Expectations
PBoC cuts key rates as economy stutters
China stops publishing youth jobless rate after record-high figure in June
BoE paper analyses banks’ forecasting accuracy
Banks with better governance, including more senior women, make better predictions, authors find
Brazil makes first rate cut in cycle
Board divides 5–4 over size of reduction, with majority backing larger 50bp option
Supervisory soft skills: working in a consensus-driven environment
New studies highlight the importance of supervisors being able to say ‘no’ – and persuade banks to act accordingly, writes Manoj Singh
Inflation expectations unreliable guide to policy – BoE’s Tenreyro
Policy-makers would be “unwise” to use expectations as an intermediate target, MPC member says
Advanced economies most likely to survey trust and understanding
Data shows differences in how central banks judge the effectiveness of monetary policy
A letter to Andrew Bailey
As the Bank of England struggles to bring inflation down, Jagjit Chadha warns the governor not to let markets take control
BoJ’s easing stance fuels yen undervaluation dilemma
Japanese policy-makers need to consider feedback loop that an undervalued yen has on cost-push inflation; reflect on YCC exit options in ‘broad perspective review’, writes Sayuri Shirai
Fed holds policy rate steady
Powell says conditions for lower inflation are coming into place, and July will be a “live meeting”
Rule-setters need to heed their own advice
The US risks a reputation for failing to meet standards to which it holds others
RBNZ raises rates to peak level
Central bank predicts rates will come down slightly faster than in February forecast
Eurozone consumer inflation expectations rose significantly, ECB says
Rise in expectations may bolster arguments for tighter monetary policy
Advanced economies face slowdown and stubborn inflation
Jagjit Chadha analyses the shifting outlook for the world economy, with more hard work ahead for central banks
Brazilian MPC holds key rate again
Central bank warns of “lingering uncertainty” over future fiscal policy
Extended QE creates pessimistic sentiment – Bank of Canada paper
News and social media “significantly” impact market sentiment, researchers say
Climate change and the role for central banks
Gavin Bingham, Andrew Large and Paul Fisher explain how climate change affects central banks and the competing tensions it raises in relation to policy responses
Challenges ahead for Ueda’s easing commitment
BoJ governor’s plan to maintain monetary easing until 2% inflation is hit may not be easy, writes Sayuri Shirai
Global economy will be ‘anaemic’ – IMF
Inflation falling, but central banks will only reach targets over 2024 and 2025
Rates round-up: Mexico and Colombia slow tightening
Guatemala also tightens with 25bp hike; Chile and Dominican Republic continue pauses
Rates round-up: Kenya raises rates to highest since 2018
Sarb adds 50bp more as economy struggles; Zimbabwe cuts 1,000bp; Mozambique holds
Edmund Phelps and the search for a ‘new economy’
The Nobel Prize winner helped lay the foundations of modern macroeconomics. Now he is concerned something is deeply wrong with how policy-makers think about the economy
Fed raises rates 25bp and signals possible halt soon
Credit tightening may substitute for further rate hikes, Powell says
Lifetime achievement: Stefan Ingves
Modest man from the Finnish ‘boonies’ has had a major impact on international central banking
Lane sees tentative signs of easing in underlying inflation
ECB officials stress need to keep tightening monetary policy in the months ahead