Monetary policy
PBoC to resume open market China bond trading
Analysts expect purchases by central bank to support liquidity and government fiscal policy
Trade fragmentation not always inflationary – BoE study
Tariffs influence prices based on how sudden the shock is and how demand adjusts, researchers say
PBoC’s language suggests policy shift on yuan – China economist
Central bank drops ‘cautious’ from pronouncements on currency’s internationalisation
Career concerns can lead to better FOMC voting – NBER paper
Study examines range of biases among Fed decision-makers
BoK holds policy at 2.5% and signals room for further cuts
Rhee Chang Yong says four of six board members open to cutting to 2.25% over next three months
ECB and BoJ officials reject explicit forward guidance
Central bankers promote ‘meeting-by-meeting’ approach to rates setting
Venetian lessons for today’s central bankers
Loose money and lost credibility in 17th century city state provide a cautionary tale about the importance of international investor confidence, argues Biagio Bossone
Central bank watch: Measured moves
Franklin Templeton analysts assess the monetary policy outlook for the G10 central banks, plus China, India and South Korea
Top officials weigh impact of trade war and AI
ECB president says impact of US tariffs has been “exact opposite” of expectations
Tariffs will not solve US ‘twin deficits’, BdF governor says
Villeroy de Galhau wants to maintain spirit of transatlantic co-operation despite disagreements
Digitisation of money brings more regulatory risks – IMF head
Georgieva says crypto regs are in early stages and not yet coherent internationally
Singapore holds policy as economy slows
MAS says this year’s growth will continue to moderate over coming quarters
The voice of the central bank in times of uncertainty
The NBU’s monetary policy head Volodymyr Lepushynskyi explains the importance of transparent communications in maintaining trust and managing expectations
Scenario analysis widely used to assess risk but communication varies
Most central banks produce multiple forecasts to illustrate monetary policy risks, but less than half publish them
Iceland, Romania and Serbia hold, while Poland cuts rates
High food inflation continues to affect eastern Europe
Philippines unexpectedly cuts policy rate
Central bank says government spending concerns have weakened business sentiment
Asean+3 central banks have space to buffer shocks – Amro report
Study says institutions are capable of more accommodative policy, should external circumstances demand it
Lagarde revives pitch for euro’s international role
Single currency can become ‘true source of strength’, ECB president says
Bank of Thailand unexpectedly holds policy
Vitai Ratanakorn’s first meeting as governor results in 5–2 vote to keep rates at 1.5%
New Zealand makes 50bp cut amid weak economic growth
Independent economists were split over level of easing, central bank says it is open to cutting further
Uncertainty over economic policy throttles lending – ECB study
Authors point to recent developments in US, but say sources of uncertainty can come from anywhere
Fed should reorganise and speak to counter Trump – Eichengreen
Professor says five-year lag for publication of forecasts is ‘excessive’ in current context
Book notes: Crisis cycle, by John H Cochrane, Luis Garicano and Klaus Masuch
This book ought to be read by anyone with an interest in or influence on the future development of the Emu