Tariffs
Bank of Thailand unexpectedly holds policy
Vitai Ratanakorn’s first meeting as governor results in 5–2 vote to keep rates at 1.5%
Reserve Benchmarks 2025 – executive summary
Data reveals how central banks are responding to tariffs – or choosing not to
Uncertainty over economic policy throttles lending – ECB study
Authors point to recent developments in US, but say sources of uncertainty can come from anywhere
Credible Fed key to dollar’s role in Asia – Amro’s Dong He
Organisation’s chief economist says Asia’s central banks not seeking to disrupt currency’s position in region
Reserve Benchmarks 2025 report – tariff realignment?
Benchmarks show how some central banks are cutting US dollar exposure and raising duration
India maintains wait-and-see approach with rates hold
RBI’s governor says effects of previous easing cycle and US tariffs have yet to play out
FX turnover surges 28% to nearly $10 trillion a day – BIS
Triennial survey finds euro has overtaken dollar in OTC interest rate derivatives market
BoJ’s Noguchi says need to adjust rate increasing ‘more than ever’
Member of central bank’s policy board says Japan on way to achieving 2% inflation target
Central Europe’s central banks hold rates
Switzerland, Czech Republic and Hungary keep policy steady
Powell and Bowman diverge on tariff and price risks
Fed chair and vice-chair for supervision both express concern for labour market
Nigeria lowers rates after three-year hiking cycle
Central bank says disinflation gives it room for cuts to support economic recovery
Riksbank cuts rates, teases end to QT in December
Swedish central bank says uptick in inflation is transitory
Weak dollar mitigated April tariff shocks – BIS’s Maechler
Greenback’s depreciation boosts risk appetite and lowers import costs, deputy general manager says
Eurozone consumers shifted habits after tariffs – ECB survey
More financially literate citizens stopped buying US goods, consumer expectations survey shows
Sarb pauses easing cycle as inflation ticks up
Bank cautiously optimistic about growth, but wary of expectations becoming unanchored
BoJ holds policy as expected and plans to sell ETF and J-Reit assets
Two board members vote for hike, but all agree on sales that economists say will help normalise policy
Majority of reserve management strategies unchanged by US tariffs
Some central banks have changed duration or currencies, but for most, business remains as usual
Norges Bank continues easing campaign with another 25bp cut
Central bank governor strikes hawkish tone, highlights increasing productivity
Central banks modestly increased duration in past year
Some changed duration due to tariff impact, but not all in the same direction
Fed eases by 25bp as concerns grow over US labour market
Experts differ over impact of tariffs on inflation and unemployment
BI makes third surprise cut as lawmakers mull its mandate
Bank says 25bp easing aimed at promoting growth, pledges further monetary-fiscal policy alignment
BoK meeting minutes show sole dissenter favoured rate cut
Board members agreed economy showed signs of recovery, but majority voted to hold
Little impact on Sweden’s inflation from US’s China tariffs – study
Sveriges Riksbank paper says levies will affect Swedish exporters in as yet unknown ways
US SMEs less fazed by tariff turmoil – Boston Fed survey
Study suggests further uncertainty over levies would no longer cause firms’ outlook to deteriorate