How the Fed makes decisions: Disagreement, beliefs, and the power of the Chair
Federal Open Market Committee statements typically sound unanimous, but the Committee’s internal debates rarely are. This column analyses historical meeting transcripts to show that policymakers
Central bank digital currency and monetary sovereignty
Calls for a digital euro increasingly invoke monetary sovereignty, often on the grounds that Europe must retain control over its payment systems. This column argues
World’s central banks are wary of AI and struggling to quit the dollar, survey shows
The primary concern is that AI-driven behaviour could “accelerate future crises,” the survey showed. Artificial Intelligence is not a core part of operations at most
Frontiers of digital finance, part 1: A global perspective
The digitisation of payment, trading, and settlement systems is reshaping the financial architecture. This column, the first in a two-part series, offers an overview of
Communicating monetary policy by a committee: Echoes that move markets
Central banks rarely speak with one voice. At the Federal Reserve, for instance, each official brings a distinct perspective, and markets parse every speech for
Gold uptrend intact, but due for correction before topping $4,000 in 2026
Spot gold was trading around $3,680 per ounce on Tuesday after hitting a record $3,689.27 earlier in the session. Gold’s stellar rally to successive record
The new currency war: The US-China digital rivalry as a test of monetary discipline
Digital currencies pegged to fiat money face a built-in tension between credibility and competition, creating a ‘stablecoin paradox’. This column analyses the competing frameworks of
From banks to nonbanks: Macroprudential and monetary policy effects on corporate lending
The growing footprint of nonbank financial institutions in corporate credit markets raises important – but often overlooked – questions about how monetary and macroprudential policies
Trump tariff policy, uncertainty, and the role of economics
President Trump’s tariff policy is shaking the global economy and generating high levels of trade policy uncertainty. This column challenges the economic reasoning behind recent
Why monetary policy should crack down harder during high inflation
The recent surge in inflation has led to a significant increase in the frequency of price changes. This column argues that price flexibility has an
