Discover and read the best of Twitter Threads about #centralbank

Most recents (24)

It was 73 degrees and sunny in #JacksonHole, Wyoming, today; a perfect day for all those who were there….
Yet, there were no #monetary policy officials present at the traditional location of the @KansasCityFed’s late-summer #economic policy symposium, since they were conducting a “virtual symposium.”
That symposium provided #ChairPowell the opportunity to lay out a reasonably sunny perspective on the U.S. #economy, but also one that was not out of the woods yet, in terms of Covid variant risk and a maximum #employment target still to be achieved.
Read 10 tweets
Thanks to @steve_sedgwick & @cnbcKaren for having me on #CNBC #SquawkBox this AM.

What did we discuss? Well, #inflation of course!

I prepared some slides for the show which I'm happy to present in this thread.
1/n
#macro #Fed #Yellen #JeromePowell #bankofengland #QE
Are people in denial or is the #centralbank money flood just drowning all the signals?
2/n
#inflation
#Commodities, #freight, #carbon - and a whole lot besides - sure do cost a lot more, these days.
3/n
Read 14 tweets
More conspiracy theory from Financial Times:

"With a new US admin., & [] the vaccination rollout under way, now is a good time for the major economies of the west (& ideally the world) to sit down & devise a new international #monetary order."

#GreatReset h/t @johnsteppling
"As part of that there should be widespread #debt cancellation, especially the gov't debt held by #central #banks. We estimate that amounts to approximately $25tn of gov't debt in the major regions of the global economy."

ft.com/content/39c53b…
"Whether debt cancellation extends beyond that should be central to the negotiations between policymakers as to the construct of the #new #system ...The implications for bond yields, post-debt cancellation, need to be fully thought through and debated."
Read 14 tweets
ING Bank 1/6: #Riksbank to stay cautious despite recent economic resilience
Despite a rise in Covid-19 cases and fresh restrictions, recent Swedish data has held up better than hoped. That means little need for fresh #Riksbank stimulus, though we'd still expect a cautious tone.
ING Bank 2/6: The central bank looks set to signal flat interest rates until at least 2024, but still, we expect the krona to strengthen gradually later this year.
The Riksbank meeting this week should have a limited impact on Sweden's krona.
ING Bank 3/6: With central banks globally becoming more concerned about overly strong domestic currencies, and leaning against this trend (Riksbank’s January decision to change the way it accumulates FX reserves provides a case in point),
Read 6 tweets
In the 2021's first issue of #Cantillon Effects, we discussed the #inflation which now pervades our lives: not just the narrow, disputed one relating to goods prices, but the inflation of rhetoric, passions, tribalism & despotism.

Over this thread, we'll present our case:-
1/x
Replacing the "public square" with the "cyber swarm" has not been conducive to reason or civility, for all that it has opened up new possibilities of disseminating news and opinion.
2/x
The #stakeholder capitalism being built while we're confined to quarters is a world where, we're glibly assured, " you will (truly) own nothing - the #centralbank will ensure your fake asset's notional price is misleadingly high - and you'll be happy!" Really?
3/x
Read 8 tweets
“As a biddable ignoramus who has somehow jockeyed his way into becoming your elected representative, I do not consider it my duty to keep abreast of what world leaders or their guiding Technocrats are openly declaring to be their mission”
Let’s fix that for him: 1/x
#GreatReset
Ever heard of a country called Japan, Neil?
2/x

#bankofjapan
Look! There’s another #centralbank head who just HAPPENS ro be banging the same drum:- 3/x

#COVID19(33) as a #ReichstagFire
Read 12 tweets
List of 60

HERO TO ZERO STOCKS

since 2014

1. #RelianceInfra - 2500 > 42.70
2. #RelCapital - 2924 > 62
3. #RelPower - 430 > 4.15
4. #RCOM - 800 > 1.45
5. #RNAVAL - 117 > 3
6. #DHFL - 690 > 62.90
7. #JetAirways - 883 > 33
8. #JainIrrigation - 264 > 25
9. #PCjewellers - 600 > 45
10. #Vakrangee - 515 > 31
11. #Suzlon - 400 > 3.35
12. #Kwality - 225> 2.45
13. #JPAssociates - 339 > 2.70
14. #JPPower - 140 > 1.90
15. #JPInfra - 100 > 1.60
16. #manpasand beverages - 500 > 28
17. #CentralBank - 210 > 22
18. #JKBank - 176 > 34.70
19. #Mercator - 165 > 1.65
20. #Aban offshore - 5400 > 35.40
21. #Sintex Plastic Tech - 120 > 8
22. #BPL 152 > 21
23. #HDIL 1100 > 14.50
24. #Videocon 760 > 1.70
Read 63 tweets
The #deficit #myth #deficitmyth by @StephanieKelton #MMT modern monetary theory
Myth N. 1: The #state should budget like a #household
#RealityCheck : unlike a household, a #SovereignNation, which owns its national #centralbank, issues the #currency it spends
Myth N. 2: #deficit is evidence of #overspending
#RealityCheck: look to #inflation for evidence of over spending
The purpose of #taxes is not to pay for #government expenditures but to help rebalancing the #wealth distribution #MMT
Read 56 tweets
Rise of the #CBDC: we just published a major analysis of drivers, #technologies and policy approaches. bis.org/publ/work880.p… [some details/thread]
We start by measuring the stance towards issuance in #centralbank #communication. We investigates the cross-country drivers, the technologies central banks pursue, and their policy approaches. #money #innovation #DLT
We examine how #centralbanks are involving the private sector in CBDC design, whether they employ a #DLT-based infrastructure, whether they opt for account-based access or #privacy-preserving #tokens, and whether their focus is on domestic or international #payments.
Read 6 tweets
#centralbank urgently need to update their risk management to ensure the transition to a #sustainable post-#COVID19 economy!
New @CEPweb blog and its thread below
(1/6)
cepweb.org/the-transition…
Pandemic and environmental crises profoundly modify demand and supply for some goods and services.
This radically reshuffles firms' asset values on financial markets and creates substantial financial risks.
See @NGFS_ for the case of climate change
(2/6)
ngfs.net/sites/default/…
Financial markets are not good at assessing transition risks linked to pandemic and environmental crises. They are mispricing them.
This is acknowledged by central banks and financial supervisors.
See, eg, the last ESRB report on climate risks
(3/6)
esrb.europa.eu/pub/pdf/report…
Read 6 tweets
In a world where people still starve (though thankfully proportionately fewer over time) and material needs in general are unsated, there can be no #savingsglut. There CAN be misallocations of saving -due to corrupted price signals or corrupted polities, or both- but that’s...
...a very different matter.
Secondly, ‘saving’ is supposed to represent an available resource -whether for consumption or production, whether material or human. It is NOT something which magically appears when the #centralbank & its minions sit behind a keyboard...
If #JeromePowell or M #Lagarde cause a million smackers to appear in everyone’s account overnight, bank balances will have risen; #savings, will NOT. Even a man as unnuanced as Mussolini got this, sneering that Italians’ wealth would not rise if they all had more printed...
Read 13 tweets
#NewNormal" continues. After #CentralBank of #Yemen and #Iraq, we are having mission with #CentralBank of #Libya. Concluded a very productive #meeting with colleagues from #CentralBank and #IMF for a #Islamicfinance IMF mission through #Cisco #webmex. #riskmanagement #Libya Image
Other than #Sudan and #Iran, #Libya is going to be #third #country in the world to have full-fledged #Islamicfinance system after #transition is completed. It requires a significant progress on Islamic finance #regulation and #supervision, which is #underway.
Happy to be part of last three years engagement, through IMF, with them on various topics. Many thanks to my good friends supervisors Haithem Elyacoubi, anwar tantoush, Hatem Salem, Abdulhamid, Dr. Mukhtar for excellent discussion. I hope this will be a very good #IMF mission.
Read 4 tweets
People trying to draw analogies with the #GreatDepression, wartime, or 70s stagflation are missing the point IMHO 1/x
GD was a ‘sudden-stop’ shock which ended the credit-boom lending to Weimar as the Young Plan looked in jeopardy. Made worse by politics (war debts, etc), #protectionism (Smoot-Hawley), Hoover call to maintain wage-rates, #FX chaos (esp. when Brits left #gold standard) 2/x
The initial slump & ‘secondary (financial vicious cycle) depression’ then perpetuated by #NewDeal boondoggle vote-buying, #FDR capriciousness, & Brain Trust cranks. This was much more a post-#GFC parallel than today’s #ContaminoBay #lockdown 3/x
Read 15 tweets
Largely because (a) the injections functioned differently last time as it was primarily a financial seizure, not a real one; (c) the real assets which did deflate -RE- are the very ones which have since most risen in price (“inflated”); (d) intl division of labour then undamaged
Somewhat risible to say no fiscal response last time, even if this one is shaping up to dwarf it. That’s just #Keynesian dinosaurs trying to say only their Master’s nostrums can work.
Worry is, we redo the 30s: lacklustre growth as too big a Boondoggle state exploiting its edge.
The state runs only the softest of soft budgets, is the most wasteful, least productive, most monolithic, least innovative of spenders. Backed up by a compliant #centralbank -monetary ‘authority’ is now a joke!- that implies lots of (misdirected) demand for not much extra supply
Read 7 tweets
@ErikFossing takes a look at #Covid_19 related economic data, the #EU responses & Central Bank measures & shares some good #FoodForThought from his dinning table:research.unicredit.eu/DocsKey/econom… A few takeaways...(1/3) #Macro #GlobalTrends Image
2/3 #EU solidarity and general measures...#Covid_19 #Macro #GlobalTrends Image
3/3 Some perspectives on #CentralBank activities and the thoughts of Mssrs. Draghi & Hildebrand...#Macro #GlobalTrends #Covid_19 ImageImage
Read 3 tweets
"Theory tells us why Japan didn't inflate" Really? News to most! But two things may explain it - business made a big shift from heavily indebted to positive cash, mirrored by the state's plunge into the red, intermediated by the BOJ... 1/x
In effect, corporate debt was slowly washed to the government whose IOUs were bought by the #centralbank. Reserves issued v these offset bank deposit liabilities to the now flush businesses happy to hold them because #NIRP destroyed transaction/savings balance differences 2/x
Meanwhile, much of #Japan's newly created money was swapped up and used to finance speculative purchases elsewhere in the world - as shown for Grand Cayman 3/x
Read 7 tweets
Reading all these calls for ‘stimulus’, one wonders, if Constantine XI had had a ‘technology we call the printing press’ would his city not have fallen to the besieging Ottomans in 1453.
Shame he hadn’t heard of Gutenberg’s newly invented gizmo...
#Fed #UST #coronavirus #ECB
“The bad news, Tommy, iss for your ze war iss over. Ze good is, your RAF has parachuted in a packet of £5 notes to ease your captivity”
#coronavirus #stimulus #centralbanks #HelicopterMoney
Imagine if, during the Berlin Airlift, General Lucius Clay had not bothered flyng in food and fuel, but had just dropped Greenbacks.

You think Stalin might have chuckled?
#stimulus #coronavirus #COVID2019 #centralbanks #fiscal
Read 9 tweets
Lets talk about #Global #CentralBanks and their #MonetaryPolicy stances given #COVID19. Specifically, lets ask ourselves: "Can Central Banks Help Fight COVID-19?"
The best place to start is to note that #Global #Growth was already facing considerable downside risks before the #COVID19 outbreak December 2019. The slow down in global growth came on the back of trade (china vs. us) and geopolitical (Brexit etc.) tensions...
To this end, institutions such as the #IMF & #WorldBank revised down their 2020 #Economic #Growth outlook & emphasised the need for a more coordinated #policy approach between #monetary & #fiscal policy around the globe to "rescue" growth from the doldrums...
Read 14 tweets
Recent actions by the @federalreserve have been awe-inspiring; I’m not sure what words would be stronger than that- but they’re required.
The #Fed has gotten at interest #rates, the #mortgage market, the financing markets, and the #Treasury market (and particularly the functioning of the off-the-run-issues).
Specifically, tonight we’ve seen an historic 100 basis point #policy rate cut (and a commitment to maintain it until conditions normalize), #bank borrowing from the discount window cut 150 bps, to 0.25%, with term #funds to be offered…
Read 8 tweets
Yes, some (mostly speculative) #credit has been extinguished - *POOF* - and hence security prices have reverted to a level closer to what would be paid by those investing actual saved funds - i.e., capital. Is that a BAD thing? (Caveat: fear-driven overshoot is inescapable) 1/x
However, most of that underlying financial capital still exists (albeit with the notional gains of the past several months -arguably a largely ‘fictional’ overlay- extinguished). The bulk of it, however, remains in existence, even now. 2/x
What is understandably lacking is the will, the confidence, to employ it. Hence the rush to but ‘safe’ government securities as a default, leading to further distortions in pricing (and encouraging a further, damaging nationalisation of capital) 3/x
Read 13 tweets
If you've been following #Global #Capital #Markets, you'll have noted a significant rebound in some of the world's key stock market indices. This follows a "correction" in the wake of #COVID19. The rebound largely comes on the back of #CentralBank commitment to "lower for longer"
While #CentralBank commitment to "lower for longer" might help rally markets today, it is still imperative for us to consider the #Global #MonetaryPolicy #Toolbox and if policy makers will have enough space to "keep cutting" or providing "stimulus" moving forward.
Below are #CentralBank meeting dates for March 1st to 7th 2020. From this list, Banks that usually "move the needle" as it where, are Bank of #Australia & the Bank of #Canada. As it so happens, Bank of Australia cut policy rate by 25bps to 0.5% citing #COVID19 as downside risk.
Read 7 tweets
Lets talk about the 1st meeting of #G20 #Finance Ministers and #CentralBank Governors. Specifically, lets talk about the short to medium term headwinds for global #Economic #Growth...
If you haven't been living under a rock, and you happen to be an avid scholar / practitioner in the world of #Global #Finance / #CentralBanking, then you know that the Group of 20 Finance Ministers & Central Bank Governors met on the 22-23 Feb 2020 in #Riyadh, #SaudiArabia...
The 2020 #g20 meeting of finance ministers & central bank governors in #Riyadh brought together key #Fiscal and #Monetary #Policy makers to discuss, inter alia, what #Global #Economic #Growth prospects look like in the short to medium term...
Read 12 tweets

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