Communication
Dissent affects size but not clarity of minutes – paper
Study looks at BoE, BoJ, Fed and Riksbank; when dissent in monetary policy meetings increases, so does the size and content of the minutes, but readability is preserved
Bank of Zambia expects ‘sharp decline’ in inflation
Monetary policy stance having “desired” results, according the MPC, minutes from latest meeting show; bank leaves rate on hold at 15.5%
Central bankers may talk too much, economist warns
The public's limited attention span might distort the intended message, publication warns; central bankers might consider talking less and delivering a more succinct message when they do
RBA minutes reveal discussion around rate cut
No real change in economic activity or unemployment rate, minutes show; committee 'persuaded' monetary easing would improve prospects for inflation and growth
Riksbank minutes highlight effort to protect rising inflation
Executive board members saw potential for krona appreciation as a risk to inflation outlook; broad support for additional asset purchases, but some questions over size
Fed presidents navigate ‘mixed signals’
Dennis Lockhart is putting more weight on positive employment picture than disappointing growth stats; both he and Robert Kaplan see potential for labour force to expand
Swiss franc still ‘significantly overvalued' – Jordan
Chairman of Swiss National Bank governing board says dual policy of negative rates and willingness to intervene in forex market are helping support the economy
Rajan sided with the consensus, minutes show
RBI governor cuts rates in line with views of external advisers; four of the five members wanted to reduce the repo rate at the April 5 meeting
Wheeler says further easing may be needed as RBNZ holds
Wheeler says interest rate cuts could be needed, though the RBNZ kept its key rate at 2.25% today; mixed picture with dairy export prices improving but currency still high
Embargoed lock-ups scrapped after RBNZ confirms leak
Report says a journalist leaked the March 10 cut to colleagues; Reserve Bank of New Zealand ends practice of allowing media and analysts advance access to rate decisions and major reports
Data dependence catching on, says San Fran Fed president
Market participants have become more responsive to economic news since 2015 in both the US and UK, research by Benjamin Pyle and John Williams finds
Skingsley sees turning point for Riksbank policy
Immediate threat is fading, enabling the central bank to focus more on longer-term risks, deputy governor says
Some Fed officials concerned April hike would ‘signal a sense of urgency’
Minutes from March meeting reveal caution around prospect of a hike this month, given prevailing headwinds and risks; next meeting on April 26–27
Chicago and Cleveland Fed presidents back gradual path for rate increases
Charles Evans is “comfortable” with tightening implied by latest round of dot plots; he and Loretta Mester spell out outlooks for growth and inflation and risks surrounding them
Yellen: volatile global outlook calls for gradual hikes
Fed chair soothes market concerns over pace of rate rises, highlighting importance of low rates in offsetting troubles abroad and saying rates will rise more slowly than previously indicated
Eurozone not at zero lower bound, Praet says
ECB chief economist Peter Praet has said the eurozone is not at its zero lower bound; remarks may not contradict earlier guidance by ECB president Draghi
BoE alert to second-round effects from low inflation, minutes show
BoE enters eighth year with rate at 0.5%; committee will continue to watch for second-round effects of inflation on wages
Fed officials lower expectations of rate increases
Fed officials forecast rate increase of 50bp this year, compared with 100bp in December; Yellen “wary” of recent increase in headline inflation
Economists mull how to improve Fed communications
Paper presented at US Monetary Policy Forum encourages Fed to move away from ‘time-based’ forward guidance; considers what kind of new information would be useful to markets
ECB governing council minutes stress need for good communication
Members of the ECB’s Governing Council agreed on the need for good communications but disagreed over the evidence of second-round effects in recent wage dynamics, minutes show
Bullard challenges ‘backward-looking’ language in Fed statement on goals
James Bullard reveals he disagreed with an element of the Fed’s statement on longer-run goals, believing it failed to capture the importance of future expectations to inflation targeting