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1 week ago | 
centralbanking.com | Christopher Jeffery |Daniel Hinge |Daniel Blackburn |Thomas Chow
Tweet Facebook LinkedIn Save this article Send to Print this page Tensions between Jerome Powell and Donald Trump have escalated further over the past 24 hours, with the Federal Reserve chair criticising the administration’s trade policy and the US president calling for the head of the country’s central bank to step down.
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1 week ago | 
centralbanking.com | Levente Koroes |Christopher Jeffery |Daniel Hinge |Daniel Blackburn
The European Central Bank today (April 17) cut rates by 25 basis points. The bank’s president, Christine Lagarde, said the ECB’s economic outlook was “clouded by exceptional uncertainty” given the upending of international trade by US president Donald Trump. Strikingly, the bank removed any references to the degree of restrictiveness of its monetary policy. At its previous meeting, it had changed the reference from its policy “remaining restrictive” to being “meaningfully less restrictive”. The
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1 week ago | 
centralbanking.com | Aditya Kumar |Christopher Jeffery |Daniel Hinge |Daniel Blackburn
Turkey’s central bank today (April 17) raised its policy rate to 46%, up from 42.5%, in its latest attempt to calm the markets following last month’s arrest of a prominent opposition figure. The Central Bank of the Republic of Turkey (CBRT) also raised the overnight lending rate to 49% from 46% and the overnight borrowing rate to 44.5% from 41%. The bank had raised the overnight lending rate by 200 basis points on March 20, while leaving the policy repurchase auction rate and overnight borrowing
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1 week ago | 
centralbanking.com | Philip Alexander |Christopher Jeffery |Daniel Hinge |Daniel Blackburn
Tweet Facebook LinkedIn Save this article Send to Print this page The uncertain effect of the US’s new tariff regime on the credit status of corporate borrowers is giving banks in Europe a headache. Lenders in the European Union must assess and adjust loan loss provisions every quarter to take account of changes in corporate creditworthiness under International Financial Reporting Standard 9.
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1 week ago | 
centralbanking.com | Thomas Chow |Christopher Jeffery |Daniel Hinge |Daniel Blackburn
South Korea’s central bank today (April 17) paused its easing cycle again, as rising uncertainty from US tariffs put the need to stimulate growth on hold. In a 6–1 vote, the Bank of Korea’s monetary policy board decided to leave the base rate at 2.75%. This was the second time the board had held rates since beginning an easing cycle last October. In a statement, the board said domestic growth had been “weaker than expected” owing to “prolonged political uncertainties” and “deteriorated trade
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1 week ago | 
centralbanking.com | Levente Koroes |Christopher Jeffery |Daniel Hinge |Daniel Blackburn
The Central Bank of Hungary (MNB) is in talks with the government to change its governing law, and thereby relinquish control over a controversial foundation it established in 2014. Speaking at an event on April 15, the bank’s governor Mihály Varga said the MNB was looking to “cleanse the bank’s profile”, which would mean narrowing its activities to focus on monetary policy. He added that the activities of the MNB’s foundations would fall outside this focus. Varga added that the MNB had reached a
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1 week ago | 
centralbanking.com | Christopher Jeffery |Daniel Hinge |Daniel Blackburn |Thomas Chow
The Financial Stability Board (FSB) published the final version of its framework for reporting operational incidents on April 15. The format for incident reporting exchange (Fire) creates a standardised way of reporting cyber incidents and other operational problems. It is designed to aid international co-operation and help resolve fragmentation in reporting requirements, and thereby reduce the burden for firms that operate in many jurisdictions. Alongside the main report, the FSB released a
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1 week ago | 
centralbanking.com | Christopher Jeffery |Daniel Hinge |Daniel Blackburn |Thomas Chow
Tweet Facebook LinkedIn Save this article Send to Print this page The US Federal Reserve should be patient and continue to hold monetary policy, the president of the Federal Reserve Bank of Atlanta has said.
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1 week ago | 
centralbanking.com | Christopher Jeffery |Daniel Hinge |Daniel Blackburn |Thomas Chow
Canada’s central bank held its target rates today (April 16) amid continued uncertainty over the US’s protectionist trade policies. The overnight rate is still 2.75%, the bank rate stands at 3% and the deposit rate remains at 2.70%. “We’re navigating carefully,” Bank of Canada (BoC) governor Tiff Macklem said in his press conference. He said the bank was waiting for more information on how US tariffs would shape up. “If the situation becomes more clear, we can become more forward looking.”Macklem
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1 week ago | 
centralbanking.com | Christopher Jeffery |Daniel Hinge |Daniel Blackburn |Thomas Chow
A person’s income during retirement in the US is heavily affected by their citizenship status, according to research from the Federal Reserve Bank of Minneapolis. The study, published on April 14, finds that US-born retirees had almost 1.5 times the income of foreign-born US citizens and almost three times that of non-citizens. The author, Erick Garcia Luna, Minneapolis Fed director of regional outreach, used census data to draw his findings. He says foreign-born workers are less likely to use
