Monetary Policy
Bank of Russia cuts rates, but Nabiullina warns of volatility
Governor says inflation and currency are volatile, and “geopolitical situation” is creating uncertainty
Paraguay makes 12th consecutive rate hike
Inflation drops slightly, but South American country faces slow growth and severe drought
Denmark raises rates to maintain euro peg
National Bank of Denmark increases rates by 50bp as inflation rises to highest level since 1983
Nepal hikes rates and constricts credit
Himalayan country confronts rising inflation and strained reserves
Sarb orders largest rate rise since 2002
MPC orders 75bp increase as currency weakens and inflation surges
Eurozone debt likely unsustainable without QE – BIS paper
Authors find benefits of ECB’s PEPP extend beyond the end of the bond-buying programme
Markets likely to test ECB’s anti-fragmentation tool
ECB could struggle to avoid political disputes over TPI instrument, some observers warn
Papua New Guinea raises rates for first time since 2011
Rising inflation prompts first move in more than two years
Uzbekistan lowers key rate by 100bp
Central Asian country follows Russia in reversing rate increases from start of invasion of Ukraine
Indonesia keeps benchmark rate unchanged
Strong export growth and stable rupiah gives Indonesia room to hold rates, analysts say
ECB surprises markets with a 50bp rate hike
Central bank unveils new instrument to prevent sharp increases in sovereign bond spreads
Bank of Japan holds rates and increases inflation forecast
MPC predicts inflation will reach 2.3% this fiscal year but then fall back below target
Monetary Policy Benchmarks 2022 report – a pandemic legacy
Benchmarks data offers insights into how Covid has impacted policy frameworks, plus governance, market operations and policy transparency
Nigeria raises policy rate by 100bp
MPC cites external tightening and conflict as sources of rising inflation
Fed faces years of losses as interest rates rise
QE brought major interest rate risk onto central bank’s balance sheet
China holds key lending rates
PBoC continues to diverge from counterparts overseas as it sticks with easy policy
Australian government to review RBA mandate and governance
Review will look into the board structure and performance, after RBA suffers criticism over policy choices
ECB readies first hike since 2011 as it faces policy ‘trilemma’
Central bank may be forced to choose two options among price stability, fragmentation risk and market functioning
Bailey says bigger hikes and faster QT ‘on the table’
BoE governor says MPC is willing to act “forcefully” to prevent inflation persisting
Larry Summers says Fed suffers from dangerous groupthink
Former Treasury secretary argues a massive recession is needed to combat inflation
Australians can bear rising borrowing costs – RBA deputy
But Michele Bullock warns of greater financial burden for recent homebuyers
Labour supply key to understanding inflation, Shin tells G20
Understanding labour market is critical task for policy-makers, BIS head of research says
Why fears about quantitative tightening are overblown
The benefits of collateral availability may outweigh the monetary liquidity withdrawn by central banks
IMF says US faces hard balancing act
Excessive tightening by the Fed could cause negative spillovers for global economy, fund warns