Quantitative easing
‘Shouting on the phone’: BoE officials shed light on gilt market intervention
Crisis sparked by UK government’s plans needed unprecedented action, officials tell parliament
Bank of England to go ahead with QT
Central bank delays start of bond sales by one day to avoid fiscal announcement
Report of delay to QT ‘inaccurate’, BoE says
Article says central bank is “expected to bow to investor pressure” for delay to asset sales
US and European policy-makers feel ‘vindicated’ over aggressive hikes
QT may deserve a slower approach than traditional policy, says Jacob Frenkel
Fiscal co-ordination threatens independence, SNB president says
Central banks must not let Covid-19 era policies continue, Thomas Jordan warns
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
Quantitative tightening: missed opportunities
Treasuries and central banks must think harder about balance sheet policies, says Philip Turner
BoE to buy bonds on ‘whatever scale is necessary’
Turmoil in gilt markets forces pension funds to dump assets to meet margin calls
Some new monetary frictions
Negative net interest is set to hit Fed earnings with monetary and fiscal policy implications
ECB will not consider QT until rates back to normal – Lagarde
Central bank holds close to €5 trillion in eurozone securities, over €4.2 trillion in public assets
ECB’s green bond plan is insufficient, NGO says
ECB plan shies away from excluding high carbon output companies, says Reclaim Finance
RBA reports huge losses from bond purchase programme
Central bank says its asset purchase programme helped boost the economy despite its financial cost
Book notes: 21st century monetary policy, by Ben S Bernanke
Bernanke’s great book offers important insights for today’s policy-makers, writes Stephen Poloz
BoE hikes rates 50bp as fiscal policy increases uncertainty
Divided MPC approves rate increase, but several members call for more aggressive hike
Fed paper explores rate hike impact on money markets
Monetary tightening likely to impact flows in and out of Fed’s overnight repo facility
ECB lays out plan to green corporate bond portfolios
Central bank will focus on issuer-specific climate scores
Bank of Canada critic becomes leader of the opposition
Pierre Poilievre said in May he would fire governor for failing to contain inflation
Reverse bond auctions are useful crisis tool, ECB paper finds
DNB’s use of reverse auctions increases liquidity and stability of bill market, researchers say
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
Bank of Mexico’s battle to restore price stability
Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
Ukraine’s wartime economy faces possible crisis
Foreign donors must increase financing of Ukrainian government, NBU ex-governor and current government adviser argue
Uncertainty over ECB’s TPI muddies monetary and fiscal impact
Analysts say anti-fragmentation tool exposes long-standing flaws in EU fiscal framework
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*