Inflation
IMF backs $3.1 billion loan for Egypt
Conditions include locking in the floating exchange rate
European rates: Norway expects more tightening next year
Switzerland raises rates 50bp and Denmark raises rates in line with ECB
Latin American rates: Colombia adopts highest rate since 2001
Argentina holds steady again, while Nicaragua raises rates
Mexico continues tightening with 50bp hike
Central bank shadows Fed as it confronts ambivalent inflation figures
ECB increases rates by 50bp
Central bank will scale back APP reinvestments as Eurosystem staff raise inflation forecast
BoE raises rates 50bp as outlook marginally brightens
Two MPC members vote to keep rates on hold, as staff predict slightly lower inflation
IMF approves long-term resilience loan for Rwanda
Fund urges “more decisive monetary tightening”
Inflation falls more than expected ahead of Fed meeting
Inflation expectations also drop, prompting calls for caution from the Fed
IMF and Ghana reach initial agreement on $3 billion loan
Stricken country preparing domestic debt restructuring
Inflation, geopolitics and the renminbi
At a Bank of China (Hong Kong)-sponsored forum, policy‑makers discussed geopolitical developments and China’s macroeconomic outlook as global inflation rises
Rates round-up: Poland holds rates despite high inflation
Serbia and Bulgaria raise rates as double-digit inflation plagues eastern Europe
BIS bulletin weighs pros and cons of ‘front-loaded’ tightening
Recent rate increases are highly synchronised and twice as fast as previous cycles, authors say
Brazil and Paraguay hold rates, while Curaçao opts for rise
Inflation has almost halved in Brazil in six months since April, but board says fiscal outlook uncertain
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
Chile pauses rate hikes, but Peru continues tightening
Peruvian board carries on with policy meeting despite political turmoil
Bank of Canada raises rates again
Central bank notes growth is stalling and will consider if more raises are needed
Kazakhstan raises rate as Kyrgyzstan cuts
IMF criticises Kyrgyz monetary policy and failure to reform central bank law
RBI raises rate 35bp to ‘break’ inflation persistence
Committee splits as it tries to balance inflation fight against continued growth
RBA delivers another 25bp rate hike
Philip Lowe signals flexibility over further rate increases
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates, hampering monetary policy transmission
Bank of Thailand governor calls for better inflation model
Phillips curve model under-predicts inflation, argues governor Sethaput
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Central Bank of Armenia governor says central banks can start to regain credibility by admitting their mistakes. This could include employing a risk-management approach to monetary policy aimed at avoiding nonlinear ‘dark corners’ and placing much less…
Austan Goolsbee will be next Chicago Fed president
Former Obama adviser will succeed Evans and become voting FOMC member in 2023