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BOE’s Tenreyro: Inflation Pick-Up Likely Due to One-Off Effects Not Sustainable

BOE’s Tenreyro: Inflation Pick-Up Likely Due to One-Off Effects Not Sustainable

In an online speech for a Federal Reserve Bank of San Francisco conference, Tenreyro, according to a text of her remarks made available by the BOE, said that although the MPC clearly pursues a forward-looking inflation target, its ‘remit has also always been clear that the MPC should target inflation flexibly’, implying a need to differentiate between durable inflation increases and transient fluctuations.

26 March 2021 | Central Bank News
ECB’s Rehn: Our Ambiguous Inflation Target Gets in the Way of Our Monetary Policy

ECB’s Rehn: Our Ambiguous Inflation Target Gets in the Way of Our Monetary Policy

In an opinion piece in Politico, Rehn, who heads the Bank of Finland, noted that the U.S. Federal Reserve had determined that lower unemployment did not necessarily stoke inflation and had adopted a regime of average inflation targeting that would compensate temporarily for past undershooting. This framework ‘seems to have gained credibility’, based on longer-term inflation expectations, he said.

26 March 2021 | Central Bank News
BOE’s Saunders: Joblessness Forecast Not Consistent with Policy Tightening

BOE’s Saunders: Joblessness Forecast Not Consistent with Policy Tightening

In a speech for an online webinar, Saunders said with respect to the MPC’s forward guidance – namely that it ‘does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably’ – that the central forecast ‘might imply the conditions for tightening will be met quite soon.’

26 March 2021 | Central Bank News
ECB’s Villeroy: On Average, We See No Risk of Inflationary Overheating

ECB’s Villeroy: On Average, We See No Risk of Inflationary Overheating

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said Wednesday that although the U.S. fiscal stimulus could lead to faster price increases there, there is no risk of inflationary overheating in Europe ‘on average’.

24 March 2021 | Central Bank News
Germany: Flash PMI Shows German Economy Strong in March

Germany: Flash PMI Shows German Economy Strong in March

The flash PMI composite output index rose 5.7 points to a 37-month high of 56.8. The services PMI activity index was up 5.1 points to a seven-month high of 50.8, while German manufacturing output registered 68.5, a 6.8-point gain on the month and the highest result since records begain in April 1996, HIS Markit said.

24 March 2021 | Central Bank News
ECB’s Lane Reassures That Eurotower Finally Stepping Up

ECB’s Lane Reassures That Eurotower Finally Stepping Up

Numbers released Monday indicated a net €21.1 billion worth of pandemic emergency purchase programme (PEPP) purchases in the week up to March 17, with redemptions published today revealing gross purchases in the amount of €21.9 billion.

23 March 2021 | Central Bank News
ECB’s Holzmann: Future PEPP Purchases to Depend on Conditions

ECB’s Holzmann: Future PEPP Purchases to Depend on Conditions

At the press conference marking the presentation of the annual report of the Austrian National Bank, which he heads, Holzmann said that PEPP purchases would depend on conditions. The increase in purchases decided on March 11 reflected the goal of ‘not permitting that a too-high increase in yields hampers the recovery’, he said.

23 March 2021 | Central Bank News
ECB’s Knot: See Light at the End of the Tunnel, But Hurdles Remain

ECB’s Knot: See Light at the End of the Tunnel, But Hurdles Remain

At a press conference for the annual report of the Dutch National Bank, which he heads, Knot said, ‘A full year after the pandemic broke out, we now clearly see light at the end of the tunnel’, but ‘will encounter many hurdles on the path to recovery’.

22 March 2021 | Central Bank News