Monetary Policy
Rates round-up: Albania, Iceland, Macedonia, Moldova, Poland
Energy prices, geopolitical uncertainty begin to bite non-eurozone countries
Bank of Japan official reaffirms rate hike path
BoJ’s journey to policy normalisation continues as wage growth stays strong
Fed can afford to wait on rates, say regional heads
Atlanta and Chicago presidents say uncertainty over economy means it’s too soon to talk of more cuts
Focus on rates for policy, keep QE for crises – Carstens
BIS general manager says expanding objectives could “undermine credibility and independence”
Trump reverses course on Fed decision
US president says central bank was right to hold rates in January
US sanctions may create demand for Eurodollars – NBER paper
Economists compare today’s market to the one that emerged during Cold War era
Colombia unexpectedly holds policy rate
Central bank pauses easing cycle as minimum wage hike complicates inflation dynamics
Argentina cuts rates by 300bp to 29%
Central bank will also slow peso’s monthly devaluation rate, starting from next week
South Africa delivers third successive rate cut
Move comes as inflation remains at lower end of target range
European Central Bank makes 25bp cut
Lagarde “confident” EU central banks will not add crypto to their reserves
Brazil again raises rates by 100bp
BCB signals further rises amid persistently high inflation and lingering concerns over public finances
Riksbank makes second 25bp rate cut of 2025
“Signs of an economic rebound” prompt further easing of policy
Hungary tentatively holds rates
MNB also changes forward guidance as inflation picks up
Fed holds rates amid pressure from White House
Powell says he has had no contact with Trump since president said he would “demand” easing of policy
Bank of Canada cuts rates and ends quantitative tightening
Macklem says monetary policy cannot offset negative effects of tariffs
Sri Lanka holds rates amid persistent deflation
Central bank expects price falls to intensify owing to cuts in electricity tariffs
Medium is the message, say Bank of Spain researchers
Coverage of policy decisions has greater impact than central banks’ own comms, study finds
Pakistan delivers sixth consecutive rate cut
Decision taking benchmark rate to 12% means policy has been eased by 1,000bp since last June
Unexpected rate hikes push down commodity prices – research
The most traded commodities are more vulnerable to monetary policy shocks, BoE paper shows
Trump’s rate cuts ‘demand’ spells trouble for Fed – economists
Comments will cause problems for central bank and threaten its independence, academics claim
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
This book asks if independent monetary policy is feasible at a time when central banks prop up the poorly regulated shadow banking sector
Singapore eases monetary policy for first time since 2020
Central bank slows exchange rate appreciation as core inflation falls and trade concerns loom
BoJ raises policy rate to highest level since 2008
Policy-makers raise inflation forecasts and signal further rate rises
Turkey’s central bank cuts rates by another 250bp
Second consecutive reduction comes despite inflation remaining at 44%