Monetary Policy
Riksbank implements first ever 100bp rate hike
Interest rates increased to 1.75%, expected to peak at 2.5% in 2023
PBoC leaves key lending rates unchanged
Chinese central bank pauses monetary easing as yuan falls to two-year lows
Markets starting to reflect ‘tenacious’ inflation, says BIS
Swings in markets highlight investors’ struggle to understand outlook, quarterly review says
US needs tighter policy, former senior Fed adviser says
Higher rates will cause little damage to supply chains, David Wilcox argues
Social media: an essential tool for central bank communication
Strategies to secure popularity, comprehensibility and reputation as new media takes centre stage
Russian central bank cuts rates again but Nabiullina warns over deficit
Higher structural deficits would force central bank to raise rates, governor says
Norges Bank, Riksbank and SNB expected to raise rates
High inflation and ECB tighter policy stance put pressure on eurozone’s neighbours
Argentina continues rate rises
Central bank increases headline rate by 550bp to 75%, but inflation continues to rise
ETFs in reserve management focus report 2022
Exchange traded funds (ETFs) have risen in popularity among investors and may be of interest to central bank reserve managers in pursuit of safety, liquidity and returns. Central bank mandates vary, but all reserve managers must navigate a new, complex…
Navigating a new, complex economic environment
In 2021, net assets in exchange-traded funds (ETFs) stood at almost $10 trillion, after inflows of more than $1 trillion
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
ECB could bring rates close to 2% by year’s end, says French governor
François Villeroy de Galhau estimates eurozone’s neutral rate is below or near 2%
West Africa central bank orders second rate rise of 2022
MPC says drought, unrest and global commodities shocks are driving up inflation
Costa Rica continues tightening with 100bp increase
Central bank cites concerns about rising inflation expectations and second-round effects
PBoC holds key interest rate unchanged
State council defers some firms’ tax payments and says it will increase support measures
More reserve managers use ETFs
Debate around how investor and ETF behaviour interact during times of market stress continues
Summers and Krugman see no alternative to ECB tightening
Despite lack of overheating, huge energy shock requires action to anchor inflation expectations
BoJ conducts FX rate check amid falling yen
Analysts question whether FX intervention is feasible without monetary policy shift
Fed’s QT will be more complex this time, official says
Overnight repurchase liabilities make up a larger portion of balance sheet than before
Managing risk with ETFs
Central Banking speaks to eight reserve managers about their thoughts on the use of ETFs, faced with market volatility, uncertainty and escalating inflation
Fed’s Waller: rates could go ‘well above’ 4%
Governor projects “significant” September hike and says it is “too early” to judge inflation drop
Morocco’s Jouahri on inflation, forex reform, digitalisation and sustainability
The Central Bank of Morocco governor speaks with Christopher Jeffery about Covid-19 policies, Fed tightening, BIS membership, regional co-operation and financial inclusion
Peru slows down tightening cycle to 25bp hike
Central bank had implemented 50bp rate increases every month since September 2021
EU needs radical fiscal reforms, IMF report says
Framework would aim to free ECB from having to stabilise sovereign bond markets