Negative rates
Eurozone needs ‘forceful policy response’ – Schnabel
Banks in eurozone face “substantial pressure” from Covid-19, ECB board member warns
RBNZ investigating use of negative rates, official says
New Zealand central bank would only use measure if necessary, assistant governor says
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed chief supports average inflation targeting and worries about Treasuries market and non-bank regulatory weakness
Fed paper looks at effects of negative rates on banks
Banks with large holdings of liquid assets could be hurt by negative rates, researcher says
BoE says negative rates ‘in toolbox’ and forecasts slow recovery
First “proper” forecast since Covid-19 outbreak gives little hope of a V-shaped recovery
Eurozone outlook is ‘highly uncertain’, says Lagarde
ECB maintains stimulus package unchanged as lower energy prices weaken inflation
SNB’s Jordan defends currency interventions
Switzerland had “difficult starting position” from which to tackle the Covid-19 shock, chairman says
Peter Praet on Europe’s Covid-19 responses
Former ECB chief economist discusses stability, negative rates, common debt and improving the EMU
Trends in reserve management: 2020 survey results
Covid-19 expected to dent the risk appetite of portfolio managers
Should the BoE go negative?
Much research into negative rates suggests central banks should have little to fear
Fed policy is too tight given FOMC projections – former Fed economist
“An outlook that bad for that long is a clear sign that policy is too tight,” Joseph Gagnon says
US needs aggressive fiscal policy and negative rates – St Louis Fed economist
Policy response must be powerful enough to overshoot previous growth trend for a period
Bailey confirms BoE is considering negative rates
“I have changed my position a bit,” governor tells lawmakers, as UK inflation falls drastically
Fed not considering negative rates – Powell
More fiscal support may be needed, as Fed’s lending will only be effective “for a while”, says Fed chair
ECB’s negative rates boosted lending – Bank of Italy paper
Banks increased credit to ex ante riskier firms, but did not see rise in failed loan rates, researchers find
Riksbank backs fiscal stimulus with massive QE programme
Swedish central bank increases loans to banks, cuts overnight lending rate to 0.2%
RBNZ reduces rates by 75bp in emergency meeting
Central bank says future purchases of government bonds preferable to lower rates
Central banks and banks: a changed relationship
Development of large, complex international capital markets has reshaped relationship between central and commercial banks
ECB likely to shy away from rate cut, analysts say
Central bank expected to unveil targeted measures to support banks and SMEs
RBNZ prepares unconventional policy tools
Central bank is not planning to use them yet, governor stresses
What can the ECB do now?
Central bank is facing coronavirus shock with limited room for further policy measures
Riksbank’s Breman says coronavirus does not demand looser policy yet
Swedish central bank abandoned negative rates in December; inflation declined sharply in January
Knot warns of drawbacks of negative rates
Consumers are increasing their savings rather than their consumption
Did the Riksbank abandon negative rates too soon?
Policy-makers face difficult choices if inflation does not recover soon