Coronavirus
Thailand raises rates for first time since 2018
Bank of Thailand signals more “gradual and measured” rate increases to come
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
Madagascar raises rates 90bp
Central bank expects economy to grow but speaks of troubling global conditions
Inflation offers route to unconventional policy exit
Asset purchases and negative rates can be reversed, but Fed/ECB policy divergence raises major risks
Monetary Policy Benchmarks 2022 report – executive summary
Benchmarking data sheds light on some of the key aspects of central bank operating frameworks
BoJ unlikely to move policy to counter yen weakness
The Bank of Japan is wary of raising rates or even increasing its yield control target to tackle yen depreciation, which it views as being exacerbated by foreign speculators, writes Sayuri Shirai
US inflation: it’s mainly global
Steve Kamin analyses the pre-existing conditions that impacted inflation in the US and elsewhere
Monetary Policy Benchmarks 2022 report – a pandemic legacy
Benchmarks data offers insights into how Covid has impacted policy frameworks, plus governance, market operations and policy transparency
Nigeria raises policy rate by 100bp
MPC cites external tightening and conflict as sources of rising inflation
Rethinking regulation of the modern financial system
Bank of Italy’s Maurizio Trapanese writes that rules need to address uncertainty as well as measurable risks, entity types as well as activities, and should not be overly complex
Fed internal watchdog clears Powell and Clarida
Inspector-general still examining Rosengren and Kaplan, while senators criticise new code
Two US regulators fine Bank of America $225m
Country’s second-largest bank unlawfully blocked access to unemployment benefits
Knot says financial stability risks are growing
FSB chair says emerging economies are particularly vulnerable as financial conditions tighten
New Zealand’s central bank delivers third straight 50bp hike
Analysts predict RBNZ will start slowing down the pace of rate hikes from October
Asian central banks deploy FX reserves to prop up currencies
Analysts remain confident in Asia’s financial stability, but recession risks are building
Bank of Canada deputy stresses heterogeneity’s role in monetary policy
Debt may complicate tightening cycle, as Canadian consumer inflation expectations rise
Riksbank carries out largest rate rise since 2000
Swedish central bank says chances of wage-price spiral have increased
Top central bankers admit inflation models fell short
Reliance on Phillips curve and demand-driven models may have created blind spots
BIS says central banks must act ‘decisively’ on inflation
Tightening policy hard and fast may be central banks’ best shot at engineering a soft landing
BIS balance sheet buffeted by market turbulence
Institution still turned a profit in the year to March 2022
BSP raises rates by 25bp, while Indonesia holds
Economist warns Philippine central bank’s action may not be enough to bring inflation down
Bank of Mexico orders largest-ever rate hike
Mexico matches Fed as inflation continues well above target
Exit from bond yield target was ‘disorderly’, admits RBA
Central bank says it is unlikely to use yield curve targeting again