Monetary Policy
Looser Fed policy and monetary target hamper Argentina’s currency efforts
Inflation rises faster than expected as Argentinian forex reserves reach record high
Bank of Jamaica increases efforts to stimulate inflation
Central bank cuts policy rates and reserve requirements to spur credit growth
Chinese premier clashes with central bank over credit expansion
PBoC rejects premier’s warnings over interest rate arbitrage and bill financing
Zimbabwe ditches dollar peg amid warnings of ‘disaster’
Central bank governor pledges stability but analyst says initiative is “cancerous”
Dallas Fed launches economics website
New site aims to cater for wide range of readers, officials say
FOMC members want plan to end balance sheet reduction, minutes show
Some FOMC members say further rate rises may be necessary in 2019
Tunisia further tightens policy to tackle inflation
Central bank increases basic rate of interest by 100bp to 7.75%
ECB prevented further eurozone deflation, BdF paper says
Researchers say inflation and GDP growth would have entered negative territory in 2015–17
Fed must account for spillovers of monetary policy – Yellen
Janet Yellen reflects on Fed monetary policy and “treacherous” currency manipulation in Brookings podcast
Philippine central bank handed new stability powers and mandate
Act removes money supply and credit as determinants for monetary policy in addition to granting central bank broader supervisory scope
RBA’s board stresses uncertain outlook in latest minutes
Trade tensions, slower Chinese growth and local consumption outlook behind policy decision
The role of e-cash in China
The use of e-cash stored on integrated circuit cards notably reduces cash handling fees and increases security. It also offers greater convenience notwithstanding the rise of mobile payments
ECB says Romanian government breached EU law over bank tax
Governor again warns emergency tax decree could harm banks and damage monetary policy
CBRT cuts reserve requirements, but stresses tight stance
Liquidity tools are more about transmission than policy stance, says Murat Çetinkaya
Flattening yield curve increased retail banks’ profits – Chicago Fed
The results reflect a change in banks’ business models after the financial crisis, researchers say
The Brexit conundrum
The Bank of England has only limited room to respond to a hard Brexit
Egypt sharply cuts rates on lower inflation
Central bank reduces key overnight deposit rate by 100 basis points to 15.75%
PBoC issues 20 billion yuan of central bank bills in Hong Kong
Bills could help improve the yuan-denominated bond yield curve amid a lack of liquidity in the Dim Sum bonds market
RBNZ adopts new dual policy target
New Zealand’s central bank will now have maximum employment target alongside inflation goal
BoE’s Vlieghe says bleaker outlook calls for more cautious policy
Weaker growth and Brexit uncertainty imply one or two hikes a year may be too fast, he says
Globalisation is helping to flatten Phillips curve – Fed paper
Price sensitivity to output changes is significantly weaker in high trade-intensive industries
Fed to finalise balance sheet plans in upcoming meetings – Mester
Discussions over final size and future use of the balance sheet underway at the central bank
Riksbank maintains normalisation plans despite global slowdown
Next rate hike still expected in the second half of 2019