Inflation
FOMC members’ narratives add value to projections, finds paper
Both staff and FOMC members 'projections aid forecasting, refuting Romer and Romer
Riksbank and Norges Bank continue increasing rates
Swedish central bank hikes rates to 4%, Norwegian to 4.25%
Latin America roundup: Brazil makes second 50bp rate cut
Paraguay eases rates down, while Costa Rica holds as negative inflation continues
Bank of England pauses for first time since December 2021
MPC votes 5–4 to halt cycle amid slowing inflation and a sluggish economy
SNB surprises markets by holding rates at 1.75%
Swiss central bank to allow all banks to use mortgages as collateral to access liquidity
Asian central banks hold rates
Philippines, Indonesia, Taiwan and Hong Kong stay put
Canadian official says mortgage rates not big cause of inflation
Kozicki says taking home loans out would make only small dent in core reading
Federal Reserve holds rates and revises projections upwards
Powell says path for soft landing has “widened apparently”
Tight monetary policy can scar economy, SF Fed research finds
Central banks may not be able to undo effects on productivity and potential output, paper says
Peru’s central bank makes first rate cut since pandemic
Central bank joins Brazil and Chile in easing policy as inflation falls
Cuban official denies plans to issue higher-value notes
Deputy governor says rumours are inaccurate as citizens face cash shortages and inflation
ECB raises rates to all-time high of 4%
Lagarde says “solid majority” supported raise but says some members opposed it
Debt levels are likely to start rising again, IMF warns
China playing major role in debt growth, as low-income countries face worse risks, analysts say
Book notes: The Continental dollar, by Farley Grubb
Grubb’s book brings an important new interpretation to this founding moment in US financial history
Momentum builds to end RBNZ dual mandate
Think-tank calls for abolishing deposit insurance and creating new prudential regulator
Ueda says BoJ could end negative rates soon
Governor says it is “not impossible” that data will be strong enough by end of this year
West African central bank raises rates as crises continue
Authorities cite “rising uncertainties at regional level” and reduced aid after wave of coups
Eurozone industrial activity likely to decline, analysts say
French and Spanish increase is unlikely to offset German contractions, observers argue
UK nearing top of rate cycle, Bailey says
MPC member Swati Dhingra says producer prices could herald rapid decline in headline figure
Freeland welcomes Bank of Canada rate pause
Finance minister qualifies statement as other politicians attack monetary policy
RBA’s Lowe defends record, but admits some mistakes
Outgoing Australian governor says guidance was wrong but that media worsened policy debate
Fed officials signal slowing tightening cycle
Bostic and Harker indicate policy is restrictive enough to bring inflation to 2%
Financial Stability Benchmarks 2023 – executive summary
Key findings of the 2023 benchmark, including resources, regulation, macro-pru, crime and future risk
Bank of Canada holds rates steady amid political pressure
Regional heads send letter to governor Macklem calling for an end to rate hikes