Inflation
Argentina abandons monetary financing to secure IMF support
Inflation targets raised as $50 billion IMF deal requires greater central bank independence
IMF urges Algeria to abandon monetary financing
Fund says a weaker dinar would support efforts to reduce debt
Good policy makes Phillips curve harder to identify – BoE’s Tenreyro
MPC member argues fears the Phillips curve has disappeared are “largely misplaced”
Labour supply elasticity may hamper wage growth – Riksbank’s Ohlsson
As economic demand rises it can be satisfied by a higher number of workers
Chilean deputy points to US inflation as biggest risk
US growth is broadly positive, but sustained wage growth could drive up rates causing sharp portfolio outflows from emerging markets; Chile relatively well positioned
Time for Central Bank of Argentina independence
Monetary financing has fallen sharply under Mauricio Macri’s administration, but must now end; independence law would help efforts to shatter Argentina’s inflationary shackles
Federico Sturzenegger on Argentina’s efforts to create a credible central bank
The Central Bank of Argentina governor, in his last interview before leaving office, speaks about panic in emerging markets, the IMF bailout, and bringing to an end high inflation and monetary financing
Bank of Canada to ‘look through’ rising fuel prices
Central bank on hold as inflation hovers close to target, but more rate hikes remain likely
Tunisia leaves rates unchanged despite high inflation
Central bank urges government to issue debt to finance budget and current account deficits
Colombia still has room to cut rates if recovery falters – IMF
Fund praises monetary policy regime as factor anchoring inflation expectations
FOMC members rarely change their preferences – paper
Researchers find policymakers tend to form their preferences early on in life
Turkish central bank simplifies policy framework
Lira finds a measure of stability as CBRT prepares to implement a more conventional corridor system for setting interest rates
Strike halts Australian banknote production
Unions reject 2% offer and point to governor’s call for higher wage increases
Turkish central bank carries out emergency rate hike as currency falls
Erdogan statements and emerging market sell-off put pressure on lira
Most FOMC participants say they may raise rates ‘soon’, minutes show
Data show US unemployment falling to lowest point since December 2000
Latin American central banks should improve communication strategies – IMF
Blog post suggests longer, more detailed, policy communication is not always better
Jamaica’s Wynter says more “robust” rate cuts could be on horizon
Monetary policy has so far been ineffective in preventing inflation from falling below the target, Bank of Jamaica governor says
Bank of Ghana cuts rates as economy stabilises
Central bank lowers interest rates to 17% as inflation moderates to the middle of the target
BoE MPC split on publishing rate forecasts
Jan Vlieghe argues current system is “unnecessarily complex”, but Carney is sceptical
Bostic sees US economy close to jobs and inflation targets
Even with higher rates, the Fed president forecasts inflation “to run a bit above” 2% target
Mester backs review of Fed’s inflation targeting framework
Cleveland Fed president says 2% target may not be suitable for low interest rate environment
Mauritius postpones MPC meeting due to ‘administrative matters’
Central bank moves meeting to May 30 after prime minister appoints three new members to MPC, which is now at full capacity
US consumer inflation expectations are on the rise – NY Fed
Median one-year price rise expectations increase to 2.98% in April from 2.75% in March
Erdoğan plans tighter control over Turkish monetary policy
President says he is held accountable for policy, so should have more influence