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Monetary Policy

Federal Reserve issues FOMC statement (US Federal Reserve)

September 17, 2020 | File Under: , , , ,

“With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are […]

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Interview with Isabel Schnabel, Member of the Executive Board of the ECB, and the FT (ECB)

May 27, 2020 | File Under: , , , , , ,

“The ECJ ruled in December 2018 that the PSPP is legal. Therefore, it is clear for us that we can and have to continue our monetary policy in line with our mandate to make sure that in the medium term we are getting back to our inflation aim of below, but close to, 2 per […]

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Interview with Philip R. Lane, Member of the Executive Board of the ECB (El País)

May 19, 2020 | File Under: , , , , , , ,

“The speed at which the economy bounces back will then hinge on whether consumers are more reluctant to consume and businesses hold back on investment. From today’s perspective, it looks in any case unlikely that economic activity will return to its pre-crisis level before 2021, if not later.” – Luis Doncel

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March 2020 UK Monetary Policy Summary (Bank of England)

March 26, 2020 | File Under: , , ,

“The Government has announced a series of substantial fiscal support measures to alleviate some of the severe cashflow problems facing businesses and households.  The Bank of England also has a role to play in supporting businesses and households through the economic disruption associated with Covid-19.”

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ECB shakes off limits on new €750bn bond buying plan (FT)

“The details of the new programme support the declaration by Christine Lagarde, the ECB’s president, who said on Twitter after it was announced last week: ‘There are no limits to our commitment to the euro.’” – by Martin Arnold and Tommy Stubbington

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ECB announces €750 billion Pandemic Emergency Purchase Programme (ECB)

March 20, 2020 | File Under: , , , ,

“This new Pandemic Emergency Purchase Programme (PEPP) will have an overall envelope of €750 billion. Purchases will be conducted until the end of 2020 and will include all the asset categories eligible under the existing asset purchase programme (APP).” – ECB Governing Council

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Bank of England Cuts Rate to 0.1%

March 19, 2020 | File Under: , , ,

“The Monetary Policy Committee at a special meeting on 19 March voted to cut Bank rate to 0.1% and increase its holdings of UK government and corporate bonds by £200 billion.” – Bank of England

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Repo rate raised to zero per cent (Sveriges Riksbank – Swedish Central Bank)

December 19, 2019 | File Under: , , , ,

“Inflation has been close to the Riksbank’s target of 2 per cent since the start of 2017, and the Riksbank assesses that conditions are good for inflation to remain close to the target going forward. Therefore, in line with the assessment in October, the Executive Board has decided to raise the repo rate from –0.25 […]

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The Growing Challenges for Monetary Policy (Bank of England)

August 26, 2019 | File Under: , , , , ,

“The dollar’s influence on global financial conditions could similarly decline if a financial architecture developed around the new ‘Synthetic Hegemonic Currency’ and it displaced the dollar’s dominance in credit markets. By reducing the influence of the US on the global financial cycle, this would help reduce the volatility of capital flows to emerging market economies.” […]

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