Monetary policy
Bank of Japan surprises analysts with yield curve tweak
But governor Kuroda says the move is not a rate hike nor a step to end easy policy
BoJ accord may be revised with more flexible inflation target
Planned revision could lead the BoJ to tweak its ultra-loose policy, reports say
Mexico continues tightening with 50bp hike
Central bank shadows Fed as it confronts ambivalent inflation figures
Costa Rica pauses hikes, joining Latin American trend
Central bank wants to give previous hikes time to filter into market rates
ECB increases rates by 50bp
Central bank will scale back APP reinvestments as Eurosystem staff raise inflation forecast
BoE raises rates 50bp as outlook marginally brightens
Two MPC members vote to keep rates on hold, as staff predict slightly lower inflation
PBoC increases liquidity support as slowdown increases
Retail sales and property prices fell further in November while investment and production slowed
Fed slows rate rises with 50bp increase
Powell stresses possibility of soft landing supported by “structural labour shortage”
IMF approves long-term resilience loan for Rwanda
Fund urges “more decisive monetary tightening”
RBA governor has ‘no intention of resigning’
Governor Philip Lowe says bringing inflation down remains his focus
Inflation falls more than expected ahead of Fed meeting
Inflation expectations also drop, prompting calls for caution from the Fed
IMF and Ghana reach initial agreement on $3 billion loan
Stricken country preparing domestic debt restructuring
Inflation, geopolitics and the renminbi
At a Bank of China (Hong Kong)-sponsored forum, policy‑makers discussed geopolitical developments and China’s macroeconomic outlook as global inflation rises
Rates round-up: Poland holds rates despite high inflation
Serbia and Bulgaria raise rates as double-digit inflation plagues eastern Europe
BIS bulletin weighs pros and cons of ‘front-loaded’ tightening
Recent rate increases are highly synchronised and twice as fast as previous cycles, authors say
Proportionality in bank regulation: striking the right balance
The ‘final’ Basel III framework contains elements designed to make the rules fairer while reducing regulatory arbitrage. This means careful analysis is required when making any proportionality adjustments in the EU single rule book, writes Maurizio…
Brazil and Paraguay hold rates, while Curaçao opts for rise
Inflation has almost halved in Brazil in six months since April, but board says fiscal outlook uncertain
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
Chile pauses rate hikes, but Peru continues tightening
Peruvian board carries on with policy meeting despite political turmoil
Bank of Canada raises rates again
Central bank notes growth is stalling and will consider if more raises are needed
Kazakhstan raises rate as Kyrgyzstan cuts
IMF criticises Kyrgyz monetary policy and failure to reform central bank law
RBI raises rate 35bp to ‘break’ inflation persistence
Committee splits as it tries to balance inflation fight against continued growth
Housing plays growing role in transmitting ECB policy, paper finds
Labour earnings still most important means of transmission, researchers say
Malpass says debt relief critical for poor countries
World Bank president says world risks “disorderly default process”