Quantitative easing
Specialised lending initiative: Clearstream
Clearstream supports eurozone central bank asset purchase programmes by returning liquidity to the market through securities lending while helping Asian and American central banks secure access to this market
ECB weekly asset purchases raised to €21.1 billion
On March 11, central bank promised to conduct purchases “at a significantly higher pace”
Lagarde highlights uncertain outlook due to vaccination
ECB ready to adjust policy tools to ensure inflation increases towards target
BoJ adjusts easing measures amid market distortion fears
Central bank announces lending incentives and more flexibility in yield curve control and ETF buys
BoE holds interest rates as MPC members differ over risks
MPC points to signs of stronger recovery but also uncertainties around household spending
Fed keeps policy rate steady
Jerome Powell says FOMC will hold policy until it sees “actual progress, not forecast progress”
Riksbank report explains basis for green asset purchases
Report sets out legal and operational basis for “norm-based negative screening”
ECB to increase asset purchases
Lagarde says PEPP decision was unanimous as ECB staff increase inflation and growth forecast
Lagarde expected to clarify ECB bond-buying plans
ECB has lowered purchases as yields have risen and spreads have increased
Bank of Canada holds policy rate steady
Economy improving, but central bank sees “considerable economic slack” and “great deal of uncertainty”
Bundesbank retains profits to build up risk provisions
Weidmann says risk provisioning is “first step” due to increased exposure on policy portfolio
Yield curve control not ECB’s ‘easiest way forward’ – Centeno
ECB board member Fabio Panetta calls for decisive action to reduce higher bond yields
BoE given green remit for monetary policy
Central bank to provide details on reforming corporate bond buying “in the coming months”
The Bank of Japan must adjust its monetary policy
Sayuri Shirai says the central bank needs to make its policy more sustainable. The BoJ is running out of ways to generate further monetary stimulus
Bank of Korea to expand government bond purchases
South Korean central bank vows to buy more government bonds as finance ministry proposes new pandemic relief package
Eurozone needs fiscal stimulus – ECB’s Schnabel
ECB board member says raising eurozone inflation needs fiscal evolution and structural reform
Monetary innovation required to respond to next crisis – Riksbank’s Breman
Deputy governor thinks fiscal and monetary policy co-ordination will be increasingly important
Adding QE can fix New Keynesian models – BoE paper
“Mild adjustments” to balance sheet are enough to avoid paradoxical results, authors find
Bank Indonesia resumes monetary easing
Central bank commits to further government bond purchases on the primary market
Book notes: Asset management at central banks and monetary authorities, edited by Jacob Bjorheim
This excellent book fills a critical gap existing since IMF guidelines on asset management were revised
Temporary green QE might have limited effects – research
Green bond buying can cut flow of pollution but has little effect on stock – Bank of Italy paper
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
French governor calls for ECB to make radical carbon shift
ECB is not sufficiently accounting for exposure to climate risk, says Villeroy de Galhau
Riksbank revises up growth and inflation forecasts for 2021
Swedish central bank maintains stimulus; inflation not expected to approach target until 2023