Central Banks
US Senate confirms Barr as Fed vice-chair
Democrat appointees now form majority of board of governors
Chilean central bank makes surprise 75bp rate hike
Board takes interest rates to highest level since 1998
Singapore and Philippines make unscheduled policy decisions
Central banks tighten policy as inflation continues to rise and US releases inflation data
Mismeasurement may cause ‘missing-investment puzzle’ – BoE’s Bailey
Rise in intangibles could explain apparent fall in investment despite stable returns, governor says
Central African Republic launches crypto asset
Regional central bank reaffirmed ban on cryptocurrency after CAR made bitcoin legal tender
People: Saudi Central Bank appoints two vice-governors
BIS names heads of key committees; senior officials quit US Office of the Comptroller of the Currency
Bank of Canada hikes 100bp in bid to outpace inflation
Canada front-loads path to higher interest rates with biggest hike in 24 years
Knot says financial stability risks are growing
FSB chair says emerging economies are particularly vulnerable as financial conditions tighten
BoI’s Yaron stresses flexibility offered by inflation target range
Bank of Israel has been studying the possibility of modifying its inflation target
US experts believe inflation will fall, eventually
CPI inflation surges above consensus forecasts, but economists expect a turning point soon
Bank of Korea lifts key rate by half a point to fight inflation
Central bank also warns of high downside risks to the economy
New Zealand’s central bank delivers third straight 50bp hike
Analysts predict RBNZ will start slowing down the pace of rate hikes from October
Croatia gets green light to become 20th eurozone member
Eurozone expands for first time since 2015
US regulators gear up for CBDC work
US Treasury and Fed governor hint at the next steps in CBDC development
Sri Lankan governor warns of danger to IMF deal as chaos mounts
Weerasinghe says talks over IMF bailout package must continue, as president tries to flee country
Tanzania’s current account deficit more than doubles YoY
Deficit reached $3.7 billion in May, as country turns to IMF for support
Chinese authorities step in amid banking crisis in Henan
Promise to repay depositors follows violent clashes between account-holders and local security officials
Rising inflation still stalks major Latin American economies
Tighter monetary policy in Brazil, Chile and Mexico is failing to bring inflation down
Book notes: Harry White and the American creed, by James Boughton
This book offers a deeper understanding of the hugely influential IMF founder and his work, but fails to resolve espionage charges