Expectations
Canada and New Zealand step up rate hikes
Both central banks raise rates by 50bp in bid to “head off” rising inflation expectations
Surging US inflation tempered by small drop in expectations
Expectations fall over medium term but rise in short term
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Carstens: world may be on ‘cusp of a new inflationary era’
BIS chief warns new inflationary forces “have emerged with a vengeance”
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Digital money and central banks
Central banks must reflect on the monetary policy, regulatory and financial stability implications from crypto assets, stablecoins and CBDCs to stay relevant in the digital age of money
Bank of Canada governor says rate increase ‘was first step’
Macklem says he expects inflation to fall in second half and expectations remain anchored
Diego Labat on policy normalisation, capital flows and tech challenges
The Central Bank of Uruguay governor speaks with Christopher Jeffery and Ben Margulies about governance, financialisation, flexible rates versus capital controls, payment upgrades and CBDCs
Rwanda raises benchmark rate 50bp
MPC statement warns of expected spike in inflation in 2022
Uruguay continues programme of interest rate hikes
Central bank announced plans for two more increases at January meeting
FOMC’s January minutes hint at policy actions and inflation fears
Committee signals determination to end asset purchases in March and raise the funds rate
US short and mid-term inflation expectations fall, says NY Fed
But housing price expectations rose 0.5% in January
Navigating the digital transformation at Deutsche Bundesbank – an update
Joachim Wuermeling explains how the Covid-19 pandemic and other developments have affected the German central bank’s digital transformation during the past two years
BIS paper challenges standard theories of term structure
“Expectation errors”, not term premia, create biased predictions of short-term rate – researchers
Costa Rica orders second consecutive rate hike
Inflation remains within target band but risks “lean to the upside”, board says
Reputational risk tops central bank concerns
Cyber security and credit/counterparty risk followed
Peru hikes rates 50bp again
Central bank continues tightening programme begun in August
Bank of Jamaica hikes policy rate
Central bank raises rate by 50 basis points in bid to reverse inflationary trend
Russia orders seventh straight rate hike
Central bank continues protracted battle against high inflation
Colombia stays on trend with 50bp hike
Central bank board unanimous on raising rate, but splits 4–3 on size of increase
Bank of England raises policy rate
Tightening comes amid inflation surge and just after BoE completes asset purchases
Tackling surging inflation
Central banks around the world are grappling with rapid price rises, with some taking very different routes to one another
Mervyn King attacks central bank theories of inflation
Expectations are “too fragile” to serve as an anchor for inflation, former BoE governor says
Final frontier? Japan after the Kuroda experiment
The Bank of Japan has pushed monetary easing close to its limit, yet inflation is barely above zero. What happens now?