Unemployment
Australia’s central bank considering FX interventions, says Debelle
RBA is evaluating additional monetary policy tools, deputy governor says
US citizens report better financial health than pre-pandemic
Financial wellbeing boosted by government support and return to work, central bank says
Fed presents two severe stress scenarios to test Covid risks
Limits on share buybacks and dividend payouts may be extended as stress tests emphasise risks
BoE officials fear long-term ‘scarring’ as uncertainty hits record high
MPC members broadly gloomy on the outlook, but there is “huge” uncertainty, says Andrew Bailey
Fed’s new framework will help poorer communities – former Fed official
New approach recognises benefits of long expansion to low-income communities, says Stephanie Aaronson
Fed feeling its way with new inflation framework
Average inflation targeting is broadly dovish, and could see rates stay lower for even longer
Raising inflation expectations may depress growth – Jackson Hole paper
More nuanced communication would help public understand state of the economy, say researchers
Average inflation targeting could cut inequality – Fed paper
‘Hank’ models tend to be supportive of Fed’s new approach to inflation targeting, research finds
Fed adopts average inflation target
Powell says FOMC will also allow employment to run above estimated maximum level
Bank of Spain research traces impact of lockdown
Authors call for exhaustive test-and-trace to avoid future nationwide lockdowns
Bank of Zambia cuts rates as Covid concerns intensify
Zambian central bank calls for debt sustainability policies as growth and inflation forecasts worsen
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…
Covid-19 policy-making and the need for high-speed data
High-frequency data holds the promise of speed and adaptability, but the rush to find alternative economic indicators has the potential to create problems
Improvements in US consumer expectations halt in July
Households more pessimistic as Covid-19 continues to spread, New York Fed survey reveals
US unemployment falls to 10.2%
Miscalculation errors continue to understate headline figures, Peterson Institute research finds
Australian central bank cuts growth and jobs forecasts
RBA forecasts 10% unemployment by year’s end as official says recovery will be ‘uneven’
BoE runs ‘reverse stress test’ to prepare for renewed Covid crisis
Banks may have to take drastic “defensive actions” if UK suffers another major shock, BoE 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
Biden promises new Fed mandate on racial inequality
Democratic candidate wants Fed to take responsibility for economic concerns of Black Lives Matter movement
Okun’s law can help predict GDP revisions – SF Fed paper
Revisions to GDP estimates during recovery from pandemic could significantly affect policy
Kansas Fed paper looks at conditional forward guidance
Date-based forward guidance would be effective without yield curve control, research says
Female workers badly hit by pandemic job losses – IMF economist
Lower-paid workers hit hardest both by 2008 recession and slump caused by pandemic
Labour market situation is ‘complicated’ – RBA’s Lowe
Unemployment likely to worsen despite initial signs of recovery, governor says
Singapore faces most severe downturn since independence – Menon
Singapore’s economic situation remains “dire” and activity will be below pre-crisis levels “for quite a while”