Yield curve
Israeli reserves reach new record high
Foreign currency purchases to offset shekel’s strength boost portfolio to $194 billion
Central banks remained net gold buyers in Q1
Rate of gold buying down on first quarter of 2020, as Hungary leads purchases
Fed must clarify future of QE, IMF says
IMF warns that rising longer-term Treasury yields could have major impact
ECB watchers say divisions on council could hamper decision-making
Analysts say central bank’s strategy of lower purchases could be tested later in 2021
Is the ECB implementing yield curve control?
The eurozone has adopted a hybrid system – lying somewhere between the Fed’s QE and the BoJ’s yield curve control – that targets wider financing conditions
BoJ adjusts easing measures amid market distortion fears
Central bank announces lending incentives and more flexibility in yield curve control and ETF buys
Asset manager: BNP Paribas Asset Management
The European asset manager has leveraged its focus on official institutions, expertise in MBS, training, reporting and ESG compliance to grow its business with central banks
Expectations play key role in policy transmission – BoE paper
Authors use high-frequency data to assess importance of term premia and expectations
Lagarde expected to clarify ECB bond-buying plans
ECB has lowered purchases as yields have risen and spreads have increased
Yield curve control not ECB’s ‘easiest way forward’ – Centeno
ECB board member Fabio Panetta calls for decisive action to reduce higher bond yields
RBA boosts bond-buying to defend yield curve target
Governor says the central bank can increase purchases further if needed
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
Mário Centeno on monetary-fiscal interaction in the eurozone
Bank of Portugal governor says ECB is not being overrun by former finance ministers, must improve the definition of its inflation target and has no need for yield curve control. Centeno believes NextGenerationEU fund could serve as template for a future…
Will Treasury yields keep on rising?
Falling price of US bonds may force reserve managers to change duration to preserve capital
Monetary innovation required to respond to next crisis – Riksbank’s Breman
Deputy governor thinks fiscal and monetary policy co-ordination will be increasingly important
ECB profit falls by 30% in 2020
Decrease is mainly due to lower Treasury yields reducing income on dollar portfolio
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
RBI offers bond accounts to retail investors
Central bank to sell debt directly to public, as recent auctions show signs of strain
Hernández de Cos says yield curve control ‘worth exploring’
ECB could target differential between OIS curve and riskier sovereign yields
RBA cuts rate and ramps up yield curve control
Economy is rebounding but central bank is worried about high unemployment
Equities have passed the Covid-19 test, reserve manager says
The higher yield and resilience these assets have offered in 2020 may further boost reserve diversification
Georgia’s Gvenetadze on implementing an aggressive reform agenda
The National Bank of Georgia governor speaks about efforts to improve monetary policy, financial infrastructure, financial literacy, transparency and ESG
Frank Smets on the ECB’s strategy review
The ECB’s DG of economics explains how expectations, communication, fiscal dominance, climate change and the Fed’s actions will be factored into the ECB’s delayed strategy review
Covid-19 fails to interrupt asset diversification – survey
Lower yields remain the top worry of reserve managers in 2020, study finds