Monetary policy
Norges Bank strikes hawkish tone with rates hold
Inflation “in line” with June projection and two cuts still on table for this year, central bank says
Weak productivity reduced output in Australia by up to 3% – study
RBA paper says decline has “profound implications” for citizens’ welfare
Bessent expects BoJ to raise policy rate
US Treasury secretary also says inflation in Japan is dragging up yields on long-term US bonds
Climate risks still on the fringe of monetary policy in Asia
Notwithstanding efforts by the PBoC and BoJ, there is still a need to observe persistent and measurable impacts on inflation and output before climate change truly influences interest rate policy, argues Sayuri Shirai
BoT cuts policy rate and forecasts tariff-induced slowdown
Thai central bank cuts by 25bp at final meeting before dovish Vitai becomes governor
Australia cuts rates by 25bp as expected
RBA governor says inflation within target, as bank’s forecasts assume further cuts
Is this time different for Argentina?
Reserve shortage and overvalued currency cast a pall over an otherwise successful stabilisation campaign
Trump picks Miran to replace Kugler on Fed board
Adviser set to take up role until January as president continues search to replace Powell as chair
BoJ eyes further rate hikes, possibly by year’s end
Central bank says global economies’ resilience to tariffs “remarkable”, while predicting slowdown
RBNZ survey respondents expect bank to cut policy rate
Business leaders and forecasters also expect weaker inflation in New Zealand over medium term
India holds policy, thus ending easing cycle
Central bank leaves rate at 5.5%, citing lower inflation and continued risks from US tariffs
Vietnam asks lenders to reduce interest rates
Central bank says lower rates are needed to support country’s growth target
China analysts expect moderate rate cuts in H2
PBoC mirrors politburo stance in mid-year meeting while eyeing further internationalisation of yuan
South Africa’s central bank denies reducing inflation target
Sarb says it is targeting bottom of existing 3–6% range, after reports it had bypassed Treasury
Monetary policy alone will not solve Korea’s problems – paper
Study calls for structural changes to tackle ageing population, high debt and low growth
Book notes: Inflation, by Mark Blyth and Nicolò Fraccaroli
An accessible explainer about the narratives surrounding inflation – and who it benefits
Ageing societies limit monetary policy space – BoK study
“Super aged” populations cut growth and inflation, and weaken banking sector, authors say
More independent central banks take on greater risk – ECB paper
Low rates, tighter fiscal policy and good growth accompanied by higher risk-taking on balance sheets
BoJ holds policy and ups inflation expectations
Japan’s central bank says growth likely to slow then pick up again after tariffs’ effects diminish
Fed holds rates, despite pressure from White House
Experts say stance is in response to Trump’s trade policies and lament his attacks on central bank
Bank of Canada holds rates as core inflation heats up
Governor points to tariffs, but economist highlights “mystery” of core metric’s divergence from headline measure
Chile cuts rates for first time this year
Central bank says more easing to come as US tariff threats on copper complicate outlook
Obituary: Süreyya Serdengeçti, 1952–2025
Governor of Turkey’s central bank whose policies brought inflation down from 75% to single-digit figures
Singapore maintains policy after two periods of easing
MAS says Q2 growth stronger than expected but trade likely to slow in second half of 2025