Monetary Policy
Some new monetary frictions
Negative net interest is set to hit Fed earnings with monetary and fiscal policy implications
ECB will not consider QT until rates back to normal – Lagarde
Central bank holds close to €5 trillion in eurozone securities, over €4.2 trillion in public assets
Governments should raise taxes to support energy bills – ECB’s Lane
Firms must stop trying to make large profits or face tougher policy, ECB chief economist warns
Controversial nominee joins Paraguayan board
Central bank continues tightening process with fourteenth straight hike as inflation slows
IMF says it will not provide loans for Zimbabwe
Fund urges central bank to cease “quasi-fiscal operations” as official inflation reaches 285%
Turkish central bank cuts rates despite 80% official inflation
MPC says growth rate could be slowing, and warns of pressure on current account
BoE ‘monitoring developments’ amid market ructions
Many analysts had predicted early policy action from the central bank
ECB’s green bond plan is insufficient, NGO says
ECB plan shies away from excluding high carbon output companies, says Reclaim Finance
PBoC raises FX risk reserve ratio for forward trading
Move is the Chinese central bank’s latest attempt to slow the yuan’s decline
RBA reports huge losses from bond purchase programme
Central bank says its asset purchase programme helped boost the economy despite its financial cost
Inflation: what went wrong, and why?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as their implications for policy responses
Guatemalan central bank orders 25bp hike
Central bank raises rates to highest level since 2017
Vietnam and Taiwan raise interest rates after Fed hike
SBV raises key rates by 100 basis points, while Taiwan delivers modest 12.5bp hike
Hong Kong, Indonesia and Philippines raise rates
Indonesian hike is above expectations while HKMA and BSP also raise rates
Book notes: 21st century monetary policy, by Ben S Bernanke
Bernanke’s great book offers important insights for today’s policy-makers, writes Stephen Poloz
Central Bank of Brazil pauses tightening cycle
Latin America’s leading central bank says holding rates may be enough to reach inflation target
SNB abandons negative rates
Jordan says Swiss central bank’s use of negative rates was effective
Norges Bank hikes rate by 50bp for third time in a row
Norwegian central bank revises inflation forecast up and future GDP estimate down
Japan intervenes in FX market for first time in 24 years
Yen falls below 145 to the USD after the BoJ kept ultra-low rates unchanged
BoE hikes rates 50bp as fiscal policy increases uncertainty
Divided MPC approves rate increase, but several members call for more aggressive hike
Fed raises interest rate 75bp for third time
Powell reiterates pledge to “keep at it” until inflation is back to 2%
Fed paper explores rate hike impact on money markets
Monetary tightening likely to impact flows in and out of Fed’s overnight repo facility
Mongolia makes 200bp hike
Central bank has doubled rates since start of year
ECB lays out plan to green corporate bond portfolios
Central bank will focus on issuer-specific climate scores