Tapering
Malaysia’s Zeti on the key skills needed to be a successful central banker
BNM veteran recounts career-defining lessons and how the ASB synthesises theory with practical EM realities
2021: The year in review
The year has seen central banks switch from recovery mode to battling inflation. Central Banking looks back at the stories that made the biggest impact in 2021
Fed doubles pace of quantitative easing taper
FOMC says recent inflation figures and labour market strength drove the decision
Tackling surging inflation
Central banks around the world are grappling with rapid price rises, with some taking very different routes to one another
US records highest CPI inflation rise since 1990
NY Fed detects slight rise in short-term consumer inflation expectations as real wages fall
Asset sell-off biggest threat to Chile’s financial stability – Marcel
Governor reiterates warning against further pension withdrawals
Argentine central bank freezes banks’ FX purchases
BCRA order comes amid a falling peso, IMF talks and mid-term elections
US adds more than half a million jobs in October
Unemployment falls to 4.6% as labour market perks up again
Time to stop handing out the pills: the great QE detox
We are facing a serious inflation threat that will test the resolve of central bankers, writes Jagjit Chadha. Central banks must reduce their reliance on QE. But how?
Paraguay’s MPC hikes rates by 125 basis points
Country follows Chile with unexpectedly large tightening as inflation continues to rise
Hiking rates before asset sales may constrict credit – paper
Kansas City Fed research says raising the fed funds rate first may cause yield curve inversion
James Bullard on Fed policy, action and governance
St Louis president calls for tapering amid “exceptional” job market and risk of “more persistent” inflation, quantifies ‘big tent language’ for pioneering AIT move, and details Congress’s role in Fed ethics oversight
Unemployment falls across North America
US recovery is weaker than expected, while Canada reaches pre-pandemic jobs levels
Bank of Israel again holds rate steady
But MPC signals it is ready to end QE programme if economic recovery continues
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
US PCE inflation rises to 4.3%
Fed’s preferred rate reaches new high in August, but “trimmed” measure steady at 2%
Brainard cites Delta in dovish speech
Fed governor warns “employment is still a bit short of the mark” for taper
Canadian governor outlines next phase of policy
Governor says Bank of Canada will keep asset holdings unchanged in “reinvestment phase”
Powell says taper test has been met ‘with regard to inflation’
Fed chair tells Jackson Hole conference that slowing QE this year “could be appropriate”
Fed may taper asset purchases this year, say FOMC minutes
Federal Reserve staff warn US financial system has “notable” vulnerabilities
Less chance of “taper tantrum” in emerging markets – Dallas Fed paper
Emerging markets have larger dollar reserves to meet financing disruptions