Coronavirus
Canada scales back liquidity measures
Policy-makers keep rates unchanged; new governor Tiff Macklem plays observer role on first day
BoE urges banks to ramp up no-deal Brexit preparations
Brexit risks are resurfacing as trade talks remain deadlocked
US needs aggressive fiscal policy and negative rates – St Louis Fed economist
Policy response must be powerful enough to overshoot previous growth trend for a period, researcher says
Georgian central bank launches liquidity support for SMEs
New programme will supply liquidity to commercial banks in exchange for loan collateral
Stress levels rising: investment funds and the Covid-19 shock
Extreme market stresses due to Covid-19 are underscoring the central role non-banks play in crisis contagion, as in 2008. Were regulators better prepared this time?
IMF gives Chile access to $24 billion credit line
Country is exposed to major risks from pandemic despite strong economic record, Georgieva says
Bond purchases will not imperil independence – Brazilian governor
Roberto Campos Neto stresses temporary asset purchases face strict limits
Minutes highlight scale of BoE’s Covid-19 redeployment
Some staff were overwhelmed with work while others had little to do
Bangladeshi governor’s term extended amid pandemic crisis
IMF approves aid worth 50% of Bangladesh’s quota and says country faces major challenges
Colombia cuts rates to record low
On-target inflation allows central bank to provide stimulus as economy faces sharp recession
US disinflation accelerated in April
Core inflation sees steepest drop since the 9/11 attacks
Sama injects $13 billion as banks prepare to reopen
Saudi central bank directs financial firms to “gradually return” to normal operations
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
The Central Bank of Brazil governor speaks about how Brazil is managing fallout from the coronavirus pandemic, the benefit of large reserves, his plans to deploy emergency asset purchases and why he favours extending the IMF’s SDR funding
Nigeria slashes rates by 100bp
Central bank thinks stimulus package can still prevent the economy from entering recession
Carstens, Jordan, Weber: respect the boundaries of fiscal and monetary policy
Axel Weber says huge US deficit could pose problems for global financial stability
Fed can boost power of fiscal spending in communities – Harker and Rajan
Targeted fiscal policies are needed to address concerns over inequality, they say
ECB’s Enria unsure banks will dip into capital buffers
Anxiety over investor and rating agency reaction may limit banks’ use of Covid relief measures
Banxico forecasts Mexican economy could fall by 8.8% in 2020
Central bank stresses the profound uncertainty to which the economy is subject
National Bank of Poland cuts rates again but predicts recovery
“Significant fall” in activity likely to reverse in latter part of the year, policy-makers say
Bank of Korea cuts policy rate to new record low
Bank of Korea slashes key rate to record low of 0.5%; economy is expected to grow at the slowest pace in over two decades due to Covid-19
Record hiring needed to reach pre-crisis unemployment by end-2021 – paper
Hiring four times faster than most robust pace in Great Recession still not enough, researchers find
No date in sight for Fed Board nomination vote
Delays in voting on Judy Shelton and Christopher Waller leave board understaffed during crisis
Crisis exposes flaws in US financial stability regime
Former Fed chair Janet Yellen urges Congress to reform US’s financial stability framework, after failure to curb corporate leverage in the lead-up to lockdown
The complex art of reserve management
The coronavirus lockdown represents another inflection point for central banks seeking to optimise the management of their $12 trillion in FX reserves