Monetary Policy
Bank of Uganda implements 100bp rate cut
Rate setters think below-target inflation offers opportunity to support economic growth
BSP governor rules out Philippines involvement in Asian currency war
Rate cuts by Central Bank of the Philippines due to ‘domestic factors’
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects if the policies are used too much and for too long
Minneapolis Fed president calls for more cuts
Kashkari says cuts would support the economy, but he is unsure how low rates needs to go
Bank of Israel holds rate in divided policy meeting
Central bank willing to cut rates in future to boost below-target inflation
‘Wrong’ to say Fed is out of policy space, Bernanke argues
Former chair estimates unconventional policy adds 3% to Fed’s room for manoeuvre
Central bankers without clothes and clout
The focus on the latest actions by central banks is disproportional to their impact on the economy. Without normalisation, central bankers may be revealed to have no clout, writes Jesper Berg
BSP’s Diokno on forward guidance and cutting reserves
The Central Bank of the Philippines governor speaks to Christopher Jeffery and Alice Shen about fintech, efforts to wean Asia off the US dollar, and why he wants to cut policy and reserve requirement rates
Schlesinger and Issing lead attack on ECB policies
Six senior former policy-makers call for tighter eurozone policy as Draghi’s term nears its end
RBI cuts rate amid ongoing banking sector concerns
Governor says central bank will re-examine regulation of co-operative banks
Fed can now keep rates on hold, senior official says
Recent cuts have provided greater assurance Fed will hit inflation target, Charles Evans says
RBA cuts rates to new record low
Australia’s central bank “prepared to ease monetary policy further” to meet inflation target
EMEs can resist spillovers with prudential policy – BoE paper
Some prudential policies work better than others, researchers find
Expectations and term premia both drive spillovers – BIS paper
Different components have greater impacts in advanced and emerging economies, authors find
Seven threats from big tech’s libra
Can central banks avoid a ‘big tech’ monetary meltdown?
ECB’s OMT and banking union rekindled financial integration – research
Subprime mortgage crisis interrupted progressively higher integration from 1995–2007
RBI weighs reforms to liquidity framework
Report recommends retaining the corridor system and simplifying operations
Riksbank may publish several overnight rates from 2020
As in other jurisdictions, new rate would be based on reported transactions from counterparties
Financial plumbing might be ‘rusty or clogged’ – Philadelphia Fed president
Patrick Harker calls for review of the US’s money market plumbing
Demand wanes for NY Fed repo operations
Term repo was undersubscribed today and overnight repo saw lower demand
Bank of Mexico makes further rate cut
In August, the central bank made it first rate cut for five years
Fed has a risk management problem – Richmond Fed president
“The economy is giving us conflicting signals,” Tom Barkin says
Orr: RBNZ ‘thinking hard’ about unconventional policy
Governor says tools not likely to be needed, but “we would be remiss not to be prepared”
Philippines central bank cuts policy rates for third time this year
Governor Diokno says benign inflation outlook provides more room for further rates reduction