Monetary policy decisions
Yellen stresses commitment to ‘gradual’ rate hikes
Fed chair examines possible factors behind disappointing inflation results, but concludes gradual rate hikes are still warranted
Riksbank welcomes higher inflation
Minutes of last monetary policy meeting caution krona has appreciated faster than previously forecast
FOMC triggers balance sheet wind-down
Fed will begin allowing securities to roll off its balance sheet from October; Janet Yellen stresses changes will proceed gradually
Turkey keeps rates unchanged on high inflation
Central bank says tight stance will remain until prices approach 5% target
Falling Swiss franc boosts inflation but SNB policy is unchanged
SNB revises down GDP growth forecasts and warns franc “remains highly valued”
Hawkish signs appear in BoE’s latest communication
Committee still split 7–2 in favour of keeping policy on hold, but members flag possibility of a hike at the November meeting
Cleveland Fed’s Mester upbeat on prospects for US economy
Loretta Mester backs continued gradual rate rises and the commencement of balance sheet normalisation “in the near future”
FOMC divided on how to proceed with policy
Strong jobs growth, but below-target inflation leaves some members emphasising room to be patient, while others warn of a potential overshoot
Brexit drives a wedge between BoE and markets
Market expectations of future UK interest rates appear out of line with views expressed by the Bank of England’s Monetary Policy Committee. It comes at a time when Brexit ‘news’ often trumps economic data
BoE: market pricing implies two rate rises in next three years
Markets project first rate rise in Q3 2018, but committee says tightening may need to come sooner; MPC sees mixed picture for labour market
RBI makes first rate cut of 2017
Inflation is at a record low, and growth is forecast to rebound, although the RBI is still concerned about weak transmission of the policy rate
Fed to begin shrinking balance sheet ‘relatively soon’
Rates remain on hold as the FOMC eyes below-target inflation, while the wording change implies that action on the balance sheet could begin sooner than previously expected
Favourable inflation prompts 100bp cut in Brazilian interest rate
Central bank continues easing cycle as political uncertainty not feeding through to inflation; analysts expect another large cut this year
Sarb takes action amid ‘extremely weak’ demand
Central bank revises down its forecasts as economic situation deteriorates; governor warns of possible cliff effect if there are further rating downgrades
Draghi, quo vadis?
Jesper Berg warns the eurozone's improved outlook creates a host of problems for the ECB, as it must balance competing demands
Bank of Canada hikes for first time in seven years
Bank of Canada becomes the latest advanced economy central bank to hike as the economy proves robust and inflation moves towards target
Central Bank of Egypt hikes rate in bid to rein in rapid inflation
Inflation is starting to slow after impact of devaluation but is still running at close to 30%, the central bank says
RBI minutes: ‘abrupt’ retreat of inflation calls for caution
MPC members express surprise at swift retreat of food prices, though they warn against setting policy by looking in the “rearview mirror”
RBA minutes point to dangers from debt
Growth in household debt exceeds growth in incomes, creating risks to consumption; board members say situation warrants “careful monitoring”
Kashkari chooses between ‘faith and data’
Minneapolis Fed president says FOMC should have waited to see if inflation rise was transitionary before raising rates in June
Bank of Japan strikes upbeat tone as it keeps policy on hold
The Bank of Japan decided to leave policy settings unchanged at its June meeting, but sounded more upbeat on the outlook
MPC dissent grows amid BoE dilemma
Rates remain on hold but committee split 5-3 as some argue the BoE’s difficult trade-off has shifted in favour of tackling inflation
Overvalued Swiss currency is keeping rates low – SNB’s Jordan
The Swiss franc remains “significantly overvalued”, despite low interest rates and forex interventions; expansionary monetary policy makes the franc “less attractive” for investors
FOMC votes for hike but stays cautious on outlook
Fed committee votes for second rate hike of 2017, but enthusiasm for further tightening appears to be fading