Monetary Policy
What lies beneath China’s SDR proposal?
Experts discuss whether the PBoC’s vision for an SDR-led international monetary system would represent a ‘monetary straitjacket’ or an ideal ‘dollar replacement’
Monetary Policy Benchmarks 2025 – executive summary
Data reveals risks to the outlook, applications of scenario analysis and balance sheet policy
Ex-BoT governor warns against EMs overusing policy space
Gap exists between expectations and what central banks can achieve in terms of growth, says Sethaput
Czech Republic, Moldova and Norway hold rates
CNB says services inflation is still high, Moldova is recovering and Norway says it is in no hurry
Bailey switches sides as BoE holds at 4% in 5–4 decision
Members’ views, published for first time, show disagreement around staff’s central projection
ECB to tilt future QE to shorter-term bonds – Schnabel
Collateralised lending to play key role in Eurosystem asset composition
Brazil holds policy at 15% for third time in a row
BCB continues to signal hawkishness despite calls from finance minister to cut rates
Monetary Policy Benchmarks 2025 report – risk-based policy
Benchmarks highlight main risks and how central banks analyse them, as balance sheets normalise
Poland cuts rates, while Albania and Sweden hold
Riksbank warns of US stock market bubble
Central banks speak opaquely to avoid overreaction – ECB study
Authors say institutions tend to communicate more clearly when they know their reputations are low
Cook: US labour market solid, inflation to remain elevated
Governor differs from fellow members of Fed board in first speech since Trump’s attempted dismissal
Japanese PM says BoJ ‘halfway’ to achieving sustainable growth
Central bank says it does not comment on prime ministers’ statements
Rethinking policy transmission in the age of AI
Managing machine expectations related to faster, more non-linear and potentially asymmetric price dynamics will require analytical innovation and potentially new forms of oversight, argues Elisa Vilorio de Painter
Emerging market central banks should be hawkish – NBER paper
Stronger reactions to inflation surges help to build institutions’ reputations, researchers argue
Is independence compatible with climate action?
Lessons from China indicate relationship between governments and central banks may need to change, argues Mathias Larsen
RBA holds policy as inflation rises
Australian central bank’s inflation forecast assumes one further rate cut in easing cycle
Fed accepts wealth redistribution at top, says ex-Kansas City chief
Hoenig calls for new accord with Treasury, as fellow former governors defend Fed independence
Researchers revisit 20-year forecast for global monetary system
Eichengreen and Razo-Garcia predict further move towards polarised exchange rate regimes
Montenegro to give out €2,000 for each baby born this week
‘Savings week’ sees central bank team up with lenders to offer parents financial rewards
Working group minutes: central banks face balance sheet challenges
Some institutions are struggling to absorb large amounts of excess liquidity
ECB holds rates for third consecutive time
Lagarde celebrates ‘fading risks’ to eurozone growth thanks to trade deals and Gaza ceasefire
Japan holds rates, as expected, with two dissenting votes
BoJ governor says there is no ‘preset idea’ on future rate rises after dissenters call for 25bp hike
Changing balance sheet composition mostly reflects normalisation
Gold buying and FX interventions drive changes in some jurisdictions
Fed cuts rates with dissenting votes in both directions
Risks to employment and prices split FOMC three ways