Balance sheet
UK Treasury makes first payment to BoE to offset QE losses
Indemnity was “integral” to QE but “day of reckoning” had to come, economist says
Lagarde says ECB may need to tighten above neutral rate
ECB president confirms central bank will announce QT plans in December
Book notes: Yellen, by Jon Hilsenrath
This book offers new insights into the tough decisions and tremendous efforts Yellen has made as a pre-eminent economic policy-maker
Liquidity dependence may hamper QE exit
Expanding reserves may prove perilous for financial stability, with maximum danger during QT, writes Viral Acharya
Christopher Sims on modelling the inflation surge
Unprecedented series of shocks creates major challenges for central bank forecasters, the Nobel Prize-winning economist tells Daniel Hinge
‘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
BoE prepares more market support as cliff edge looms
Central bank creates temporary repo facility with wider range of eligible collateral
BoE becomes reluctant market-maker of last resort
Gilt market turmoil has again forced the BoE to intervene. Is there a better way?
Quantitative tightening: missed opportunities
Treasuries and central banks must think harder about balance sheet policies, says Philip Turner
Some new monetary frictions
Negative net interest is set to hit Fed earnings with monetary and fiscal policy implications
NY court orders world’s largest stablecoin issuer to prove reserves
Defendants accused of crypto market price manipulation
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
The PBoC, real estate debt and financial stability in China
Central bank policy-makers are restricted in terms of capacity and space by their efforts to manage the nation’s property bubble amid declining growth
‘Very little support’ for a US Treasury clearing mandate – Isda
Dealers and clients prefer carrot to stick in efforts to improve Treasury market liquidity
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*
DNB officials propose framework for central bank capital
Study offers central banks a guide to the complexities of latent risk and independence
Monetary Policy Benchmarks 2022 report – a pandemic legacy
Benchmarks data offers insights into how Covid has impacted policy frameworks, plus governance, market operations and policy transparency
Bailey says bigger hikes and faster QT ‘on the table’
BoE governor says MPC is willing to act “forcefully” to prevent inflation persisting
G30 warns US Treasury market remains vulnerable
Group says US regulators need to do more to prevent dysfunction in the critical market
PBoC launches renminbi reserve pool with BIS
Equivalent of $13.5 billion will be pooled by six central banks to withstand market volatility