Monetary policy
IMF says Chad and BEAC reforms must continue
Multi-state African central bank must make changes to policy framework, IMF staff say
Argentina’s exposure to capital flows limits central bank actions
Peso seen as likely to remain under pressure despite forex interventions and sharp tightening
Policymakers should focus on slack even amid uncertainty – Fed paper
“Standard advice” from the literature may be flawed under current conditions, authors warn
Clarida confirmed as Fed vice-chair
US Senate approves appointment with 69 votes in favour, 26 against and four abstentions
Turkish lira back under pressure amid Moody’s downgrade
Central bank raises overnight borrowing limits; dwindling reserves could prove a challenge in the months ahead
IMF paper proposes cash-based solution to zero lower bound
“Decoupling” cash from electronic money could be an alternative to QE or a higher inflation target, the authors say
Powell warns not all US problems can be solved by Fed
Fed chair implicitly defends monetary policy in face of Trump’s attacks
Reserve requirements an effective tool to balance capital flows – BIS research
Higher interest rates encourage more inflows, but adjustments in reserve requirements can strike a better balance
Senior Fed officials split over the state of US job market
Regional presidents and FOMC members see US under, approaching or beyond full employment
Monetary policies spill over to currencies, BIS paper says
Paper examines impact of multiple monetary policies on cross-border bank lending
Financial stability mandate could ‘undermine’ monetary policy – Weidmann
Bundesbank governor says putting financial stability on par with price stability would be a mistake
Denmark completes RTGS renewal
New functionality will allow Danish banks access to Europe’s Target2-Securities in late 2018
ECB policy changes foreign-denominated lending – Bank of Spain paper
Tighter ECB policy usually leads to increased lending abroad, researcher finds
Trump says Federal Reserve should give him ‘some help’
US President says central bank should hold policy rates while he negotiates trade deals
Australian central bank holds rates, but governor warns of future rises
Board members confident about effects of tighter Fed policy and possible trade disputes
Chile’s central bank says recovery is strengthening
GDP grows 5.3% year-on-year as central bank holds policy rates for 15 months
Chinese banks boost lending, official figures show
Overall credit supply grows year-on-year but is outpaced by increase in bank lending
Vietnamese government orders tougher capital ratios for banks
Banking modernisation plan pledges increased central bank independence but is short on details
Bank of Mexico board unsure about new government’s fiscal policies
Board members said uncertain policies of incoming government may alter domestic demand
Fed may have to speed up rate rises, Australian governor warns
Philip Lowe says fiscal stimulus could lead to US inflation growing faster than expected
Brian Wynter on Jamaica’s inflation-targeting transition
Jamaican governor says the end of fiscal dominance plus the creation of a two-way forex market and an effective interest rate policy mechanism essential for “full-fledged” inflation target
BdF paper looks at ‘hawks, doves and swingers’
Education and economic conditions at birth shape the views of FOMC members, argues the paper
Atlanta Fed estimates US GDP growth remains above 4%
Economy expanded by 4.1% in Q2, in strongest performance since mid-2014
Norges Bank holds rates as inflation stays below target
Norwegian governor said in March he expected next rate hike to come “after summer”