Monetary policy
Global spillovers not unique to US monetary policy – BoE paper
Fed and ECB both create spillovers through macroeconomic and financial channels
IMF raises red flags for global growth
Fund warns of global fragmentation as it cuts growth forecast and predicts higher inflation
ECB sticks to plan of gradual policy normalisation
Lagarde says net asset purchases should finish in the third quarter of the year
South Korea and Singapore tighten monetary policy
Central banks revise inflation forecasts up and GDP down
SNB has weak transparency and governance practices – report
Board risks “group-think”, as its monetary policy communication is shallow, experts argue
ECB expected to pause amid uncertain impact of war
Governing council could discuss QE backstop to prevent wider sovereign bond spreads
Canada and New Zealand step up rate hikes
Both central banks raise rates by 50bp in bid to “head off” rising inflation expectations
Surging US inflation tempered by small drop in expectations
Expectations fall over medium term but rise in short term
Sri Lankan central bank postpones sovereign debt repayment
Weerasinghe leads MPC in raising rates by 700 basis points and appeals for funds from overseas
Bank of Israel makes first rate hike since 2018
Above-target inflation and tight labour market require a “gradual” tightening process
People: Macklem to chair Basel Committee oversight board
China names policy-makers; BoJ reappoints key monetary policy official; Kazakhstan replaces deputy
QE ‘inappropriate’ for South Africa – Sarb paper
Asset purchases may create moral hazard and undermine debt management strategy, author says
Russian central bank cuts interest rate and lifts some restrictions
Effect of sanctions on Russian economy unclear, commentators say
RBI bolsters liquidity framework with standing facility
New deposit facility will play a role in both monetary and financial stability
African central banks face serious challenges, says IMF
Report suggests short-term measures, but says central banks also need structural reforms
Peru’s central bank tightens again as inflation surges
Board predicts inflation will peak in July as Peruvians mount street protests over food and fuel prices
Pakistan orders 250bp hike at emergency meeting
High commodity prices, currency depreciation and political turmoil force up prices
Research provides deeper look into Riksbank’s policy decisions
Swedish central bank developed a flexible, faster deliberation process when dealing with pandemic
Fed’s asset selloff may start in May, Brainard says
FOMC minutes show consensus for “balance sheet runoff at a coming meeting”
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
National Bank of Poland speeds up tightening
Central bank increases interest rates by 100bp, warning Ukraine invasion is driving inflation higher
Two Latin American central banks raise rates
Colombia’s two MPC dissenters call for steeper hikes; Dominican Republic raises rates 50bp
Romanian and Zimbabwean central banks raise rates
Zimbabwean figures say inflation has reached 72% but observers say this may be an underestimate
Book notes: Cogs and monsters, by Diane Coyle
Coyle brings much-needed nuance to the debate over the shortcomings of economics