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Central Banking
Everything Briefed has filed against Central Banking, most recent first.
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The yen intervention rally is already half goneJapan and the US ran their first joint yen-buying operation since 1998 last week, hauling the currency from a 40-year low near 164 per dollar to about 155.20. It's now back to roughly 158.4, having…Hungary's central bank makes the case for the euro, againMNB governor Mihaly Varga wants Hungary in the euro area as a competitive, well prepared economy, with the bank's own modelling pointing to 0.6 to 0.9 percentage points of extra annual GDP growth a…China's central bank starts stockpiling gold in Hong KongThe People's Bank of China has begun adding gold reserves specifically in Hong Kong, a deliberate move to build up the city as a bullion trading hub rather than routing everything through Shanghai …Kevin Warsh won't soften the Fed message, whatever the market wantsWarsh is holding to a deliberately spare communication style at the Fed despite pushback from investors who want clearer forward guidance on rate cuts. His bet, and it is a bet, is that ambiguity k…PBOC's biggest liquidity push in five months exposes Beijing's nervesCentral banks inject cash at this scale when growth data is softer than headline GDP prints suggest, not when things are fine. This is the largest liquidity addition since February, pointing to wea…The peso's record low is an oil story wearing a currency maskThe Philippine peso's fresh record low tracks almost exactly with crude's climb this month, because the Philippines imports nearly all its oil and pays for it in dollars. Every dollar oil rises pus…Independent regulators across the US are now effectively a White House policy leverThe FTC and NLRB rulings confirm that most US independent agency commissioners serve at presidential pleasure. UK firms with US operations should update their assumptions about antitrust and labour…The PBOC withheld its rate on the first overnight operation. That silence is a policy signal.China's central bank chose not to set a rate on its debut overnight lending operation, and the ambiguity is deliberate. Withholding the rate on a new instrument's first use preserves optionality an…The RBA says it will be better prepared next time. Every central bank says that after a crisis.Reserve Bank of Australia assistant governor Christopher Kent's claim that the RBA would be better equipped to handle the next financial crisis follows the standard post-mortem arc: identify what w…India's bond rally has stalled. The RBI is the reason the short end is now vulnerable.India's government bond market has spent the last several months repricing the limits of RBI support. The 10-year yield spread over the policy repo rate reached a two-year high after the RBI's June…Investec debuts $43m bail-in bonds under South Africa's new bank rulesSouth Africa's specialist bank just became the latest to test investor appetite for loss-absorbing debt, raising $43 million in securities that can be bailed in if the bank fails. The debut issuanc…Yardeni warns Fed risks losing control of rates to bond vigilantesEd Yardeni is telling the Fed to drop its easing bias or watch the bond market do the tightening for them. With the 2-year yield 25 basis points above the fed funds rate and 30-year bonds crossing …Senate confirms Warsh as new Fed chair to succeed PowellThe former Fed governor returns to lead monetary policy as inflation pressures persist.Indonesia's rupiah hits record lows as oil shocks meet political riskThe rupiah's slide to 17,443 per dollar tells the story of an oil-dependent economy caught between geopolitical shocks and domestic governance worries. Bank Indonesia's "smart interventions" using …Colombia's central bank holds rates to dodge election noiseBanco de la República held rates at 11.25% in a unanimous vote that defied every economist prediction and revealed the cost of political pressure. Fourteen of 16 analysts expected a hike with infla…OECD warns New Zealand's central bank remit changes risk policy errorsFrequent adjustments to the RBNZ's mandate against ongoing institutional changes increase risks of costly monetary policy mistakes, the OECD warns. Phase 2 of the Reserve Bank Act Review examines b…Powell cleared, markets yawnUS Attorney closed criminal probe into Fed Chair Powell last Friday; he stays on Board of Governors post-transition to Kevin Warsh around May 15th.Warsh denies Fed independence concernsKevin Warsh rejected accusations he would be Trump's 'sock puppet' at the Federal Reserve, defending his potential nomination during Senate questioning.Trump threatens to fire Powell if Fed chair doesn't resign by MayTrump publicly demanded Jerome Powell step down by May or face termination, escalating his war with the Federal Reserve before he even takes office. Powell's term runs until 2026, and Fed chairs ha…