Monetary Policy
Knot and Schnabel strike hawkish tone on ECB policy
Portuguese governor calls for an end to 75bp hikes; Lagarde says inflation may still rise
NY Fed’s Williams foresees rate cuts in 2024
Fed minutes discuss inflation expectation dispersion, losses and policy lag risks
Rates round-up: Pakistan adds 100bp to main rate
Central banks raise rates in Kenya, Congo and Iceland
RBA governor apologises over forward guidance
Philip Lowe says he’s sorry that people took out mortgages on the basis of central bank guidance
Sarb hikes rates as inflation continues to rise
MPC votes by three to two for 75bp rise as Kganyago warns power cuts are harming economy
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
Turkish central bank cuts rates drastically despite soaring inflation
MPC’s 150bp cut comes as some economists say inflation may be much higher than 85% official figure
Balance sheet policy needs rethink, economists say
BoE chief economist says central banks should focus more on risks of assets they buy
Riksbank slows down normalisation with 75bp rise
Ingves chairs last policy decision as Riksbank predicts higher inflation and lower growth
BoE’s Ramsden says forecasts now less reliable
High uncertainty means policy-makers cannot rely heavily on forecasts, deputy says
Bank of Korea raises rates to highest level since 2012
Governor says board expects to continue increasing rates “for some time”
UK Treasury makes first payment to BoE to offset QE losses
Indemnity was “integral” to QE but “day of reckoning” had to come, economist says
Bank of Israel slows down policy normalisation
Central bank increases rates by 50bp to 3.25%, as inflation stood at 5.1% in October
RBNZ delivers record 75bp rate rise to curb inflation
Central bank now expects policy rate to peak at 5.5% next year, up from previous estimate of 4.1%
PBoC keeps key lending rates stable
China’s central bank maintains reference rate for mortgages but calls on banks to support developers
Eurozone banks’ TLTRO repayments are below market expectations
Slow pace of repayments may hamper ECB policy normalisation, some analysts say
ECB’s policy rate should reach 2% in December, Villeroy de Galhau says
Banque de France governor says “jumbo” rate hikes “will not become a new habit”
BoE officials reject criticism of forecast misses
Bailey says labour market dominates firms’ concerns and says Brexit has hampered economy
Bank Indonesia raises rates 50bp for third consecutive month
Warjiyo says “pre-emptive” move aims to bolster currency and dampen inflation expectations
Philippine central bank speeds up monetary tightening
Both key policy rate and inflation are now at highest levels for 14 years
Rates round-up: tighter policy in Uruguay, Rwanda and French Pacific
Persistent inflation prompts further rate rises in emerging market economies
RBA to return to “less specific” forward guidance
Central bank admits forward guidance during the pandemic was sometimes too complex
Hungarian government proposes change to central bank funding law
Move comes after MNB changes monetary policy framework amid foreign exchange turbulence