Unemployment
Bank of Canada renews monetary policy framework
Central bank conducts first “systematic” study of other frameworks since it adopted inflation targeting
Labour market changes key to inflation – BIS’s Shin
Central banks may face “race against time” to prevent wage-price spiral, says Hyun Song Shin
Pandemic spurred use of alternative data
Advanced and emerging market economies prioritise different applications
Unemployment forecast by minority of emerging market economy nations
Data highlights differences based on local economic circumstances
Eurozone unemployment declines to 7.3%
Youth unemployment rate also falls but is much higher at 15.9%
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
RBNZ continues tightening as inflation approaches 5%
Rising commodity and transport costs see central bank overshoot 2% inflation target
Low unemployment rate will be learning experience for RBA – Lowe
Central bank maintains it will not raise rates until 2024, unless forecasts turn out “very differently”
ESG reserves adoption challenged by reliance on sovereign bonds
Higher issuance of government-compliant bonds is insufficient to offer investable alternatives to central banks.
US adds more than half a million jobs in October
Unemployment falls to 4.6% as labour market perks up again
BoE surprises with rate hold as inflation forecasts reach 5%
Market-implied path for interest rates rises to 1% by end-2022
Fed pulls trigger on taper
Fed begins phasing out QE at initial rate of $15 billion per month
James Bullard on Fed policy, action and governance
St Louis president calls for tapering amid “exceptional” job market and risk of “more persistent” inflation, quantifies ‘big tent language’ for pioneering AIT move, and details Congress’s role in Fed ethics oversight
Clarida: ‘Stagflation is not my baseline case’
Fed vice-chair says inflation situation not akin to 1970s
IMF: growth prospects dim as pandemic lingers
Fund revises down growth forecasts, warning of inflation, disruption and divergence
Unemployment falls across North America
US recovery is weaker than expected, while Canada reaches pre-pandemic jobs levels
Bank of Israel again holds rate steady
But MPC signals it is ready to end QE programme if economic recovery continues
RBNZ begins monetary tightening with 25bp hike
Central bank is confident inflation will return to target, but says growth will be “volatile”
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
Elizabeth Warren publicly rejects Powell reappointment
Senator calls Jerome Powell “a dangerous man to head up the Fed”
Brainard cites Delta in dovish speech
Fed governor warns “employment is still a bit short of the mark” for taper
BoE cuts UK growth forecast
Inflation likely to stay above 4% for first half of 2022 amid supply constraints and energy squeeze – MPC
Demand shocks can have permanent impact on US economy – Fed paper
Authors find hysteresis is an important driver of longer-term growth trend in US
Sarb governor urges shift to narrow inflation target
Kganyago says it was a “mistake” to maintain a target band for so long