Monetary policy
Rwanda holds rates at 6.5%
Central bank expects inflation to remain within target
Powell: ‘We’re close, but not there yet on inflation’
Fed chair also addresses bank independence, climate risk and CBDCs during testimony before Congress
Zambia raises rates amid persistently high inflation
Central bank does not expect 6–8% target to be reached until at least 2027
European politicians clash over ECB review, climate, digital euro
Report on bank’s performance critiques climate mandate, loss of purchasing power
Bigger rate cut would have sent clearer signal, says BoE dissenter
MPC member says UK’s economic outlook would have justified 50bp reduction
Central bankers from Americas respond to Trump’s tariff shock
Canadian, Mexican, Colombian and Fed governors speak of post-Covid realities at BIS conference
RBI eases policy by 25bp as part of efforts to spur growth
Bank makes first rate cut for nearly five years, despite inflation being above target
CNB cuts rates by 25bp as it revises growth forecast
Bank points to sticky service and food inflation, reduced demand for exports
Eurozone ‘not in a recession at all’ – Cipollone
ECB vice-president says there is “room to cut”, digital euro work continues and bitcoin is not gold
Bank of England cuts policy rate by 25bp
Impact of US tariffs on UK monetary policy remains unclear, MPC says
Fed vice-chair says rate cuts most likely over medium term
Jefferson says inflation and labour risks are in balance and cautions against immediate policy shift
Monetary policy can harm its own transmission – IMF paper
Impact on mortgage choices means easing can weaken pass-through in future
Rates round-up: Albania, Iceland, Macedonia, Moldova, Poland
Energy prices, geopolitical uncertainty begin to bite non-eurozone countries
Tightening increases instability after supply shocks – IMF study
Authors say when other tools are too costly, rate hikes should be less aggressive
Fed can afford to wait on rates, say regional heads
Atlanta and Chicago presidents say uncertainty over economy means it’s too soon to talk of more cuts
Focus on rates for policy, keep QE for crises – Carstens
BIS general manager says expanding objectives could “undermine credibility and independence”
Trump reverses course on Fed decision
US president says central bank was right to hold rates in January
Branching paths: the Czech National Bank’s many modelling options
Three external reviews each recommended a different combination of models. The CNB now faces tough design choices, and must also decide how to upgrade its economic research
Former Fed adviser arrested for allegedly spying for China
Indictment claims official passed on sensitive economic and financial data to Chinese security services
European Central Bank makes 25bp cut
Lagarde “confident” EU central banks will not add crypto to their reserves
Riksbank makes second 25bp rate cut of 2025
“Signs of an economic rebound” prompt further easing of policy
Hungary tentatively holds rates
MNB also changes forward guidance as inflation picks up
Fed holds rates amid pressure from White House
Powell says he has had no contact with Trump since president said he would “demand” easing of policy
Bank of Canada cuts rates and ends quantitative tightening
Macklem says monetary policy cannot offset negative effects of tariffs