Inflation
Fed’s Powell emphasises ‘patient’ approach to policy
Fed chair acknowledges very low unemployment has been accompanied by other signs that the labour market may be operating below potential
Growth in the digital economy has scrambled statistics – IMF paper
Countries may have been understating GDP growth, while overstating inflation, IMF analysis reveals, as digital products skew prices
High-denomination notes still needed, says De La Rue
Banknote firm says high denominations make up an increasingly large proportion of banknotes in circulation thanks to inflation
Eurozone inflation rises in March
Prices rose year on year by 1.4% last month, up from 1.1% in February
Gambia’s central bank seeks greater independence as fiscal dominance ends
Central Bank of The Gambia to work on autonomy and data management under new fund programme
Language shapes monetary policy preferences in Switzerland – research
Culture partly outweighs shared institutions and economic history in setting priorities
Sarb alters interest rate forecasts to extend easing
Central bank sees three 25bp hikes between now and 2021
IMF warns Tunisia over inflation, deficit and currency
Central bank may have to hike rates further, IMF executive board says
Upgraded Moody’s outlook puts Sarb rate cut bank on the menu
Lower inflation and an appreciating rand mean the South African Reserve Bank could cut rates at its meeting next week, but analysts think it might be too soon
Bank of Ghana slashes rates as inflation moves towards target
Central bank continues an easing cycle that began in 2016, citing a “significant moderation in price pressures”
Technological change has contributed to low wage increases – Riksbank’s Skingsley
Monetary policy can respond by balancing high resource utilisation with price stability
Fed policy should become more neutral – Bostic
As the economy operates close to potential and inflation approaches target, rates can be raised, the Atlanta Fed president says
Incoming RBNZ governor signs deal on new mandate
Agreement establishes dual mandate in the birthplace of inflation targeting; government reveals more details on changes to decision-making structure
Yield curve can help improve forecasts – RBNZ economists
Yield curve information tends to improve forecasts of economic activity, researchers find
BoE on track for May rate hike
MPC votes 7-2 in favour of maintaining rates at 0.5% but leaves the door open for two potential rate hikes in 2018
Brazil nears end of easing cycle as rates hit fresh low
Committee signals there will likely be a pause in rate cuts soon, as inflation evolves “more benignly than expected”
Who is Yi Gang?
Hui Feng says Beijing’s choice for PBoC chief fits into a wider liberal cadre across senior financial positions – but Yi faces plenty of challenges in delivering reform
Powell strikes cautiously upbeat note in first policy press conference
Federal Open Market Committee shifts economic forecasts up marginally
Tajikistan cuts policy rate as inflation stabilises
Central bank says inflation is more stable and falling, creating room for cuts
SNB struggles to end ultra-loose policy regime
The Swiss central bank’s hopes of normalising policy are being held back by weak expectations, a strong currency and policy actions abroad
Norges Bank board strikes more bullish tone on outlook
Stronger signs from the economy prompt the central bank to bring forward plans for first hike; new inflation target will have limited effect on policy, central bank says
RBI paper finds complexity in exchange rate pass-through
Authors argue the standard view of exchange rates having a “linear and symmetric” impact on prices is flawed
Financial frictions key to DSGE performance – NY Fed paper
Post-crisis period was a harsh testing ground for structural models, but the New York Fed’s DSGE model was at least equal to private forecasts, researchers say
Algerian monetary financing may stoke inflation, warns IMF
In September 2017, Algiers resorted to central bank financing of budget deficits