Monetary policy
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
Dallas Fed president cautious about further US rate cuts
Lorie Logan says inflation ‘not convincingly on track’ to return to 2%
Central banks must focus on comms – Bank of Finland panel
Institutions need to concentrate on anchoring inflation expectations, governors say
India maintains wait-and-see approach with rates hold
RBI’s governor says effects of previous easing cycle and US tariffs have yet to play out
FX turnover surges 28% to nearly $10 trillion a day – BIS
Triennial survey finds euro has overtaken dollar in OTC interest rate derivatives market
Australia leaves policy rate unchanged, as expected
Governor says policy a little restrictive, while RBA notes slightly higher-than-forecast inflation data
ECB’s Evelien Witlox on design choices for the digital euro
The digital euro’s program director speaks about holding limits, waterfall arrangements, programmability, blockchain usage and offline ‘secure elements’ for cash-like exchanges
China reaffirms ‘moderately loose’ monetary policy path
PBoC flags risks from global fragmentation, as concerns remain about growth and price levels at home
BoJ’s Noguchi says need to adjust rate increasing ‘more than ever’
Member of central bank’s policy board says Japan on way to achieving 2% inflation target
Logan says FOMC should cut ties with federal funds rate
Dallas Fed chief says repo markets are better alternative to ‘outdated’ target
Banxico cuts rates by 25bp to 7.5%
Mexican central bank follows in Fed’s footsteps and signals intent for more easing
Central Europe’s central banks hold rates
Switzerland, Czech Republic and Hungary keep policy steady
Fiscal dominance: are central banks about to be Trumped?
Jagjit Chadha highlights the danger of an ‘upper bound’ on interest rates as fiscal strains grow
Nigeria lowers rates after three-year hiking cycle
Central bank says disinflation gives it room for cuts to support economic recovery