Quantitative easing
ECB unveils latest strategy fit ‘for all circumstances’
Chief economist says unconventional tools are “unconventional for a reason”
Finland’s Välimäki on the ECB’s monetary policy framework review
Bank of Finland board member Tuomas Välimäki discusses the benefits of a ‘hybrid’ balance sheet model to provide dependable structural liquidity without distorting markets
Reflections on the international financial situation
Former IMF head Jacques de Larosière writes that markets are blind to Trump's policy shocks that are fragmenting the monetary ‘system’, causing strain in the eurozone and may result in stagflation
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
Target inflation traditionally, G30 tells Fed
Working group says its proposed changes to Fed framework might prevent repeat of 2023 banking crisis
Market turmoil causes BoE to reschedule long-dated bond sale
Change to QT plan comes after tariff uncertainty triggers surge in UK government bond yields
Fed independence is under threat
US central bank faces increasing pressure although monetary policy autonomy looks safe for now
ECB board members express regret over QE stimulus
Cipollone says unwinding balance sheet thwarts rate cuts, while Schnabel wants “less activist” bank
Focus on rates for policy, keep QE for crises – Carstens
BIS general manager says expanding objectives could “undermine credibility and independence”
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
This book asks if independent monetary policy is feasible at a time when central banks prop up the poorly regulated shadow banking sector
Banknotes: October to December 2024
A round-up of news and salient issues that have affected central bankers in the past three months
More volatility calls for greater agility – Schnabel
ECB official says new tools, including negative rates, may be needed in more disruptive age
ECB to introduce structural bond portfolio and LTROs – Schnabel
Executive board member says QT worries have not materialised
BIS paper explores how AI can predict asset demand
Better data availability and modelling techniques help central banks evaluate market reaction to QE
ECB reviewing QE but 2% target ‘not up for debate’ – de Guindos
Completing banking union should be the “number one priority” for EU economic policy, says official
Emerging markets resilient amid global shift, governors tell panel
Smaller economies better placed to intervene during crises, say central bank heads
Malaysia’s Zeti on the key skills needed to be a successful central banker
The Bank Negara veteran speaks about leadership skills, lessons from the AFC and 1MDB crises, her scepticism of inflation targeting, and how the Asia School of Business' masters synthesises theory with practical realities
Central banks must reckon with the costs of quantitative easing
Asset purchase programmes have become a significant loss-maker for central banks. Jagjit Chadha says the losses raise questions about value for money, fiscal distortions and independence
Pricing and funding pressures from BoE's QT hit gilt repo dealers
QT-driven funding cost rises combined with clients’ price demands see at least two banks pull back
BoE keeps policy rate and pace of QT unchanged
Policy-makers back “gradual approach” to lowering interest rates
Interpreting the PBoC’s slew of policy reforms
How are new stimulus measures, bond market tactics, deflationary pressures and monetary policy framework changes affecting central banking in China?
All eyes on the Fed
The US central bank faces a challenging path to fulfil its mandated goals
BIS publishes centuries of data on central bank balance sheets
New “spliced” series extends back to founding of Sweden’s Riksbank in 17th century
Distribution of reserves determines QE and QT’s impact – BoE paper
Policies have ‘highly asymmetric’ impacts on reserve-scarce banks, researchers say