Interest rates
New Turkish governor presides over cut at first meeting
Monetary easing remains the order of the day at the Turkish central bank, as MPC lowers ceiling of rate corridor in Murat Çetinkaya’s first week in office
Fed's Rosengren warns against exceeding full employment
Boston Fed president says significantly overshooting full employment, which he estimates at 4.7%, could lead to an overheating economy and “rapid removal” of monetary policy accommodation
Reserve managers: divergent monetary policy will impact work in 2016
Survey results from forthcoming book identify divergence across the globe as key influence on reserve management; suggest renminbi investments are growing in popularity
Kuroda: Negative rates having ‘visible’ impact on JGB yields
Bank of Japan governor Haruhiko Kuroda says rates are falling across the yield curve, falling negative up to a maturity of “around” 10 years; sees effects spreading in future
Embargoed lock-ups scrapped after RBNZ confirms leak
Report says a journalist leaked the March 10 cut to colleagues; Reserve Bank of New Zealand ends practice of allowing media and analysts advance access to rate decisions and major reports
Canada holds rate but raises growth forecast in light of fiscal boost
Stephen Poloz highlights “more favourable policy mix” in press conference; central bank notes emergence of “positive forces” in decision
BoE assumes control of interest rate benchmark
Central bank to take responsibility for overnight benchmark, planning to broaden the transactions underpinning its calculation; WMBA to retain role in calculating and publishing figures
Data dependence catching on, says San Fran Fed president
Market participants have become more responsive to economic news since 2015 in both the US and UK, research by Benjamin Pyle and John Williams finds
IMF urges action to prevent global economy ‘stalling’ and ease central bank burden
Maurice Obstfeld highlights risk of “widespread secular stagnation” as IMF publishes latest WEO; details fiscal and structural support needed to ease burden on monetary policy
Mexican deputy calls for ‘proper consideration’ of peers
Mexican deputy stresses need for improved policy communication between advanced economies and emerging markets
Operational reform has not impacted longer term rates, BoE working paper says
Reserve averaging and reserve targets reduced volatility in overnight rate but had little impact on longer-term rates, research finds
Summers: Fed is not ready for next crisis
Secular stagnation has left Federal Reserve short on firepower as the next recession looms, economist says; urges greater willingness to risk inflation overshoot and action by fiscal authorities
Skingsley sees turning point for Riksbank policy
Immediate threat is fading, enabling the central bank to focus more on longer-term risks, deputy governor says
Some Fed officials concerned April hike would ‘signal a sense of urgency’
Minutes from March meeting reveal caution around prospect of a hike this month, given prevailing headwinds and risks; next meeting on April 26–27
Chicago and Cleveland Fed presidents back gradual path for rate increases
Charles Evans is “comfortable” with tightening implied by latest round of dot plots; he and Loretta Mester spell out outlooks for growth and inflation and risks surrounding them
Central bank gold purchases near record levels
World Gold Council argues negative interest rates make gold a favourable asset, but Thomson Reuters team sees other factors at play
Dudley hits back at plans to curb Fed discretion
New York Fed chief says plans to force Fed to follow a monetary policy rule would lead to “significant policy errors”; supports transparency, but within bounds
Angolan central bank hikes again amid soaring inflation
Inflation breaches 20% in February prompting central bank to raise interest rates to 14%; new governor continues tightening cycle in attempt to curb prices
Yellen: volatile global outlook calls for gradual hikes
Fed chair soothes market concerns over pace of rate rises, highlighting importance of low rates in offsetting troubles abroad and saying rates will rise more slowly than previously indicated
Turkish central bank narrows rate corridor with cut
Central bank begins process of narrowing rate corridor in last meeting of Erdem Başçı’s term, though it keeps the policy rate on hold
Monetary policy takes time to influence inflation, Tombini tells senate
Brazil governor says central bank will not “shy away” from acting to lower inflation; target of 4.5% to be reached by the end of 2017
Negative rates one of many pressures on bank business models, Lautenschläger says
ECB supervisory board vice-chair says business models must cope with a range of challenges, of which low rates are just one; Nouy and Lautenschläger field questions following annual report
Sweden’s Riksbank has mixed forecasting performance, report finds
Riksbank “relatively good” at projecting growth and unemployment, but less so when it comes to the policy rate; this is “notable” and not “particularly satisfactory”, report notes
IMF paper explores spillovers from conventional and Islamic finance
Research considers how monetary policy should adapt to the different stages of development of Islamic finance, and its interactions with conventional finance