The BIS Quarterly Review - September 2025

The September 2025 issue of the BIS Quarterly Review is out:

Overview

• Markets shrug off trade conflicts
  Global markets soared on AI enthusiasm and policy easing during the review period, but steepening yield curves signalled fiscal concerns.

Articles

• A multi-sector assessment of the macroeconomic effects of tariffs
  by Matthias Burgert, Benoit Mojon, Daniel Rees, Matthias Rottner and Hongyan Zhao
  Modelling shows higher tariffs lower growth broadly but have nuanced inflation effects, posing complex trade-offs for monetary policy globally.

• A global survey of household perceptions and expectations
  by Francesco D'Acunto, Fiorella De Fiore, Damiano Sandri and Michael Weber
  A global BIS survey reveals households expect high inflation, perceive faster post-pandemic price increases and have limited knowledge of the central bank.

• Monetary policy operational frameworks - a new taxonomy
  by Paolo Cavallino, Mathias Drehmann, Richard Finlay and Julie Remache
  A new BIS taxonomy explores how central banks' operational frameworks influence banks' incentives, liquidity management and financial system outcomes.

• International finance through the lens of BIS statistics: bond markets, domestic and international
  by Tracy Chan, Goetz von Peter and Philip Wooldridge
  BIS statistics shed light on bond market growth, driven by government issuance and diverse private sector borrowing, including in foreign currencies.