Inflation
Zambia cuts rates for first time in five years
Inflation eases as high global copper prices boost exports and strengthen local currency
Poorer areas in US have higher food inflation – research
Low-income areas also have less disinflation after shocks pass, Atlanta Fed study finds
Monetary Policy Benchmarks 2025 – executive summary
Data reveals risks to the outlook, applications of scenario analysis and balance sheet policy
Czech Republic, Moldova and Norway hold rates
CNB says services inflation is still high, Moldova is recovering and Norway says it is in no hurry
Bailey switches sides as BoE holds at 4% in 5–4 decision
Members’ views, published for first time, show disagreement around staff’s central projection
Brazil holds policy at 15% for third time in a row
BCB continues to signal hawkishness despite calls from finance minister to cut rates
Cook: US labour market solid, inflation to remain elevated
Governor differs from fellow members of Fed board in first speech since Trump’s attempted dismissal
Japanese PM says BoJ ‘halfway’ to achieving sustainable growth
Central bank says it does not comment on prime ministers’ statements
Rethinking policy transmission in the age of AI
Managing machine expectations related to faster, more non-linear and potentially asymmetric price dynamics will require analytical innovation and potentially new forms of oversight, argues Elisa Vilorio de Painter
Emerging market central banks should be hawkish – NBER paper
Stronger reactions to inflation surges help to build institutions’ reputations, researchers argue
Firms slow to adjust investment targets for inflation – BoJ study
Discount rates are sticky and do not rise with expected increases in price levels, research finds
Asia-Pacific central banks list geopolitics, AI among key challenges
EMEAP, representing monetary authorities from across region, commits to strengthening co-operation
ECB holds rates for third consecutive time
Lagarde celebrates ‘fading risks’ to eurozone growth thanks to trade deals and Gaza ceasefire
Swiss price controls do not depress inflation – SNB paper
CPI metric would ‘not have greatly differed’ had it excluded price-controlled goods, study finds
Japan holds rates, as expected, with two dissenting votes
BoJ governor says there is no ‘preset idea’ on future rate rises after dissenters call for 25bp hike
Fed cuts rates with dissenting votes in both directions
Risks to employment and prices split FOMC three ways
Give BoJ policy space to fight inflation, says Bessent
US Treasury secretary hints at preference for rate hikes before Japan’s central bank meets
Trade fragmentation not always inflationary – BoE study
Tariffs influence prices based on how sudden the shock is and how demand adjusts, researchers say
Interesting developments in currency denomination structures
Antti Heinonen explores recent changes in currency structures and the reasons behind them
US inflation regime persistently above target now – Fed economist
Price rises are broad-based and have significantly impacted expectations says researcher
AI, low productivity, and trade in focus at G30
Georgieva, Bailey and Lagarde speak on stretched AI evaluations and distortionary trade policies
Top officials weigh impact of trade war and AI
ECB president says impact of US tariffs has been “exact opposite” of expectations
Tariffs will not solve US ‘twin deficits’, BdF governor says
Villeroy de Galhau wants to maintain spirit of transatlantic co-operation despite disagreements
Singapore holds policy as economy slows
MAS says this year’s growth will continue to moderate over coming quarters