Inflation
Romanian interest rates could fall yet further, says central bank
National Bank of Romania uses quarterly inflation report to signal it is likely to continue monetary easing, as inflationary pressures dissipate and growth remains weak
Bank of England ties monetary policy to unemployment
MPC will not raise interest rates or unwind its asset purchases ‘at least until’ the unemployment rate falls below 7%; unlikely to happen within the next three years according to latest forecast
Turkey’s central bank ramps up inflation forecast
Central bank raises inflation forecast for 2013 on account of depreciating lira and higher oil prices; MPC plots strategy for dealing with uncertainty surrounding the unwinding of QE
Expectations about future monetary policy important driver of inflation, paper finds
Financial market data can predict result of infrequent inflation expectation surveys; more frequent indicators could be useful for monetary policy-makers, paper suggests
RBA governor hints at additional easing
Glenn Stevens says Australia's inflation outlook may afford some scope to ease policy further if needed to support demand
Brazil minutes show Copom fears long-term effects of weaker currency
In the short term, the committee felt the depreciating real would cause a ‘natural and expected correction in relative prices', but its longer-term effects should be combated
BoJ paper examines consumer spending in low-interest rate environment
Research based on BoJ opinion survey finds that an individual with higher inflation expectations will tend to have increased their consumer spending when interest rates are at the zero lower bound
RBA minutes show board happy to let dollar keep falling
Reserve Bank of Australia monetary policy meeting minutes show the board feels a weaker Australian dollar could rebalance the economy; inflation outlook will allow for more easing
Brazil street protests show crucial role of central bank, says ex-governor Franco
Some politicians have ignored fears about rising inflation in Brazil but street protests demonstrate the vital importance of the Central Bank of Brazil in fulfilling its mandate, says Gustavo Franco
Indonesia hikes policy rates by 50 basis points
Policy rate up to 6.5% despite falling growth; move aims to combat rising inflation, as international capital flows hit currency value
Israeli paper examines price-setting behaviour
Research finds that consumer prices in Israel are ‘moderately sticky’ and only change every 6 to 9 months; finds inflation expectations impact pricing behaviour more than actual inflation
Hungarian inflation bound for 3% target after central bank cuts again
Hungarian National Bank cuts benchmark interest rate by 25bp for 11th successive meeting; forecasts that inflation will pick up in 2014 and hit target the following year
Fed's monetary policy deviates from best practice, says Bullard
Fed monetary policy has deviated from central bank best practice and should be used ‘to meet policy objectives, not calendar objectives', says St Louis Fed president
Nabiullina faces ‘open question’ of how Bank of Russia will address growth
Elvira Nabiullina becomes Bank of Russia chairman on June 24; Deutsche Bank Russia research head plays down talk of an ‘excessive swing’ towards monetary easing
Bank of England paper says above-target inflation threatens expectations anchor
Article in latest quarterly bulletin says UK inflation expectations remain anchored for time being but could be dislodged if high inflation persists
'Furious' jobs increase boosts Bank of Canada’s Poloz
Statistics Canada reports increase of 95,000 jobs in May; Poloz uses first speech in role to call for economic rebalancing and issue warning over low inflation
Price stability ‘pivotal’ in shaping exchange rate pressures
Bank of Finland discussion paper analyses pressure on exchange rates during financial crisis; says countries that experienced high inflation beforehand were hardest hit
IMF paper dissects 'remarkably stable’ US inflation
Working paper examines factors behind favourable inflation performance in the US following the Great Recession, identifying three main causes
New York Fed forecasts support continued easing
Staff forecasts predict inflation and unemployment are unlikely to make significant progress toward their target levels in 2013
Norges bank governor justifies taking ‘a few years’ to increase inflation
Øystein Olsen says it is appropriate for central bank to tolerate below-target inflation; does not want to risk the build-up of financial imbalances
UK inflation fall takes markets by surprise
Analysts say bigger-than-expected drop in price rises gives Bank of England more room for manoeuvre on monetary policy, but no change is still expected at the next MPC meeting
BoE’s Weale wary of further easing damaging inflation expectations
Martin Weale says recent MPC remit change allows committee more freedom to deviate from inflation target, but reiterates need for the Bank of England to retain credibility on inflation
King shows cautious optimism with last inflation report at BoE
Growth forecast revised up and inflation down for the first time since the financial crisis; Report reflects new communications policy recommended by Stockton Review
Inflation target may necessitate hasty QE exit, says Plosser
Philadelphia Fed president argues for pace of asset purchases to slow from next FOMC meeting; says accommodative monetary policy may need to be removed 'more aggressively' than some think