Productivity
Anchoring expectations ‘critical’ in energy shock – BIS researchers
Most significant shock since the 90s Gulf crisis “may warrant hiking rates more quickly”
Unclear whether AI will reduce or heighten inequality – Barr
Fed governor’s caution contrasts with Warsh’s more bullish stance
Fed will ‘follow the law’ and ‘the data’ – Warsh
Chair tells Congress his aim is to keep US central bank out of politics
Rajan, King and Stein to head Warsh’s Fed task forces
Former governors among experts asked to help ‘advance the cause’ of US monetary policy
Data-driven approach needed to assess impact of AI – Lane
ECB board member sets out multiple unknowns as technology reshapes macroeconomic landscape
Lagarde ‘regrets’ forward guidance and Warsh plans ‘family fight’
Fed, ECB, BoC and BoE heads discuss inflation, uncertainty, AI, stagflation and independence in Sintra
Fed holds rates in first meeting under Kevin Warsh
FOMC drops easing bias and forward guidance, as chair announces taskforces to improve Fed operations
Zoltán Kurali on Hungary’s reserves strategy and euro adoption
Deputy governor speaks about portfolio positioning amidst geopolitical volatility, AI, CBDC and the future of the forint
Time saved by AI does not increase output – BoK study
Paper says technology has reached efficiency stage but not productivity stage
Iceland could join euro even during a crisis – ECB’s Vujčić
BoE’s Mann also highlights pros and cons of country’s accession at currency conference
Podcast: AI accountability in central banks
Transparency and explainability thresholds rise with risk and impact
AI will transform growth and employment structure – Bailey
The question is when and how this will happen, BoE governor says
Europe’s central banks face tough policy calls – Barclays CEO
Venkatakrishnan also spoke on UK political uncertainty, Brexit and banking regs
AI might raise r* due to wealth effects – Goolsbee
Impact on natural rate depends on whether productivity growth comes as surprise, says Chicago Fed president
Israel’s Golan Benita on reserve management amidst the AI boom
The head of market operations at the Bank of Israel discusses a shift to active equities to address ‘Mag7’ risks, the rationale for extending duration, and his critical view of crypto and gold
UK will not hit 2% inflation target over long term – BoE’s Mann
MPC member says sluggish productivity growth is also acting as ‘speed limit’ for economy
Icelandic governor issues call to moderate wage demands
Central bank chief says country’s persistently high inflation can only be tackled through collective effort
Olli Rehn on demographics, geopolitics and ECB policy
The Bank of Finland governor speaks about immigration and productivity, private credit and stablecoin risks, the mood on the governing council and the impact of conflict in the Middle East
Current threats to central bank independence
Improved communications, advocacy for tech oversight and international co-operation will help to address challenges posed by populism, excessive debt and new forms of money, write Gavin Bingham, Paul Fisher and Andrew Large
Geopolitics becoming ‘key risk’ for central banks – panel
Experts at ECB conference say political upheaval now a greater concern than price growth
Single and dual mandates often result in same policy – Schnabel
AI productivity boom yet to show up in eurozone data, ECB board member adds