Inflation targeting
Bank of Israel again holds rate steady
But MPC signals it is ready to end QE programme if economic recovery continues
Uruguayan central bank makes second rate increase in a row
Central bank aims to end “expansive” monetary policy and guide inflation to target range
Romania orders first rate increase in more than three years
Central bank adds 25 basis points as energy prices bite, while Moldova continues tightening
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
US PCE inflation rises to 4.3%
Fed’s preferred rate reaches new high in August, but “trimmed” measure steady at 2%
Colombia raises policy rate for first time since 2016
Board forecasts inflation will be above target band for the rest of this year
Jamaican central bank makes first rate rise since 2019
Central bank forecasts inflation will be above target for two years as it hikes rate by 100bp
Bank of Mexico makes third consecutive rate raise
Board says inflation risks are tilted to upside and raises fourth-quarter inflation forecast
Brainard cites Delta in dovish speech
Fed governor warns “employment is still a bit short of the mark” for taper
Brazilian central bank raises rates and promises further hikes
MPC forecasts policy rate will rise by 200 bp and cautions government against expansion
Monetary Policy Benchmarks 2021 report – executive summary
Insights into the staff that work on monetary policy, decision-making, tools, transparency and market operations
OECD urges RBA to review policy framework
Recommendation comes just weeks after governor dismissed the idea
MMT and the challenge of fiscal monetary co-ordination
Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance
Monetary Policy Benchmarks 2021 report – seeking a strong anchor
Insights into the organisation and resourcing of monetary policy, decision-making, tools, transparency and market operations
Central banks set monetary policy around eight times a year
African central banks reported setting monetary policy less frequently than peers
Canadian governor outlines next phase of policy
Governor says Bank of Canada will keep asset holdings unchanged in “reinvestment phase”
Sarb governor urges shift to narrow inflation target
Kganyago says it was a “mistake” to maintain a target band for so long
Danish central bank positive on ECB strategy review
New 2% symmetric target could boost inflation, report says; climate change may impact price and financial stability
Moldova makes second rate hike in two months
Central bank cites “persistent inflationary process” as it raises policy rate 100 basis points
Zambia holds rates despite double-digit inflation
Governor says inflation will decelerate faster than expected despite being three times target rate
Eurozone inflation reaches 10-year high at 3%
Rapid rise in energy prices was main driver, according to Eurostat estimates
Canada records surprise GDP decline
Second-quarter figures show 0.3% contraction, which may affect taper and monetary policy
Majority of central banks use corridors to set market rates
A handful use floors due to unconventional policy, and some use other methods
Too great expectations from the ECB’s strategy review
The review process represents operational best practice, but will fail to unify the Governing Council