Articles by Central Banking staff
Governance Benchmarks 2025 – executive summary
Data shows strong independence with threats in some areas, and sheds light on staffing, mandates and more
Average inflation targeting raised post-Covid prices in US – study
Dallas Fed research argues Fait framework contributed to surging prices
Policy should respond to long-run expectations – Fed study
Such a framework would enhance price stability, paper argues
Dallas and Minneapolis Fed chiefs sound alarm over tariffs
Logan and Kashkari highlight risks to inflation and employment
CFOs gloomy about impact of tariffs on US – Atlanta Fed study
Survey shows C-suite’s early worries about trade barriers
Kenya cuts benchmark rate to 10%
Central bank says easing necessary to boost lending to private sector and stimulate growth
Jamaica to phase out cotton banknotes by July
Central bank says denominations between 50 and 5,000 Jamaican dollars will be affected
Central banks report high levels of independence
Institutions across regions and income groups report significant autonomy from political interference
OCC withdraws climate risk principles for largest banks
Acting comptroller calls principles overly burdensome and duplicative
US monetary policy affects income inequality – Fed research
Surprise rate hikes affect lowest paid, authors find
Salary still poses greatest challenge for recruitment
Staff morale constitutes lowest constraint but is a concern for some central banks
Governance Benchmarks 2025 Charts
Take a deep dive into the Governance Benchmarks charts, which have just been released for 2025.
Legal framework key to keeping money’s singleness – study
Interoperable blockchain payment systems could present challenges, say NY Fed researchers
Over 40% of central banks lack formal recapitalisation agreement
Ten banks were recapitalised in the past year
Some central banks report pressure to change monetary policy
Central banks mention financial and political factors impacting independence
Concentrated ownership in US means fewer jobs, lower pay – study
Chicago Fed research says resulting changes have not led to any commensurate rise in productivity
Banknotes: January to March 2025
A round-up of news and salient issues that have affected central bankers in the past three months
One in five central banks pays unrealised gains to government
Most central banks have a formal agreement in place for sharing profits with government
ECB monetary policy spills over to US – Chicago Fed study
Resulting appreciation of dollar causes US leveraged loan investors to demand more compensation
Two-thirds of central banks regularly audit policy processes
Internal and external audit functions are combined in most jurisdictions
Larger central banks more likely to have diversity policy
Boards with appointment powers more often focus on diversity
Default levels do not explain high US credit card rates – study
NY Fed paper shows levels of interest charged far exceed those for other loans
Most governing boards operate under charters
Strategy-setting and budget approval are boards’ top responsibilities