Monetary Policy
Czech Republic holds rates again and upgrades growth outlook
CNB says economy running hot on all fronts warrants restrictiveness in monetary stance
Trump picks Miran to replace Kugler on Fed board
Adviser set to take up role until January as president continues search to replace Powell as chair
US’s gains from tariffs diminish when countries retaliate – study
Dallas Fed authors say negotiated settlements may be best for all concerned
Fed policy may disproportionally affect largest banks – study
More leveraged US lenders experience sharper stock declines following rate hikes, Fed paper finds
BoJ eyes further rate hikes, possibly by year’s end
Central bank says global economies’ resilience to tariffs “remarkable”, while predicting slowdown
Book notes: How low interest rates change the world, by Jesper Rangvid
This book investigates the possible causes of ultra-low interest rates, the problems low rates cause and the path of future rates
BoE cuts rates by 25bp in historic close call
For first time in history, MPC voted twice as initial round ended in 4–4–1 stalemate
RBNZ survey respondents expect bank to cut policy rate
Business leaders and forecasters also expect weaker inflation in New Zealand over medium term
Working group minutes: seeking better interactions on social media
Building engagement is a challenge and brings risks for central bankers
India holds policy, thus ending easing cycle
Central bank leaves rate at 5.5%, citing lower inflation and continued risks from US tariffs
Kugler’s resignation from Fed opens door for Trump, say experts
Governor’s departure could enable president to appoint “shadow chair” to further undermine Powell
Vietnam asks lenders to reduce interest rates
Central bank says lower rates are needed to support country’s growth target
China analysts expect moderate rate cuts in H2
PBoC mirrors politburo stance in mid-year meeting while eyeing further internationalisation of yuan
News coverage affects inflation expectations – NBER paper
Authors say bad news has bigger impact on perceptions of inflation
ECB paper finds strong policy can stop expectations de-anchoring
Communicating counterfactual scenarios can help to inform monetary policy decisions
South Africa’s central bank denies reducing inflation target
Sarb says it is targeting bottom of existing 3–6% range, after reports it had bypassed Treasury
Monetary policy alone will not solve Korea’s problems – paper
Study calls for structural changes to tackle ageing population, high debt and low growth
Attempt to make FOMC meetings public is 'frivolous' – experts
Legal action by Trump ally, if successful, would hamper discussion, says ex-Fed official
Colombia’s unexpected rate hold draws fire from president
Policy maintained at 9.25% could mean fewer or no rate cuts in upcoming meetings, analysts say
Book notes: Inflation, by Mark Blyth and Nicolò Fraccaroli
An accessible explainer about the narratives surrounding inflation – and who it benefits
Brazil holds rates amid tariff threats and Trump-Lula feud
Potential 50% levies from US reinforce “cautious stance”, BCB says
Ghana’s 300bp rate cut is largest in its history
Governor signals further easing as inflation cools to lowest level since 2021
BoJ holds policy and ups inflation expectations
Japan’s central bank says growth likely to slow then pick up again after tariffs’ effects diminish
Fed holds rates, despite pressure from White House
Experts say stance is in response to Trump’s trade policies and lament his attacks on central bank