Monetary policy
Bank of Canada reduces rates by 25bp
Macklem says runway for a soft landing is in sight and policy is working
Lessons from the banking turmoil of 2023
Guardrails on capital, liquidity, deposit insurance, resolution, digitalisation and disintermediation need a rethink
How Argentina’s financial tango could become a dance of death
Central bank and government’s unholy alliance is storing up further trouble for economy
Lkhagvasuren Byadran on geopolitics, gold and 100 years of central banking on the steppe
Bank of Mongolia governor Lkhagvasuren Byadran speaks about monetary and financial reform, embracing AI and fintech, and Mongolia’s new SWF
Are low-level inflation targets still fit for purpose?
Geostrategic shifts make the case for a narrow price target less compelling
Book notes: Balance of power: central banks and the fate of democracies, by Éric Monnet and translated by Steven Rendall
This short book offers partial insights, but ultimately underwhelms
BSP policy-makers’ staff resign over absence allegations
Philippine central bank says an internal probe identified six staff and disciplinary proceedings are ongoing
ECB is ready to cut rates, chief economist says
Next steps in ECB’s easing cycle will be “bumpy” and “gradual”, says Philip Lane
Risks facing central banks: action and inaction
Unlike Fed policy in the 1990s, central bank actions this century do not appear overly accommodative, given poor policy decisions elsewhere, writes Andrew Smithers
ECB paper recommends central fiscal instrument
Governments’ ability to delay fiscal consolidation should be limited, researchers argue
Egypt holds policy rates
Central bank says improved external financing after IMF loan will help price stability
FOMC members concerned over US inflation, minutes show
Some committee members sought to maintain pace of Fed’s balance sheet selloff
Can US policy choices explain economic divergence?
NIESR’s Ahmet Kaya finds US fiscal stimulus may have masked standard economic relationships, but economic gravity may soon reassert itself
IMF says Iceland’s path is clear to easing rates
Housing and bank supervision remain a concern and central bank independence needs safeguards
Bailey predicts ‘significant increase’ in BoE repo operations
Banks have started demanding reserves through short-term repo facility as balance sheet shrinks
Nigerian central bank raises rates for third consecutive time
MPC says tight policy is starting to work but calls for more action on food security
Hungary close to end of easing campaign as it cuts rate by 50bp
Vice-governor Virág hints at “one more cut” in June
What is forecasting for? Bernanke and the future of BoE projections
The Bernanke review pushes central banks to rethink the role of forecasts in policy-making, but it also shies away from solving a key paradox in the process
Cecilia Skingsley on monetary policy tech and a unified ledger
Head of the BIS Innovation Hub speaks about tokenisation, CBDCs and the ‘black box problem’ in AI
Past US presidents’ Fed pressure raised inflation – NBER paper
Nixon-era evidence points to major impact on price level from “political pressure shocks”
Profit inflation and monetary policy: weighing the evidence
Biagio Bossone says profit inflation needs monetary ‘fuel’ to rise – but fiscal policy is the best fix, should governments have the ‘guts’
Data ‘does not warrant’ July cut by ECB, Schnabel says
Eurozone inflation risks remain tilted to the upside, ECB board member warns
Bernanke urges regular policy reviews at BoE
Former Fed chair recommends reviews of “policy implementation and framework”
Communications Benchmarks 2024 report – emerging trends
Benchmarks highlight increased use of traditional media, comms staff’s shrunken roles in policy-making and exploration into AI