Monetary Policy
Powell defends policy stance and balance sheet
Fed chair stands firm, amid criticism from Bessent and others
Monetary policy staff annual pay rises year on year
Divisional budget averages less than $10 million a year
US inflation expectations at risk of de-anchoring – Boston Fed study
Authors say post-Covid spike has altered perceptions of future price stability
Singapore holds policy as economy slows
MAS says this year’s growth will continue to moderate over coming quarters
Middle income monetary policy teams comprise more junior staff
Monetary policy FTE employees average nearly 40 individuals across central banks
The voice of the central bank in times of uncertainty
The NBU’s monetary policy head Volodymyr Lepushynskyi explains the importance of transparent communications in maintaining trust and managing expectations
Scenario analysis widely used to assess risk but communication varies
Most central banks produce multiple forecasts to illustrate monetary policy risks, but less than half publish them
How FOMC divisions could be a strength, not a weakness
Fed watchers say disagreements make for better policy, provided governors are not in hock to government
Iceland, Romania and Serbia hold, while Poland cuts rates
High food inflation continues to affect eastern Europe
Philippines unexpectedly cuts policy rate
Central bank says government spending concerns have weakened business sentiment
Lagarde revives pitch for euro’s international role
Single currency can become ‘true source of strength’, ECB president says
Bank of Thailand unexpectedly holds policy
Vitai Ratanakorn’s first meeting as governor results in 5–2 vote to keep rates at 1.5%
New Zealand makes 50bp cut amid weak economic growth
Independent economists were split over level of easing, central bank says it is open to cutting further
Egypt continues easing cycle with 100bp cuts
Slowing inflation and strong currency provide room for lowering rates as country expects IMF review
Dallas Fed president cautious about further US rate cuts
Lorie Logan says inflation ‘not convincingly on track’ to return to 2%
Central banks must focus on comms – Bank of Finland panel
Institutions need to concentrate on anchoring inflation expectations, governors say
Fed vice-chair says economic uncertainty ‘especially high’
Jefferson says both sides of central bank’s mandate are under pressure because of Trump’s policies
BoE’s Breeden dismisses worries over UK’s persistent inflation
September’s flare-up in prices will not have significant second-round effects, deputy governor says
India maintains wait-and-see approach with rates hold
RBI’s governor says effects of previous easing cycle and US tariffs have yet to play out
EMs can adopt higher inflation targets – BoE Bulletin
Authors say more elevated goals reflect economies’ faster growth and susceptibility to supply shocks
Australia leaves policy rate unchanged, as expected
Governor says policy a little restrictive, while RBA notes slightly higher-than-forecast inflation data
China reaffirms ‘moderately loose’ monetary policy path
PBoC flags risks from global fragmentation, as concerns remain about growth and price levels at home
BoJ’s Noguchi says need to adjust rate increasing ‘more than ever’
Member of central bank’s policy board says Japan on way to achieving 2% inflation target
Logan says FOMC should cut ties with federal funds rate
Dallas Fed chief says repo markets are better alternative to ‘outdated’ target