Inflation
ECB council worries about euro’s strength, though recovery continues
Minutes of July’s monetary policy meeting suggest low inflation warrants loose policy, but recovery is gathering momentum
Oil prices feed through to core inflation – Fed paper
Research finds changes in the oil price have a small but statistically significant impact on core inflation
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
Argentine governor acknowledges rate cuts were too abrupt
Sturzenegger acknowledges central bank loosened monetary policy too abruptly in late 2016, but he says the bank still has tools to stimulate growth expanding access to credit
FOMC divided on how to proceed with policy
Strong jobs growth, but below-target inflation leaves some members emphasising room to be patient, while others warn of a potential overshoot
Bank of Colombia forecasts stronger growth as oil shock fades
The central bank expects higher GDP growth in 2018, as inflation remains within target and the peso’s exchange rate with the dollar stays stable
Uzbekistan launches new banknote as inflation erodes value
New 50,000 som note is five times the value of the next largest banknote; security features include raised text, colour-changing foils and windows
Swedish inflation above target, but tightening unlikely
The Scandinavian economy recorded a 4% year-on-year expansion in the second quarter of 2017, but a strong krona and the ECB’s loose policy stance make an immediate rate rise difficult
Fed paper studies how to tackle the lower bound
Simple policy rules lead to inflation falling “systematically” short of 2% target; pursuing higher inflation may help but comes at a cost
Court dismisses ‘irrational’ Sarb mandate challenge
Judge finds South African public protector’s attempt to change the Sarb’s mandate was illegal, irrational and unfair
Higher CPI unlikely to change Danish loose monetary policy
Consumer prices rise in July at the highest rate since December 2012 on food prices and package holidays, but analysts expect it to fall again over the coming months
Food prices are boosting inflation, Ukrainian central bank says
Pressures are expected to moderate in second half of 2017, says NBU
Turkish inflation begins to fall amid economic strength
Inflation fell back to single digits in July for the first time since January; economy buoyant amid stimulus measures in wake of failed coup
BoE: market pricing implies two rate rises in next three years
Markets project first rate rise in Q3 2018, but committee says tightening may need to come sooner; MPC sees mixed picture for labour market
RBI makes first rate cut of 2017
Inflation is at a record low, and growth is forecast to rebound, although the RBI is still concerned about weak transmission of the policy rate
UK economy vulnerable to consumption-led recession
Fragile consumer spending could take a toll on growth, former BoE officials warn, leaving the central bank with a tough job ahead
BoE workers walk out over continuing pay dispute
Workers launch first of three days of strike action amid complaint over fairness of pay awards, with possibility of further escalation
Kganyago: monetary policy can't solve South Africa’s structural issues
Governor defends mandate, saying Sarb is focusing on what it “can do”, not “what it would like to do”; no “narrow focus”
Fed to begin shrinking balance sheet ‘relatively soon’
Rates remain on hold as the FOMC eyes below-target inflation, while the wording change implies that action on the balance sheet could begin sooner than previously expected
Favourable inflation prompts 100bp cut in Brazilian interest rate
Central bank continues easing cycle as political uncertainty not feeding through to inflation; analysts expect another large cut this year
Trump says Yellen still in the running for renewed term
US president says he would consider reappointing Janet Yellen, although Gary Cohn and “two or three others” are in contention
Uzbekistan to press ahead with forex reforms
Authorities plan to “frontload” efforts to unite black market and official exchange rates, allowing the central bank to focus on stabilising prices
Singapore’s inflation sees sudden drop in June
Sharp fall in inflation was due to the falling prices of housing maintenance and repairs, triggered by the timing of government rebates
Inflation expectations down in ECB forecaster survey
Forecasters see inflation falling slightly, despite rising employment and GDP growth