Monetary policy
The battle for the future of central banks
Inflation-targeting institutions must not simply defend against overt interference, they must also resist a sly erosion of their authority, writes Biagio Bossone
Botswana increases pula crawl rate to defend reserves
Central bank will also charge lenders higher margins to access FX
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
South Korea holds policy rate at 2.5%
Central bank says it needs more time to assess changes to household debt and house prices
Negative interest rates are last resort – BdF governor
Villeroy de Galhau outlines “order of operations” for deploying monetary policy tools
Malaysia cuts policy rate after more than a year of holding
Quarter-point reduction to 2.75% is BNM’s first cut in five years
New Zealand ends easing cycle with rate hold
Decision to keep policy rate at 3.25% after six consecutive cuts had been expected by economists
Australia surprises observers by holding rates
Board keeps policy rate at 3.85% in split vote, citing higher-than-expected inflation
BoE’s MPC should publish individual rate forecasts – Taylor
Newest committee member discusses r* and calls for greater transparency around forward guidance
Fed succession planning: will Trump stick to the script?
The race to succeed Jerome Powell as head of the world’s most powerful central bank has already begun
Boris Vujčić on Croatia’s economic journey, the digital euro and the Governing Council
The Croatian National Bank (HNB) governor speaks with Christopher Jeffery about managing financial risks, the pros and cons of euro adoption, payment system reform and the use of real-time data
More adjustment needed to JGB purchases – BoJ board member
Takata says current plan will increase supply to early 2000s levels, with potentially destabilising effects
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
Hong Kong intervenes once again to protect currency peg
Intervention is HKMA’s second at weak end of HKD/USD band in less than a week, with more likely
Ethiopia holds policy rate as inflation persists
Central bank vows to maintain tight stance until figure returns to single digits
IMF disburses additional $500m to Ukraine
Central bank governor welcomes “positive news from Washington” as country passes latest EFF review
The future of money
Central banks may require more flexible inflation targets and facilitate wider payments interoperability to maintain trust and the ‘singleness’ of money. By Sethaput Suthiwartnarueput
Finland’s Välimäki on the ECB’s monetary policy framework review
Bank of Finland board member Tuomas Välimäki discusses the benefits of a ‘hybrid’ balance sheet model to provide dependable structural liquidity without distorting markets
PBoC to increase ‘intensity’ of policy adjustments
Bank to retain “moderately loose” stance while targeting stable growth and reasonable prices
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
Global economy at ‘pivotal moment’, BIS says
Policy-makers must not forget structural weaknesses when dealing with near-term shocks, body says
Banxico makes fourth straight 50bp cut
Inflation edges up but growth still sluggish; central bank opens door to slower easing
RBA research finds monetary easing can reduce inequality
Reserve Bank of Australia study finds impact of economic shocks dampened after accounting for household income
Policy to remain restrictive for now, says BoE governor
Bailey says there will be “gradual and careful approach” to any further easing