Yield curve
Kansas Fed paper looks at conditional forward guidance
Date-based forward guidance would be effective without yield curve control, research says
Fed’s forward guidance has significant bond yield impact – DNB paper
Researchers say data indicates that Fed managed to preserve monetary policy credibility
Covid-19 boosts gold’s appeal among reserve managers
Central banks say gold helps replace negative-yielding sovereign bonds
UK debt office narrowly avoided disorderly market in March
DMO chief says BoE intervention triggered rapid recovery; debt issuance now running at record levels
NY Fed economists weigh in on yield curve control debate
Jury still out on Japan’s measures to control yield curve but there is “one clear benefit”, researchers say
Trends in reserve management: 2020 survey results
Covid-19 expected to dent the risk appetite of portfolio managers
Should the BoE go negative?
Much research into negative rates suggests central banks should have little to fear
Fed promises to keep buying assets at current rate
Fed will hold accommodation in place for “however long it takes”, chair Jerome Powell says
Bundesbank paper looks at effective lower bound
Modellers can use survey information to reduce impact of ELB on yield decompositions, author says
Bond purchases will not imperil independence – Brazilian governor
Roberto Campos Neto stresses temporary asset purchases face strict limits
What would yield curve control mean for Fed’s asset purchases?
Policy may imply shift in rationale from crisis to recovery, and potentially more volatility in purchases
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
Brazil’s governor details emergency asset purchase plans and backs extending SDR funding
Sarb’s Kganyago ‘concerned’ over sovereign-bank links
Financial stability report warns banking sector is exposed to overstretched government finances
Covid-19 biggest threat to Fed mandate ‘in our lifetimes’ – Clarida
Fed may not provide further forward guidance until September, Richard Clarida says
FOMC considers more aggressive forward guidance
Officials discussed state-contingent forward guidance and yield curve control, April minutes show
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for Yellen-backed move to adopt elements of price-level targeting
RBA holds rate and reveals forecast scenarios
Cash rate target remains at 0.25%; RBA maintains three-year bond yield target at 0.25%
RBNZ to start buying local government debt
Central bank expands its large-scale asset purchases in the wake of the Covid-19 shock
Should the Fed be next to implement yield curve control?
RBA joins BoJ in effort to control longer-term rates
Riksbank to buy covered bonds; Iceland enters secondary market
Central banks unveil new forms of unconventional purchases
RBA introduces yield curve control
Lowe says measure would not have been considered under “normal times”
Do low rates spur investment?
Former IMF head writes there is little hard evidence that low interest rates spur investment
Fed’s Brainard backs ‘flexible inflation averaging’
Governor hints at possible outcome of Fed’s policy framework review
Yield curve models overstate chances of US recession – ECB research
Models need to account for effects of QE asset purchases on bond premia, authors say