance scheme
Are central bank digital currencies inevitable?
Launching a CBDC could protect the pre-eminence of public money, a new report argues
UK households may be too wary on inflation – BoE’s Tenreyro
External MPC member says low financial literacy may affect inflation perceptions
Bank of Canada holds rates despite stronger inflation
Central bank predicts higher growth in coming years but warns of possible trade conflict with US
Powell says Fed will keep US “in a good place”
Some FOMC members considering rate cut to cushion possible future shocks, minutes show
Mexican peso falls on finance minister resignation
Crisis complicates inflation outlook and fuels fear of political interference in independent institutions
Purists lament as most cheer Lagarde as next ECB chief
Lagarde expected to adopt similar philosophy to Draghi at ECB, making the central bank the ‘only game in town’ – at least for a while
Malaysian central bank holds rates
Policy stance remains accommodative as central bank forecasts rising inflation
Turkish governor is dismissed after clash with president
Erdoğan says governor refused his demands to cut rates, local media reports
Loose financial conditions predict output gap – NY Fed paper
Policy-makers can make significant welfare gains by greater focus on financial conditions – researchers
IMF gives Pakistan bailout, but demands central bank freedom
Imran Khan government must have flexible exchange rates and end monetary financing, IMF says
Riksbank shies away from global easing cycle
Swedish central bank maintains rate hike plans despite accommodative policy shift in Europe, US, Australia
RBA’s Lowe: global uncertainty clouding Australian outlook
Governor of RBA emphasises positives, but says global factors complicating prospects
Doves vs hawks: IMF advice on unconventional monetary policy
Funds’ advice on innovative measures has not always “stood the test of time”, writes Philip Turner
Energy prices drive inflation interdependence – research
Core inflation is much less co-ordinated across advanced economies, Bank of Spain paper finds
Bank of Mexico holds rates amid growth fears
“High degree” of uncertainty over inflation as trade tensions with US persist