Monetary Policy
RBA cuts rates to new record low
Australia’s central bank “prepared to ease monetary policy further” to meet inflation target
EMEs can resist spillovers with prudential policy – BoE paper
Some prudential policies work better than others, researchers find
Expectations and term premia both drive spillovers – BIS paper
Different components have greater impacts in advanced and emerging economies, authors find
Seven threats from big tech’s libra
Can central banks avoid a ‘big tech’ monetary meltdown?
ECB’s OMT and banking union rekindled financial integration – research
Subprime mortgage crisis interrupted progressively higher integration from 1995–2007
RBI weighs reforms to liquidity framework
Report recommends retaining the corridor system and simplifying operations
Riksbank may publish several overnight rates from 2020
As in other jurisdictions, new rate would be based on reported transactions from counterparties
Financial plumbing might be ‘rusty or clogged’ – Philadelphia Fed president
Patrick Harker calls for review of the US’s money market plumbing
Demand wanes for NY Fed repo operations
Term repo was undersubscribed today and overnight repo saw lower demand
Bank of Mexico makes further rate cut
In August, the central bank made it first rate cut for five years
Fed has a risk management problem – Richmond Fed president
“The economy is giving us conflicting signals,” Tom Barkin says
Orr: RBNZ ‘thinking hard’ about unconventional policy
Governor says tools not likely to be needed, but “we would be remiss not to be prepared”
Philippines central bank cuts policy rates for third time this year
Governor Diokno says benign inflation outlook provides more room for further rates reduction
Asymmetric inflation targets improve welfare – Chicago Fed paper
Fed can remove deflationary bias by adopting asymmetric target, model suggests
Regional Fed presidents differ starkly over US economy
Boston Fed president warns of easing risk creates risks, but St Louis Fed chief says manufacturing is in recession
Economists propose solutions to Fed’s liquidity problem
New York Fed prepares for sustained series of interventions in coming weeks
Banks shy away from ECB’s first TLTRO III
Demand was “shockingly weak” says analyst, but firms are expected to increase their uptake in December
Costa Rica cuts rates for fourth time since March
Central bank adds to wave of more accommodative policy stances around the world
Rate round-up: Fed triggers further global easing
Fed cut prompts flurry of action, with many central banks hinting at a more dovish stance
Brazil cuts main rate to new record low
Policy-makers cite subdued inflation as they move rates down a further 50 basis points
Argentina sharply raises key rate floor to tackle rising inflation
Political uncertainty has boosted inflation since mid-August
New York Fed injects liquidity for third straight day
Operation was oversubscribed for second day in a row, with banks requesting $83 billion
SNB holds despite recent ECB and Fed easing measures
Swiss central bank increases threshold on banks’ deposits exempt from negative rates
Norges Bank bucks global easing trend with rate hike
Central bank’s third hike this year may be its last for some time, governor hints