Communication
BoJ board split ahead of ‘comprehensive assessment’
Opinions from last meeting show members divided on how to hit 2% by fiscal 2017, and if it is even possible; “comprehensive assessment” may include measures to support squeezed banks
Brexit a factor in BoJ’s decision to ease – deputy governor
Uncertainties from abroad, notably the UK’s vote to leave the EU, are weighing on the Japanese economy, and were a factor behind “enhanced” easing in July, Kikuo Iwata says
BoJ board members see hope in wages and oil prices – June minutes
Policy board members point to third year of wage rises and higher oil prices as hopeful indications of a turnaround in prices, though expectations are weak and consumer sentiment worsening
RBNZ stands by decision to end embargoed lock-ups
RBNZ commissions review into different options for providing key releases to journalists ahead of time; decides costs outweigh benefits, and reaffirms decision to scrap the practice
Chilean minutes show widespread support for holding policy
Board unanimously votes to hold rates; one member sees tightening cycle ending, while another says lowering rates is “beyond reason”
BoE seen as ‘boxed in’ ahead of MPC vote
Forward guidance from MPC members has laid the ground work for a rate cut or other form of easing; even if the effect of a cut is minimal, a hold decision would be worse, says former committee member
Larger changes in policy statements lead to more volatility – paper
Research considers how much similarity in central bank statements on monetary policy matters for their reception
Dudley: market expectations may be ‘too complacent’
Federal Reserve Bank of New York president says the Fed will probably need to hike more than once before the end of 2017 if the economy evolves as expected; warns of "insufficient weight” on upside
Turkish central bank to meet with investors under new comms practices
Central Bank of the Republic of Turkey announces string of new communication practices that will see it meet with wider range of stakeholders
RBNZ signals action ‘likely’ amid New Zealand dollar strength
Stronger than anticipated NZ dollar threatens ability to hit inflation target, RBNZ says; announcement triggers drop in currency
Atlanta Fed president wants to ‘let the picture clarify’
Dennis Lockhart likens the UK’s vote to leave the EU to a storm that has “clouded the economic waters”; the Fed must be patient in the aftermath, he says
Shirai urges BoJ to change course
Former policy board member says the Bank of Japan’s current policies are not sustainable, recommending a rethink of policy mix and communication strategy
Technical issue affects Fed minutes release
Error in Federal Reserve equipment results in early release in some cases and late in others; minutes show Fed officials grappling with uncertainty amid slowing job growth and UK referendum fallout
Releases of monetary data aid market rate expectations – paper
Working paper published by ECB shows releases of monetary data is helpful to financial markets in forming rate expectations
Monetary easing ‘likely’ required over summer, says Carney
Governor expects easing in wake of UK vote to leave the EU; announces additional weekly liquidity operations as part of response, but acknowledges limits to what BoE can achieve
BoJ paper models impact of guidance on expectations
Announcing forward guidance before reaching the effective lower bound can help to “positively influence” inflation and output growth, the author finds
Kiuchi says BoJ must communicate better
Board member concerned monetary policy is becoming less predictable as observers expect ever more easing; warns against use of negative rates
Governor: Philippines central bank to keep ‘steady hand’ on monetary policy
Philippines central bank to keep watchful eye on uncertainty surrounding advanced economies’ policy prospects; inflation environment remains ‘manageable’
Fed should prepare to communicate inflation overshoot – IMF
IMF urges Fed to continue on “very gradual” path in raising benchmark rate; central bank should tolerate inflation overshoot to stop expectations drifting down
BoJ vigilant to bond market impact of QQE, Nakaso says
Central bank is monitoring effects of large-scale asset purchases and doing its best to maintain market stability, deputy governor says
Searching for excellence in central bank communication
First-class performance of modern central banks requires first-class communication
Yellen upbeat but concerned by weak jobs data
Janet Yellen expects continued progress to Fed’s objectives; says latest labour market report is “concerning” but warns against reading too much into it
Sato hits out at BoJ's negative rates
Board member warns negative rates in Japan may lead to tighter conditions and financial instability, as prime minister delays tax hike in face of deflation risk
Haldane admits BoE communications can be ‘impenetrable'
Chief economist notes ever-longer publications have not tallied with better understanding among the UK public, suggesting the message needs to be clearer and simpler