Monetary Policy
New York Fed lays out QE unwinding scenarios
Fed’s balance sheet is expected to stabilise between $2.5 trillion and $3.3 trillion
Iran seeks to unify exchange rates amid rial plunge
New rate is meant to eliminate gulf between official rate and market, but it remains unclear whether the measure will succeed
Central banks should personalise communications – BoE’s Haldane
Explaining how monetary policy affects the lives of everyday people could help bridge trust gap, the BoE’s chief economist says; calls for monetary policy ‘scorecards’
China's policy transmission increasingly similar to advanced economies – BIS paper
Authors say monetary policy surprises have “sizeable” effects on interest rates in China
Fed’s Powell emphasises ‘patient’ approach to policy
Fed chair acknowledges very low unemployment has been accompanied by other signs that the labour market may be operating below potential
Eurozone inflation rises in March
Prices rose year on year by 1.4% last month, up from 1.1% in February
Money market revamp would help transmit policy in Iran – IMF
Central bank currently struggles to conduct open-market operations; new policy framework would aid transmission and deepen markets, fund says
Language shapes monetary policy preferences in Switzerland – research
Culture partly outweighs shared institutions and economic history in setting priorities
Sarb alters interest rate forecasts to extend easing
Central bank sees three 25bp hikes between now and 2021
Balance sheet features impact global spillovers – NY Fed paper
International research effort finds banks’ business models affect the extent to which policy spills across borders
Upgraded Moody’s outlook puts Sarb rate cut bank on the menu
Lower inflation and an appreciating rand mean the South African Reserve Bank could cut rates at its meeting next week, but analysts think it might be too soon
Bank of Ghana slashes rates as inflation moves towards target
Central bank continues an easing cycle that began in 2016, citing a “significant moderation in price pressures”
Technological change has contributed to low wage increases – Riksbank’s Skingsley
Monetary policy can respond by balancing high resource utilisation with price stability
Fed policy should become more neutral – Bostic
As the economy operates close to potential and inflation approaches target, rates can be raised, the Atlanta Fed president says
Canada’s Wilkins calls for improved macro frameworks
Bank of Canada deputy highlights the importance of better models and improved data in understanding impact of monetary policy on stability
BoE on track for May rate hike
MPC votes 7-2 in favour of maintaining rates at 0.5% but leaves the door open for two potential rate hikes in 2018
Brazil nears end of easing cycle as rates hit fresh low
Committee signals there will likely be a pause in rate cuts soon, as inflation evolves “more benignly than expected”
Mongolian central bank opposes interest rate cap
Mongolia has some of the world’s highest interest rates, but the central bank warns caps are not the right solution