Monetary policy
PBoC’s new policy tool may have little impact, analysts say
Adding new open market operations does not mean major change to policy framework, say economists
BoE economists hunt ‘driving forces’ of forecast errors
“Systematic” study of mistakes finds wage growth and expectations could have been modelled better
PBoC holds key rate despite uneven economic recovery
Central bank likely to keep MLF rate unchanged before Fed cuts rates, analysts say
Serbia cuts rates by 25 basis points
Decreasing global energy prices and refinery overhaul fuels disinflation
Banxico dovish in minutes published after rate hold
Minutes “softly hints at rate cut”, analyst says
Malaysian central bank holds policy rate
BNM expects higher inflation later this year as government phases out fuel subsidies
Bank of Korea holds rate but signals possibility of future easing
Governor Rhee Chang-yong says the board can consider rate cut at “appropriate time” in the future
Full-scale war with Hezbollah is a tail-end event – Bank of Israel deputy
Andrew Abir says central bank has advised government to ensure adequate fiscal space as it expects war to last longer and revises its growth and inflation forecasts
Powell warns of commercial real estate risks
Fed chair tells Senate further cooling of the labour market could induce a rate cut
RBNZ holds policy rate again
Policy-makers express optimism on inflation but remain cautious for now
Aggressive monetary policy hits poorer harder – research
New York Fed authors find stabilising demand shocks has positive distributional outcomes
Quarter of central banks use tiered reserves remuneration
Corridor systems remain most common method of setting short-term interest rate
US labour markets approaching pre-pandemic state, report finds
Simple rules suggest fed funds rate should be at or below current level, report says
BoE should hold rates until pressures have eased, Haskel says
Changes to labour market estimates helped shift policy decisions, MPC member says
Romania cuts rates by 25 basis points
Disinflation is accelerating but effects of energy legislation changes are uncertain, central bank says
PBoC to start additional open market operations
Move could increase importance of seven-day reverse repo rate, some analysts say
Turkish inflation falls for first time in eight months
Cooling prices could herald disinflation trend despite negative real rates
Malaysia’s Rasheed expects a “bumpy road” for EM currencies
Governor Abdul Rasheed Ghaffour says BNM will intervene if needed ahead of future Fed cut; rules out capital controls but has encouraged institutions to repatriate earnings
‘Selective memory’ helps explain expectation de-anchoring – paper
Authors build model around three “regularities of human recall”
Half of central banks use forecast errors to assess policy impact
Surveys of expectations widely used but surveys of trust and understanding are less common
Czech National Bank cuts rates by 50 basis points
Next step likely to be a 25bp cut or a halt to easing, says central bank
Turkey holds interest rate amid rising inflation
Disinflation will start in the second half of the year, CBRT says
Nearly 40% of central banks use targeted liquidity facilities
“Funding for lending” schemes remain widespread, though some have been wound down post-Covid
Philippine central bank holds rates and cuts inflation forecast
BSP governor signals possible August rate but refuses to comment on board member allegations