Quantitative easing
Three QE controversies, two theories
BNP Paribas Asset Management‘s head of macro research, Richard Barwell, explores three controversies surrounding quantitative easing through the lens of the quantities and signals theories, and considers whether all asset purchase programmes should be…
Ten-year yield breaches BoJ target band
Central bank steps in with another purchase operation, but warns on yen weakness
ECB announces 25bp rate raise and QE slowdown for July
September increase may be steeper, as ECB forecasts higher inflation and lower growth
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak to Victor Mendez-Barreira about ‘twin bonds’ and other efforts to solve green bond liquidity concerns
Riksbank was right to use negative rates, say former central bankers
As ECB loosened policy, Swedish central bank lacked any credible alternative, Flug and Honohan conclude
Is this the end for ECB QE?
High inflation makes it increasingly difficult for the central bank to justify asset purchases across the eurozone, despite rising fragmentation risks
RBA’s approach to QT does not involve selling bonds
Selling assets could undermine future quantitative easing programmes, says assistant governor
Lagarde says ECB likely to abandon negative rates in September
Central bank would need to confirm end to asset purchases in June, and hike in July and September
Mervyn King says central banks made ‘serious errors’ on inflation
Former BoE governor says UK should raise rates further to curb spiralling prices
How to stop stablecoins from hoarding precious collateral
Repo markets expert and crypto bank chief exec think Fed reserves are the right answer
Bernanke says Fed acted too slowly on inflation
Former Fed chair argues forward guidance hampered Fed’s response to rising prices
Lagarde signals first ECB rate hike in July
Nagel stresses risk of acting too late, as Villeroy says fiscal-monetary alignment no longer possible
ECB officials change to more hawkish tone
Schnabel and Villeroy de Galhau signal openness to July hike while Lane and Panetta stay cautious
Fed makes first 50bp rate hike in decades
Central bank under pressure to curb inflation without crashing the economy
Japan reinforces yield curve control
Yen falls after MPC commits to daily purchases of Japanese government bonds at 0.25% yield
How high can the ECB take interest rates?
Despite rising inflation, eurozone central bank is seen as unlikely to take rates over 1.5% in coming years
Reserve managers cut duration as inflation surges
Central banks with bigger portfolios tended to combine this measure with changes in currency and asset allocation, Central Banking survey finds
ECB sticks to plan of gradual policy normalisation
Lagarde says net asset purchases should finish in the third quarter of the year
ECB expected to pause amid uncertain impact of war
Governing council could discuss QE backstop to prevent wider sovereign bond spreads
QE ‘inappropriate’ for South Africa – Sarb paper
Asset purchases may create moral hazard and undermine debt management strategy, author says
Research provides deeper look into Riksbank’s policy decisions
Swedish central bank developed a flexible, faster deliberation process when dealing with pandemic
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Fractures in the monetary system
Seizure of Bank of Russia assets likely to have long-term implications for international system
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career