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Fed to Keep Rate Vol Based Leading to Higher Vols in Other Assets

"Risk can neither be created or destroyed, and repressing volatility in one place accentuates it in another."

Variant Perception Research, July 23, 2020

BoJ Conduct of Monetary Policy

"In addition, in order to maintain stability in financial markets, the Bank has enhanced the U.S. dollar funds-supplying operations, actively purchased exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs), and conducted further active purchases of Japanese government bonds (JGBs) and treasury discount bills (T-Bills)."

Haruhiko Kuroda, Governor of the Bank of Japan
Bank of Japan, Semiannual Report on Currency and Monetary Control, May 12, 2020

''Policymakers dealing with challenges should seek to emulate the boldness and imagination Marvin Goodfriend showed two decades ago.''

Takeway & Excerpt

Eric S. Rosengren, Observations on Monetary Policy and the Zero Lower Bound
Federal Reserve Bank of Boston, Six takeaways from Boston Fed President Eric Rosengren’s March 6 remarks at the conference “Current Monetary Policy: The Influence of Marvin Goodfriend”, March 6, 2020

Asset Bubbles and Global Imbalances

What caused the housing boom and bust of the early 2000s? Capital inflows from emerging markets to developed economies can contribute to the formation of bubbles in asset prices. Those bubbles encourage the accumulation of debt, and the deleveraging of that debt exacerbates the decline in economic activity when the bubble bursts.

By Daisuke Ikeda, Toan Phan, and Tim Sablik
Federal Reserve Bank of Richmond, Economic Brief, No. 20-01, January 2020

ECB… Wake me up before you review

A subtle change in the ECB's reading of underlying inflation measures, the announcement of the strategy review and an owl brooch on Christine Lagarde’s jacket... this was the sum of the excitement at today’s ECB meeting

Carsten Brzeski, Chief Economist ING Germany
ING, Economic and Financial Analysis, Global Economics, 23 January 2020

''A prolonged loss of trust in the ECB risks undermining the broad public support that is necessary for central bank independence.''

Excerpt

Yves Mersch
European Central Bank, “Asset price inflation and monetary policy”, January 2020

Comfortable With the Uncomfortable

Quote

Justin Thomson, Chief Investment Officer, Equity
T. Rowe Price, December 2019

On the acceptance of negative interest rates

Quote

Claudio Borio, Monetary and Economic Department
BIS Quarterly Review, BIS, September 2019

Unconventional policy tools in the future

Excerpt

Haruhiko Kuroda
Opening Remarks at the 2019 BOJ IMES Conference Hosted by the Institute for Monetary and Economic Studies, Bank of Japan, May 29, 2019

Public and Private Currency Competition

Excerpt

James Bullard
Federal Reserve Bank of St. Louis, July 19, 2019
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