Monetary policy
Pricing and funding pressures from BoE's QT hit gilt repo dealers
QT-driven funding cost rises combined with clients’ price demands see at least two banks pull back
PBoC keeps benchmark rates unchanged
Bank holds one- and five-year loan prime rates, despite weak economic data
Bank of Japan holds policy rate
Decision comes as core inflation accelerates for fourth consecutive month
Norges Bank holds rates and hints at easing path in 2025
Central bank says core inflation of more than 3% precludes cuts this year
Turkey holds key interest rate again
Move comes as inflation, though falling, remains above 50%
BoE keeps policy rate and pace of QT unchanged
Policy-makers back “gradual approach” to lowering interest rates
Hong Kong raises rate and Taiwan holds
Decisions come a day after Fed’s 50bp rate cut
FOMC initiates rate cutting with 50bp reduction
Experts say Fed’s credibility is not on the line, but Powell remains under significant pressure
Book notes: The monetarists: the making of the Chicago monetary tradition, 1927-1960, by George S Tavlas
A fascinating, scholarly and sympathetic account of the Chicago monetary tradition
Rise in UK services inflation curbs bets on BoE rate cut
CPI flat overall, but economists say uptick in core and services numbers likely to make policy-makers pause
Alpana Killawala on communications under six governors at the RBI
The former RBI comms chief speaks about the importance of strategic communications, courting the media, open mouth operations and altering a governor’s ‘rock star’ image
Central banks should examine demographics – Finnish governor
Rehn says sharp decrease in hours worked and increased immigration may not continue
Serbia follows ECB with 25bp rates cut
Central bank cites slowing domestic and global inflationary trends for its decision
Russia hikes rates by 100bp
Central bank says growth in demand for goods and services still “significantly outstrips” supply
ECB cuts rates by 25bp
Eurozone growth projections revised downwards as German economy slows
RBA reforms in limbo amid opposition
Opposition says it will not support government proposals
Costa: communication was key during high inflation period
Chile’s central bank governor says explaining price rises to public brought new challenges
FOMC members signal rate cut
Waller, Bostic, Daly, Schmid, Goolsbee and Williams speak towards balancing both sides of dual mandate
Marshall Islands pushes ahead with plan for monetary authority
Minister says new institution is needed to deal with financial system’s increasing vulnerability
Egypt holds interest rates
Central bank expects inflation to start falling early next year
North Macedonia develops new DSGE model
Analytical tool to supplement existing models built in conjunction with CNB and IMF
BoE and bond vigilantes ‘not responsible for 2022 gilts crisis’
Ex-bank official rejects former PM’s claims that LDIs were primary cause of yield spike
ECB’s Cipollone positive about September rate cut
Data “confirms our direction of travel”, board member says
Malaysia holds policy rate
Decision comes after country posts 5.9% year-on-year growth in Q2 and currency rebounds