Negative rates
Ulrich Bindseil on the launch of the digital euro
The ECB’s director-general for market infrastructure and payments speaks about the functionality, tiering approaches, privacy policies, ledger technology and ecosystem impact of the eurozone's planned CBDC
BoE’s Tenreyro says negative rates likely to work in UK
Looser monetary policy might help limit “scarring” to the economy, says MPC member
BoE’s Saunders mulls dual interest rates for UK
Funding banks at less than the policy rate could be a useful tool, MPC member says
Lessons from the Riksbank’s negative rates experiment
Sweden is the only nation to have implemented negative rates and then returned them to ‘normal’ territory. What can central bankers learn from the Swedish experience?
Sveriges Riksbank announces big QE boost
Swedish central bank increases size, scope and duration of asset purchases
Olli Rehn on AIT, market neutrality and EU fiscal policies
The Bank of Finland governor talks about the ECB’s strategy review, market failure on climate change, lessons from the sovereign debt crisis, and the Draghi legacy effect on Covid-19 responses
Lagarde signals Covid-19 stimulus will remain active for longer
Asset purchases and bank lending programmes will be key ECB tools; rate cut not mentioned
DNB paper looks at eurozone’s interest rates
Paper looks at effects of ECB monetary policy shocks on bank equity prices from 1999 to 2020
Haldane makes case against ‘economic anxiety’
Communication essential to avoid caution “morphing into fear and fatalism”, says BoE chief economist
BoE’s Ramsden: UK not yet ready for negative rates
Deputy governor highlights several important considerations in decision to push rates below zero
Eurozone needs ‘forceful policy response’ – Schnabel
Banks in eurozone face “substantial pressure” from Covid-19, ECB board member warns
RBNZ investigating use of negative rates, official says
New Zealand central bank would only use measure if necessary, assistant governor says
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed president discusses his support for average inflation targeting, his concerns about US Treasuries market function, non-bank regulatory weakness and negative rates, as well as the unexpected success in using Homebase data to predict highly…
Fed paper looks at effects of negative rates on banks
Banks with large holdings of liquid assets could be hurt by negative rates, researcher says
BoE says negative rates ‘in toolbox’ and forecasts slow recovery
First “proper” forecast since Covid-19 outbreak gives little hope of a V-shaped recovery
Eurozone outlook is ‘highly uncertain’, says Lagarde
ECB maintains stimulus package unchanged as lower energy prices weaken inflation
SNB’s Jordan defends currency interventions
Switzerland had “difficult starting position” from which to tackle the Covid-19 shock, chairman says; negative rates have worked, he argues
Peter Praet on Europe’s Covid-19 responses
The former ECB chief economist talks about threats to financial stability, negative rates, common debt issuance and steps to improve the EMU
Trends in reserve management: 2020 survey results
Covid-19 expected to dent the risk appetite of central bank portfolio managers; socially responsible investing gains ground
Should the BoE go negative?
Much research into negative rates suggests central banks should have little to fear, but there are plenty of caveats
Fed policy is too tight given FOMC projections – former Fed economist
“An outlook that bad for that long is a clear sign that policy is too tight,” Joseph Gagnon says
US needs aggressive fiscal policy and negative rates – St Louis Fed economist
Policy response must be powerful enough to overshoot previous growth trend for a period, researcher says
Bailey confirms BoE is considering negative rates
“I have changed my position a bit,” governor tells lawmakers, as UK inflation falls drastically
Fed not considering negative rates – Powell
More fiscal support may be needed, as Fed’s lending will only be effective “for a while”, says Fed chair