Inflation
Serbian central bank sees inflation climbing to target in 2015
General manager Branko Hinić discusses latest forecasts at the launch of the National Bank of Serbia’s latest inflation report; attributes low inflation in 2014 to ‘temporary’ factors
ECB publishes first minutes
European Central Bank releases an ‘account’ of the discussion at the governing council meeting in January, which saw it launch quantitative easing in the eurozone
Fed hawk Fisher receives Mexican eagle award
Richard Fisher granted Order of the Aztec Eagle by Mexican president; Agustín Carstens praises the Dallas Fed president’s use of ‘simple and straightforward’ language
Weidmann: Risk of self-reinforcing deflation ‘very low’
Bundesbank president says there was ‘no immediate need’ for QE in the eurozone, while impact of lower oil prices on HICP could be ‘short-lived’
BIS paper asks why bank and central bank rates diverged post-crisis
Authors argue direct comparison of commercial and central bank interest rates is misleading; the relationship between the two has remained stable but funding costs have risen
BoE could ease with deflation looming
Record low inflation may turn negative in the spring, inflation report shows; Mark Carney says rate cuts and QE remain options but BoE still expects next move to be a rate hike
Japan at a turning point but liquidity risks loom, say panellists
Panel at Japan Securities Summit including BoJ’s Takehiro Sato believes Japan’s ‘certain, coordinated and creative’ policy mix will deliver the first turnaround in 20 years
Canadian economy may have more slack than headline figures suggest, says senior deputy
Bank of Canada's Carolyn Wilkins says measures of labour market slack show ‘greater unused capacity' than broader indicators
Ageing population may boost inflation, BIS paper finds
Working paper challenges received wisdom that an ageing population causes disinflation, with implications for the correct calibration of monetary policy
Belarus eyes policy overhaul
National Bank of the Republic of Belarus says it will exercise ‘tight control’ over the money supply in an effort to shackle inflation; questions over where this leaves exchange rate peg
Prasarn dismisses threat of deflation as headline rate goes negative
Thai governor pens letter to finance minister after headline inflation falls to -0.4% in January; IMF sees ‘scope for further easing' as two MPC members dissent on rate hold
Stevens gloomy on growth as RBA cuts
RBA governor warns Australian economy is showing greater signs of weakness than previously thought, in a statement announcing a cut in the interest rate to record low
Bank of Russia cuts key rate by 200bp
Central bank cuts rate to 15% just one month after raising it by 650bp to 17%; points to the risk of a ‘sizeable decline in economic activity’ as the motivation for the decision
Brazil's central bank says inflation progress ‘not enough’
A rise in regulated prices is fuelling Brazil’s inflation, which rose 6.69% in January; minutes from latest MPC meeting suggest dissatisfaction with level despite rate hikes
Kganyago: Sarb taking ‘pause’ in normalisation
South African Reserve Bank holds repurchase rate at 5.75%, but monetary policy committee agrees the ‘lower inflation path’ creates the chance to ‘pause’ its tightening cycle
Upbeat Fed statement keeps mid-year rate hike alive
Federal Reserve keeps policy on hold but delivers a positive account of US economy, suggesting inflation will return to target over medium term despite oil price drop
Energy producers should lower interest rates following drop in oil prices, suggests Norges Bank paper
Given spillovers to rest of economy, optimal policy calls for a reduction in interest rates, finds study; central banks face ‘trade-off' between stabilising inflation and closing output gap
Turkey’s central bank expects to break letter-writing cycle
The Central Bank of the Republic of Turkey forecasts inflation falling back to target from mid-2015, sparing it a fourth letter to the government in the space of five years
ECB launches quantitative easing
Mario Draghi unveils additional asset purchase programme that will see the ECB buy sovereign and agency debt; a ‘large majority’ of governing council backed decision
BoE’s Miles: Monetary policy 'does not hold all the cards'
Monetary policy cannot be expected to achieve price stability 'in isolation from things fiscal’, argues David Miles, MPC member at the Bank of England
New core inflation measure proposed in IMF paper
Measure proposed by researchers from IMF and Central Bank of Brazil takes into account both volatility and persistence, ensuring all relevant information is exploited
Canada cuts rate for ‘insurance’ against oil price drop
Stephen Poloz says the fall in oil prices in ‘unambiguously negative’ for the Canadian economy as central bank unveils first rate change in over four years
Great expectations: ECB set for QE showdown
Markets expect the ECB to announce a programme for buying €500 billion of sovereign bonds tomorrow, but the central bank retains the capacity to surprise
PBoC governor questions western central banks' ability to boost inflation
Speaking in Davos, Zhou Xiaochuan says 'monetary policy is not a panacea to reach targets', while Kenneth Rogoff says ECB QE will not be 'big enough'