Monetary policy
Rates on hold after Yellen’s final FOMC meeting
New committee finds unanimity on rate hold, as Janet Yellen prepares to step down
Misinterpreting commodity price swings can be damaging – BIS paper
Whether movements are down to supply shocks or changes in global demand matters for policy, and mistakes can be procyclical when central banks act together
Inflation falls in the euro area despite stronger growth
Annual price increases expected to fall to 1.3% in January, Eurostat says
Governor of the year: Lesetja Kganyago
Kganyago has defended and enhanced the Sarb’s reputation as an independent and well-governed institution against all threats – despite a turbulent political and economic backdrop
Colombia signals end to easing cycle
Despite stronger than expected inflation, board cuts interest rates by 25bp to 4.5%; US policy normalisation and elections could put pressure on the peso in 2018
Weaker dollar may indicate markets expect US slowdown
Weakening currency despite strong growth presents puzzle for policymakers
Turkey lifts inflation forecasts for 2018 and 2019
Weaker lira is expected to keep increasing import prices, with inflation currently in double digits
Ukraine raises policy rates in biggest tightening since 2015
Smolii warns government over need to agree terms with IMF
SBP hikes for first time since 2013
Monetary policy committee acts to “pre-empt” the overheating of Pakistan’s economy
Central bankers assess markets’ reactions to policy changes
Benoît Cœuré warns of complacency among investors as central banks move to normalise
BoJ board notes disappointing inflation indicators
Low inflation and expectations in a “weakening phase” drag on BoJ’s policy outlook
Central bank communications risk circularity, says BIS paper
Policy communications influence market prices and market prices influence policy, warn Stephen Morris and Hyun Song Shin
Draghi strongly criticises US statements on dollar
ECB president calls for US to keep “implicit agreement” on avoiding competitive devaluations
Bank Negara makes first rate hike since 2014
Bank Negara Malaysia is the first South-east Asian central bank to hike rates this year
Bank Indonesia launches joint initiative as rice prices bite
Indonesian central bank and government announce joint measures to control inflation arising from food price volatility
IMF welcomes reform progress in Egypt
A flexible exchange rate and tighter policy have helped stabilise the economy
Kenya not yet ready for more accommodative policy – Njoroge
Central Bank of Kenya leaves rates on hold despite well-anchored inflation and greater optimism; policymakers will continue to monitor interest rate cap impact
Davos experts weigh risks of future crisis
High debt levels, a rise in real interest rates and China are on the agenda for the panellists, who believe another financial crisis is inevitable
Fed paper models risk-taking channel of monetary policy
Model in which monetary expansion increases risk-taking appears to fit with the data
Nigerian central bank acts without MPC after quorum failure
Emefiele holds monetary policy steady, and hails continued fall in inflation
BIS paper: unconventional policies may have depressed natural rate
Economists find shifts in estimates of the natural rate co-move with unexpected changes in unconventional policy
Mester puts forward innovations in policy communication
The president of the Federal Reserve Bank of Cleveland proposes focusing on explaining policy decisions
ECB’s corporate bond-buying had positive effect in Spain, research says
Stimulus reduced yields for non-financial firms and increased credit to smaller companies
Higher inflation in the US could accelerate Fed’s tightening
US Treasury yields rise as GDP growth accelerates and inflation expectations increase