Interest rates
Hungary council members divided over rate drop
Central Bank of Hungary monetary council members were split over the size of last month’s rate cut; minutes from August meeting signal that easing cycle is winding down
Turning forward guidance into 20:20 vision
The Bank of England’s vision of forward guidance is incomplete and could shake confidence in the central bank’s policy framework.
Asia-Pacific central banks shed light on future policy
Bank Indonesia hikes rates; Reserve Bank of New Zealand says it will likely tighten policy in 2014; Bank of Korea looks to buck emerging market trend and keep rates low as inflation drops
China sees accelerating interest rate reform, starting with deposits
China expected to follow lending rate liberalisation with removal of the deposit rate cap; new agency created to co-ordinate financial regulatory bodies
Riksbank holds rates as IMF sees ‘sizeable' risks at Swedish banks
Interest rates held at 1% as Swedish central bank attempts to support growth without adding to household debt stock; IMF Article IV report frets over large and vulnerable financial system
BoE and BoJ shun further easing as economic activity picks up
Both the Bank of England and Bank of Japan keep their interest rates and asset purchases unchanged as their respective recoveries work up a head of steam
RBA quiet on further easing as it holds rates
Reserve Bank of Australia holds its key policy rate at 2.5% and omits earlier guidance on the prospect of an additional rate cut from accompanying statement
Segmented structure of Russian interbank market leads to volatile interest rates
Liquidity-absorbing and liquidity-provision operations are conducted by the biggest banks, reducing credit risk but also restraining market development, according to Bank of Finland discussion paper
Bank portfolios flush with long-term assets exposed to interest rate risk as rates rise
FDIC's Gruenberg says banks' asset quality and loan balances have improved and fewer lenders are failing, but reach for yield may pose problems as interest rates return to more normal levels
Decline in expected real interest rates 'key' to Japanese growth
Kikuo Iwata says inflation expectations will raise aggregate demand through the transmission mechanism of lower real interest rates; calls change in public mindset key to policy success
Reserve accumulation enhances welfare if coupled with capital controls
Foreign reserve accumulation is part and parcel of a growth strategy based on strong capital investment in a financially constrained economy, according to a Banque de France research paper
Indonesia raises rates in unscheduled meeting to rescue the rupiah
Bank Indonesia raises interest rates in attempt to slow the fall in the value of the rupiah; observers fear the move will hit economic growth
Carney's BoE walks fine line between stimulus and financial stability
Bank of England governor Mark Carney’s maiden speech includes announcement of relaxation of bank liquidity rules; insists the central bank is in charge of interest rates, despite market moves
Forward guidance successful in mitigating downside risks to price stability
Provision of time-based forward guidance reduces downside price stability risks but may result in upside risks during the medium term, finds ECB working paper
Economists weigh Fed exit at Jackson Hole
Robert Hall warns against tightening policy too soon; Arvind Krishnamurthy lays out exit path that would see Fed selling its Treasury portfolio while maintaining its purchases of MBS
LCRs in low-liquidity settings lead to big externalities
RBA research paper suggests introducing a liquidity coverage ratio in certain settings leads to large liquidity premiums and pushes the risk-free rate to the floor of the interest rate corridor
New Zealand opposition says RBNZ internal review backs case for more transparency
Internal review confirms New Zealand is an outlier in giving the Reserve Bank governor a monetary policy veto; Green Party says change in law should be 'non-controversial'
Belarusian chair Ermakova reveals how she tackled runaway inflation
National Bank of the Republic of Belarus chair Nadezhda Ermakova tells CentralBanking.com about the central bank’s efforts to deal with the 2011 currency and ensuing inflation crisis
Georgian and Armenian central banks face different sides of inflation coin
National Bank of Georgia continues easing cycle as deflation returns; Central Bank of Armenia raises rates to combat sharp increase in inflation
Fed researchers find effects of QE ‘minimal' without guidance on rates
Paper by senior economists from the New York and San Francisco Feds argues that signalling a rate rise will be far more meaningful than communication on when asset purchases might come to an end
BoE’s Weale votes against forward guidance
Martin Weale votes against guidance out of concern for medium-term inflation expectations, while MPC members remain divided over the prospect of more QE
Mozambique cuts rates again as inflation undershoots target range
Inflation in Mozambique has fallen below the central bank's target range despite IMF predictions to the contrary; measures in place to improve monetary policy transmission
RBA cuts growth forecast and suggests further easing could follow
Reserve Bank of Australia lowers its forecast for December’s growth rate; could follow up this week’s rate cut with another as labour market conditions weaken
BoJ and BoK vote to keep interest rates unchanged
Bank of Japan keeps rates at zero and will continue asset purchases for 'as long as necessary' to hit 2% inflation target; regional impact of possible US tapering remains uncertain