Tariffs
Philippines eases policy 25bp to 5% ‘Goldilocks zone’
BSP governor says one more cut likely this year as bank cites risks posed by US trade policy
Financial Stability Benchmarks 2025 report – the threat from tariffs
Benchmarks highlight how many central banks see tariffs as a high risk to financial stability
Riksbank holds rates, signals one more cut possible in 2025
Lacklustre economic activity and higher-than-expected inflation fail to convince bank to cut
New Zealand cuts policy rate as economic recovery ‘stalls’
Central bank cuts policy rate 25bp saying global uncertainty caused economic slowdown
BoE’s Benjamin on market resilience, non-bank liquidity and the modern financial system
The UK central bank’s executive director for financial stability strategy and risk speaks about leverage in the gilt repo market, minimum haircuts and central clearing, and securing liquidity to where it’s needed
Norges Bank strikes hawkish tone with rates hold
Inflation “in line” with June projection and two cuts still on table for this year, central bank says
Investor sentiment now back at pre-tariff level – BIS study
However, authors warn that accommodative conditions could reverse at any time and trigger disruption
Tariffs only partly explain April’s volatility – BIS paper
Movements in dollar and Treasury term spread driven by other factors, authors say
US’s gains from tariffs diminish when countries retaliate – study
Dallas Fed authors say negotiated settlements may be best for all concerned
BoJ eyes further rate hikes, possibly by year’s end
Central bank says global economies’ resilience to tariffs “remarkable”, while predicting slowdown
BoK governor expresses confidence in finance minister
Rhee’s comments follow apparent discord between bank and government over digital assets policy
Trump’s tariffs and the emerging market economies
Steve Kamin says EMEs are likely to escape the worst outcomes from capricious and chaotic trade policy
India holds policy, thus ending easing cycle
Central bank leaves rate at 5.5%, citing lower inflation and continued risks from US tariffs
Vietnam asks lenders to reduce interest rates
Central bank says lower rates are needed to support country’s growth target
Book notes: Inflation, by Mark Blyth and Nicolò Fraccaroli
An accessible explainer about the narratives surrounding inflation – and who it benefits
Brazil holds rates amid tariff threats and Trump-Lula feud
Potential 50% levies from US reinforce “cautious stance”, BCB says
BoJ holds policy and ups inflation expectations
Japan’s central bank says growth likely to slow then pick up again after tariffs’ effects diminish
Singapore maintains policy after two periods of easing
MAS says Q2 growth stronger than expected but trade likely to slow in second half of 2025
Kyrgyzstan tightens policy for first time in more than a year
Central bank raises rates by 25bp to keep inflation in check amid tariff uncertainties
BNM cuts growth forecast due to tariff uncertainty
However, Malaysia’s central bank says economy is on “strong footing” amid threat of 25% US levy
New Zealand expects continued easing amid trade uncertainties
RBNZ chief economist says tariff uncertainty likely to slow inflation and growth
US firms face up to $71bn of extra costs from tariffs – study
Authors say additional complexities mean findings are likely to be on the conservative end of costs
Bessent floats audit of Fed’s perceived failures
Treasury secretary is latest Trump official to attack central bank, but says chair need not step down
BoC survey finds ‘buy Canadian’ trend amid tariff threats
More than half of respondents plan to spend less on US goods and avoid holidaying below 49th parallel