Central Bank Monitoring

Central Bank Monitoring provides a quarterly overview of the latest monetary policy developments, strategies and communications at eleven central banks, including the CNB. Each issue features a Spotlight section covering a current topic and a selected speech given by a prominent foreign central banker. The selected banks are the US Federal Reserve System, the European Central Bank, the Bank of England, the Reserve Bank of New Zealand, Norges Bank in Norway, Schweizerische Nationalbank in Switzerland, the Bank of Canada, Sveriges Riksbank in Sweden, Magyar Nemzeti Bank in Hungary and Narodowy Bank Polski in Poland.

September 2023
Inflation continues to slowly fall in most of the countries under review, but remains high. After a pause in June, the US Fed raised the key interest rate range again in July, with other central banks also raising their rates. By contrast, in Poland the rates have already been lowered. Spotlight focuses on the communication of central bank forecasts and their related uncertainties. In our selected speech, BoE Deputy Governor Dave Ramsden describes the bank's experience to date with quantitative tightening. Details (pdf, 562 kB).