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Markets moved with the waxing and waning of expectations of early policy rate cuts as central bankers dispelled excessive optimism.
Overview
- Markets count on a smooth landing
The central theme of the review period was the waxing and waning of financial markets’ optimistic expectations over the policy outlook.
Special features
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Quo vadis, r*? The natural rate of interest after the pandemic
by Gianluca Benigno, Boris Hofmann, Galo Nuño and Damiano Sandri
The natural rate, or r*, may have increased but much uncertainty remains, making it a blurry guidepost for monetary policy. -
Fast payments: design and adoption
by Jon Frost, Priscilla Koo Wilkens, Anneke Kosse, Vatsala Shreeti and Carolina Velásquez
Fast payment systems are a key innovation, and certain design features shape their adoption by end users. -
Sectoral price dynamics in the last mile of post-Covid-19 disinflation
by Pongpitch Amatyakul, Deniz Igan and Marco Lombardi
A catch up of the relative prices of services to pre-pandemic trends would have important implications for inflation. -
Towards liquid and resilient government debt markets in EMEs
by Bernardus Van Doornik, Jon Frost, Rafael Guerra, Alexandre Tombini and Christian Upper
The investor base and size of hedging markets matter for liquidity in emerging economies' sovereign debt markets. -
International finance through the lens of BIS statistics: residence vs nationality
by Patrick McGuire, Goetz von Peter and Sonya Zhu
Most international statistics are compiled by residence. BIS statistics also group balance sheets by headquarter country, providing a nationality view.
