Quantitative easing
G30 warns US Treasury market remains vulnerable
Group says US regulators need to do more to prevent dysfunction in the critical market
Riksbank carries out largest rate rise since 2000
Swedish central bank says chances of wage-price spiral have increased
Exit from bond yield target was ‘disorderly’, admits RBA
Central bank says it is unlikely to use yield curve targeting again
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
ECB emergency meeting pledges sovereign bond support
Governing council says eurozone will accelerate efforts to create “anti-fragmentation mechanism”
Three QE controversies, two theories
BNP Paribas Asset Management‘s head of macro research, Richard Barwell, explores three controversies surrounding quantitative easing through the lens of the quantities and signals theories, and considers whether all asset purchase programmes should be…
Ten-year yield breaches BoJ target band
Central bank steps in with another purchase operation, but warns on yen weakness
ECB announces 25bp rate raise and QE slowdown for July
September increase may be steeper, as ECB forecasts higher inflation and lower growth
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak about ‘twin bonds’ and other efforts to deal with liquidity issues
Riksbank was right to use negative rates, say former central bankers
As ECB loosened policy, Swedish central bank lacked any credible alternative, Flug and Honohan conclude
Is this the end for ECB QE?
High inflation makes it difficult for central bank to justify asset purchases across eurozone
RBA’s approach to QT does not involve selling bonds
Selling assets could undermine future quantitative easing programmes, says assistant governor
Lagarde says ECB likely to abandon negative rates in September
Central bank would need to confirm end to asset purchases in June, and hike in July and September
Mervyn King says central banks made ‘serious errors’ on inflation
Former BoE governor says UK should raise rates further to curb spiralling prices
How to stop stablecoins from hoarding precious collateral
Repo markets expert and crypto bank chief exec think Fed reserves are the right answer
Bernanke says Fed acted too slowly on inflation
Former Fed chair argues forward guidance hampered Fed’s response to rising prices
Lagarde signals first ECB rate hike in July
Nagel stresses risk of acting too late, as Villeroy says fiscal-monetary alignment no longer possible
ECB officials change to more hawkish tone
Schnabel and Villeroy de Galhau signal openness to July hike while Lane and Panetta stay cautious
Fed makes first 50bp rate hike in decades
Central bank under pressure to curb inflation without crashing the economy
Japan reinforces yield curve control
Yen falls after MPC commits to daily purchases of Japanese government bonds at 0.25% yield
How high can the ECB take interest rates?
Despite rising inflation, eurozone central bank is seen as unlikely to take rates over 1.5% in coming years
Reserve managers cut duration as inflation surges
Central banks with bigger portfolios often combined this with changes in currency and asset allocation
ECB sticks to plan of gradual policy normalisation
Lagarde says net asset purchases should finish in the third quarter of the year
ECB expected to pause amid uncertain impact of war
Governing council could discuss QE backstop to prevent wider sovereign bond spreads