The Americas
Larry Summers says Fed suffers from dangerous groupthink
Former Treasury secretary argues a massive recession is needed to combat inflation
IMF says US faces hard balancing act
Excessive tightening by the Fed could cause negative spillovers for global economy, fund warns
US experts believe inflation will fall, eventually
CPI inflation surges above consensus forecasts, but economists expect a turning point soon
FOMC ready to tighten policy further, minutes show
Members worried about inflation becoming entrenched but see some signs of pressures easing
Monetary policy set a maximum of 12 times a year
Frequency of meetings highest on average in upper-middle income economies
Monetary policy press conferences more common than minutes
High income institutions trail behind middle income banks on minutes publication
Monetary policy and ops divisions mostly segmented
Nine in 10 institutions separate units in the Americas, Asia and Europe
US citizen pleads guilty to selling technology to Iranian central bank
Defendant faces jail after using UAE shell companies to skirt US national security law
Covid impacting monetary policy most in middle income countries
Most central banks report shifting stance at the height of pandemic, but some have since reverted
Costa Rican central bank raises rates to highest level since 2011
Board also orders increase in reserve requirements from July as inflation remains over target
Non-bank access to RTGS systems still rare
Only a handful of central banks allow non-bank users
High income countries have larger share of staff devoted to payments
Structure of central banks’ payments sections differs across institutions
Less than 10% of RTGS systems meet ISO 20022
Most non-compliant central banks plan to implement messaging protocol by 2025
Three-quarters of central banks exploring CBDCs for retail payments
Though research is common, only a few have moved to pilot or roll out the technology
Many central banks plan RTGS upgrades in coming year
Over 80% expect to renovate systems within five years
Communications Benchmarks 2022 – executive summary
Key findings of the 2022 report, including the ongoing shift to social media and the impact of Covid-19
US Senate reappoints Powell as Fed chair
Appointment comes as Powell’s approval rating in polls falls to lowest point in his career
Many central banks ‘layer’ news for different audiences
Techniques include use of differing language, visual and video presentation, and data release
US Senate confirms Lael Brainard as Fed vice-chair
Key senator absences create roadblock for Lisa Cook’s nomination