Monetary Policy
Joachim Nagel on the ECB’s terminal rate, fiscal policy, model relevance and the digital euro
The Deutsche Bundesbank president speaks about compromise on the Governing Council, rolling back PEPP, the need to implement Basel III and the chances of a revised Stability and Growth Pact
BoE publishes terms of reference for Bernanke review
Former Fed chair to provide insights into how to forecast in “significant uncertainty”
BoJ leaders divided on wage growth and timing of tightening
July minutes show disagreement over when firms will raise wages
FOMC members express different views for policy path forward
Bowman and Kashkari expect further rate hikes but Daly is less certain
Will the ECB take its key rate past 4%?
French and Spanish governors say policy is working, but Nagel warns pace is too slow
Ghanaian MPC holds rates while Guinea opts for 50bp rise
Addison says Ghana’s growth will outstrip IMF forecast but reserves remain extremely low
South Africa and Egypt both hold policy rates
Sarb governor says job of fighting inflation “is not yet done”
Colombian policy-makers clash over rates
Finance minister wants “very small” rate cut, but central bank board member disagrees
Turkey raises policy rates for fourth consecutive time
Foreign exchange rates little changed, despite president’s commitment to tight monetary policy
BoJ keeps negative rates unchanged
Ueda says more time is needed to assess whether rising wages are supporting inflation
Inflation behaves differently across income levels – BIS paper
Study finds various channels are behind uneven responsiveness of inflation to monetary policy
FOMC members’ narratives add value to projections, finds paper
Both staff and FOMC members 'projections aid forecasting, refuting Romer and Romer
Riksbank and Norges Bank continue increasing rates
Swedish central bank hikes rates to 4%, Norwegian to 4.25%
Latin America roundup: Brazil makes second 50bp rate cut
Paraguay eases rates down, while Costa Rica holds as negative inflation continues
Bank of England pauses for first time since December 2021
MPC votes 5–4 to halt cycle amid slowing inflation and a sluggish economy
SNB surprises markets by holding rates at 1.75%
Swiss central bank to allow all banks to use mortgages as collateral to access liquidity
Asian central banks hold rates
Philippines, Indonesia, Taiwan and Hong Kong stay put
Federal Reserve holds rates and revises projections upwards
Powell says path for soft landing has “widened apparently”
QE crowds out bank loans – NBER paper
Asset purchases generate “counterproductive” cut in lending to firms, authors find
PBoC holds key lending rates
Central bank official says data shows recent easing measures are taking effect