Monetary Policy
Bank of England raises policy rate to 0.75%
Energy price shocks could push headline inflation higher than previously forecast, BoE says
Fed triggers lift-off with 25bp hike
FOMC cuts economic growth projections for 2022 but proceeds with tightening
Central Bank of Costa Rica accelerates tightening cycle
Larger rate hike comes as invasion of Ukraine adds to existing inflationary pressures
Armenian central bank hikes rate by 1.25 percentage points
Policy-makers choose “relatively large” rate hike despite hit to growth from Russia-Ukraine conflict
West African central bank denies devaluation
CFA franc has been pegged to European currency since establishment
Riksbank’s pandemic QE eased financing conditions, says research
Swedish central bank’s purchases boosted equities, depreciated krona and cut bond yields
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
Peru’s central bank continues policy tightening
Most indicators are pessimistic, central bank says, as IMF staff warn of possible currency pressure
ECB accelerates end of QE programmes
New forward guidance hints rate rise will not immediately follow end of asset purchases
Bank of Mauritius makes first rate hike in over 10 years
Inflation risk prompts policy-makers to begin gradual tightening cycle
Polish central bank hikes main rate as it battles zloty weakness
Currency has fallen sharply since Russia’s invasion of Ukraine, adding to fears over high inflation
IMF urges Peru to tighten monetary policy
Fund also says FX intervention may be needed short term
Sri Lankan central bank raises rates and clashes with power company
Energy chairman says “power crisis” has been caused by unwise use of foreign exchange
Central banks can lean against fiscal dominance – BoC paper
Authors find monetary policy works better when conditional on fiscal policy
Bank of Canada governor says rate increase ‘was first step’
Macklem says he expects inflation to fall in second half and expectations remain anchored
BoE aims to boost comms with new ‘visual identity’
Design overhaul aims to help central bank reach a wider audience, BoE says
Ukrainian central bank says lenders and payments remain stable
Shevchenko warns over foreign currency pricing as Russia increases reinsurance capital
Powell says he expects March rate hike
Fed chair says FOMC is discussing agreement on shrinking balance sheet
Latin American dollar debts could cause systemic risk, paper says
Authors say the Fed risks a major policy mistake if it ignores the wider impact of tighter US policy
Bundesbank raises inflation forecast
Nagel calls for policy normalisation and says Bundesbank could increase risk provisioning again
Bank of Canada raises policy rate
Hike marks end of ultra-loose policy imposed in response to Covid-19
Ukraine invasion raises questions for Fed policy and Latin America
Economists say some countries may benefit from higher commodity prices, but food inflation and uncertainty over Fed policy complicates the outlook
Kyrgyz central bank raises rates 150 basis points
Central bank cites “geopolitical risks”, though high inflation was problem long before war
Emerging economies ‘remarkably’ resilient to Fed tightening, BIS says
Many EME currencies have appreciated, but Turkish lira and Russian ruble are notable exceptions