Interest rates
Fischer upbeat on US inflation outlook at Jackson Hole
Fed vice-chair Stanley Fischer says there is ‘good reason’ to believe inflation will move higher as impact of rise in dollar and fall in oil prices dissipates
EAC officials highlight exchange rate pass-through concerns
Both central banks wary of potential for domestic inflation to increase in face of depreciating currencies; concerns over impact of external environment raised in EAC member statement
Indian central bank targets stronger rate transmission
Reserve Bank of India sees improvements in transmission of policy to money markets, but looks to strengthen credit channel as it transitions to inflation targeting framework
Turkish central bank eyes return to normality
Central bank plans to return to a simpler, more conventional monetary policy framework, but politics may yet get in the way
Lockhart still expects rate hike this year
Atlanta Fed president still expects Fed to start tightening ‘sometime’ this year but market expectations of a September hike have fallen
PBoC steps in with rate cuts
Central bank cuts interest rates and reserve requirements amid deepening crisis, and uses the opportunity to push liberalisation agenda
Carney asked to review MPC code
Andrew Tyrie asks BoE governor to review MPC code of conduct and ensure it prevents committee members from having, or appearing to have, a conflict of interest
Trawl through BoJ archives reveals emergence of current policy-making
Study of failures and successes of BoJ policy-making in the 1980s reveals the emergence of current thinking about how best to conduct monetary policy
FOMC inching towards rate hike, minutes hint
Minutes of July meeting show some members are still concerned that labour market and inflation data are not strong enough for a hike, but several think the economy is nearly ready
Mexican board split on July rate decision
Minutes from the July 30 board meeting show three board members voted to hold the key rate at 3%, with one member favouring a 25bp hike and another absent
Nobel economist Sims on fiscal stimulus, Eurozone loss sharing and role of central banks
The Nobel laureate speaks with Christopher Jeffery about his scepticism regarding secular stagnation, the eurozone’s failings and the need for inflationary fiscal stimulus at the zero lower bound
The Fed’s impact on emerging market sovereign wealth investors
With central bank reserves seeing their biggest drop in more than a decade during the second quarter of 2015, Arvid Ahlund asks if tighter US policy will make matters better or worse
Lockhart says Fed liftoff is ‘close’
Atlanta Fed president highlights ‘cumulative evidence’ of economic recovery and says he is willing to sanction the first rate increase in the face of ‘mixed data’
US rate hike still a possibility after ‘solid’ jobs data
Federal Reserve still on track to hike rates later this year, possibly as soon as September, after latest jobs data shows 215,000 increase in nonfarm payrolls
Spanish paper puts crisis legacy into context
Working paper suggests long-run trends in population and productivity growth could hamper the ability of policy-makers to address the legacy of the crisis
Bank of England faces conundrum from contradictory data
Economy appears to be giving contradictory signals as slack shrinks and wages rise but employment disappoints and inflation stays low; MPC votes for hold
Bangladesh Bank will oversee creation of $500 million fund
World Bank and Bangladesh Bank putting up the money to finance longer-term projects in the economy, with some cash ring-fenced for ‘greening initiatives’
BoE’s McCafferty breaks ranks in first new-style monetary policy meeting
BoE holds first monetary policy meeting under new setup and launches new format for policy communications, including inflation report redesign
Hungarian council reflects on gradual pace of rate cuts
Several council members suggest the Central Bank of Hungary was able to make a series of ‘cautious reductions’ in the interest rate because it had gained credibility
RBI and government reach ‘broad consensus’ on MPC
Raghuram Rajan says the central bank and government have found common ground on the shape of the monetary policy committee; RBI holds rates and nudges down inflation forecast
Fed communication driving Trinidad and Tobago policy
Trinidad and Tobago MPC cites Fed guidance on interest rates as the ‘most influential factor’ in its decision to tighten monetary policy
BoE unveils plans for enhanced data gathering
Central bank hopes improved data gathering will allow it to produce more accurate interest rate benchmarks, and inform financial and monetary policy work
Fed leaves door open for rate hike
FOMC statement offers hints that the US labour market is reaching a position where a hike could be possible, indicating interest rates are still expected to rise this year
Gertjan Vlieghe to replace Miles on BoE monetary policy committee
Economist used to be assistant to Mervyn King and is now partner at an asset manager; previous research has focused on conducting monetary policy in the presence of imperfect credit markets