Balance sheet
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Central banks usually transfer profits to governments
But many central bank respondents did not share profits in the last financial year
US inflation continues ascent
CPI inflation reached new high of 7.9% in February
Digital money and central banks
Central banks must reflect on the monetary policy, regulatory and financial stability implications from crypto assets, stablecoins and CBDCs to stay relevant in the digital age of money
Powell says he expects March rate hike
Fed chair says FOMC is discussing agreement on shrinking balance sheet
Half of fintech benchmarks respondents use AI/ML tools
Richer nations more likely to use artificial intelligence
Fed’s Brainard backs series of rate hikes followed by asset runoff
Governor says economy is responding appropriately to Fed communications and incoming data
FOMC’s January minutes hint at policy actions and inflation fears
Committee signals determination to end asset purchases in March and raise the funds rate
BoE hikes main rate and begins shrinking balance sheet
UK Treasury unveils parallel measures to cushion impact of surging energy prices
Fed signals time will be right for rate hike ‘soon’
QE set to end in March, with balance sheet to start shrinking after rates rise
Fed keeps investors guessing on speed and endpoint of tightening
Investors generally agree the Fed will tighten policy, but how much and when are unclear
Effective market operations in a modern central bank
Oliver Wyman’s Paul Fisher and Oliver Wünsch explain how central banks can successfully organise and manage their market operations departments with a public sector workforce, and when their objectives are not dictated by financial returns.
Over half of central banks modified collateral policies during the pandemic
Most reduced haircuts on banks’ collateral
BoJ ends some emergency measures
Central bank offers more funding for loans to small businesses, but halts some asset purchases
Tackling surging inflation
Central banks around the world are grappling with rapid price rises, with some taking very different routes to one another
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
Protecting international standard-setting despite the resurgence of politics
Andreas Dombret, global senior adviser, and Oliver Wünsch, partner, at Oliver Wyman, describe the importance of international standard-setting amid increasing political interference.
Final frontier? Japan after the Kuroda experiment
The Bank of Japan has pushed monetary easing close to its limit, yet inflation is barely above zero. What happens now?
Reforming FX reserve and macroeconomic management for ESG
Arnab Das, global market strategist, Europe, the Middle East and Africa, at Invesco explores why central banks must play a role in ESG risk mitigation, management and prevention, as they are expected to during wars, pandemics and other major shocks.
Time to stop handing out the pills: the great QE detox
We are facing a serious inflation threat that will test the resolve of central bankers, writes Jagjit Chadha. Central banks must reduce their reliance on QE. But how?
Interoperability of stablecoins
Central bank reserves could be a better option for backing stablecoins than Treasuries, say Manmohan Singh, Caitlin Long and Charles Kahn
Bank of Canada ends QE
Inflation proving “stronger and more persistent than expected”
Podcast: Paul Fisher on the future of balance sheet policy
Central banks must think about the composition of their balance sheets, the former BoE official says
Hiking rates before asset sales may constrict credit – paper
Kansas City Fed research says raising the fed funds rate first may cause yield curve inversion