Monetary policy
Don’t underestimate the Fed’s balance sheet unwind – Fischer
Stanley Fischer offers advice to colleagues in his final scheduled speech before leaving in October: “never say never”
Constâncio discusses possible changes to new ECB model
Modelling of aggregate consumption and expectations must improve - ECB vice-president
Senior figures disagree over future of central bank mandates
Independence for central banks has been a success and is vital for carrying out mandate; Otmar Issing says ECB should not act as a substitute for politics
Debelle calls for more thought on financial stability independence
RBA deputy says financial stability needs its own intellectual framework; panellists warn independence likely to face tougher challenges ahead
‘Substantial’ accommodation still needed in euro area – Liikanen
Bank of Finland's governor says improved growth and investment prospects have failed to affect inflation; underused capacity expected to be taken up “gradually”
Poor monitoring led to rise in NPLs, says Rwanda’s central bank
NPLs rose to 8.2% in June, according to central bank stats; banks urged to strengthen monitoring and credit underwriting processes
Banks ‘still groping toward’ macro-pru transparency – Eichengreen
Central bank governance expert says central bank transparency is getting better around the world, although New Zealand, Argentina and some Central American institutions could make improvements
Yellen stresses commitment to ‘gradual’ rate hikes
Fed chair examines possible factors behind disappointing inflation results, but concludes gradual rate hikes are still warranted
John Williams on the neutral rate of interest and mandate change
The president of the Federal Reserve Bank of San Francisco speaks about the plunge in the natural rate of interest, and why it means central banks should work together to review their price stability targets
Bank of Ghana pauses policy easing on inflation worries
Central bank holds interest rates at 21% to see if external pressures will prove persistent; improvement in export prices will provide country with buffer against shocks
Nigerian state uses central bank as ‘piggy bank’ – MPC member
Central bank policies are crowding out private investment, economist argues
SNB’s Jordan praises John Taylor legacy
The governor values how the Taylor rule has provided policy guidance, becoming an important benchmark
‘Fault lines’ may be re-emerging, warns Bini Smaghi
Societe Generale chairman says supervisors should not rest easy until they have a better understanding of the “fundamental causes” of financial crises
Central banks may be thinking wrongly about inflation – Borio
BIS economist says inflation may not always and everywhere be a monetary phenomenon, which could help explain why the natural rate is so low
Don Kohn extols virtues of co-operation across policy domains
Good communication between policymakers in different spheres and complementary policy action can bring significant benefits, FPC member says
Bank of Canada deputy warns about negative effects of protectionism
Timothy Lane says populism may lead to less trade and lower standards of living
Tapering ECB asset purchases could free up market forces- Bundesbank board member
Market reaction hard to predict, Joachim Wuermeling says
Stronger Canadian dollar weighing on policymakers' minds – Lane
Bank of Canada deputy says bank is paying ‘close attention’ to how markets respond to higher interest rates and stronger currency, which could threaten supply chains
Caruana urges rethink of global co-operation
Closer co-operation across economic policymaking could help to dampen the backlash against globalisation, BIS chief says
Turkey keeps rates unchanged on high inflation
Central bank says tight stance will remain until prices approach 5% target
Leading asset manager warns policy normalisation ‘may never occur’
Northern Trust believes monetary policy is unlikely to revert to pre-crisis levels; observers say central banks are broadly taking the right approach
Falling Swiss franc boosts inflation but SNB policy is unchanged
SNB revises down GDP growth forecasts and warns franc “remains highly valued”
Hawkish signs appear in BoE’s latest communication
Committee still split 7–2 in favour of keeping policy on hold, but members flag possibility of a hike at the November meeting
Denmark central bank issues warning as economy heats up
The National Bank of Denmark cautions the labour market is tight and the economy may be close to overheating