Euro area M3 growth edges up to 3.5% as money moves out of overnight deposits
August data show M1 slowing to 2.9% while marketable instruments jump to 7.1%. Lending to households held at 3.1% and to companies eased to 4.2%.
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The SARB raises its policy rate to 7.25% as fuel prices climb again
A unanimous 25 basis point hike, effective 25 September, despite a second-quarter contraction. Governor Kganyago says a persistent supply shock risks second-round effects against a 3% target.
The SNB holds at 0% as energy lifts Swiss inflation to 0.8%
The Swiss National Bank keeps its policy rate and its readiness to intervene in currency markets. Its conditional forecast sits inside the price-stability range for the whole horizon, partly because the franc has weakened.
One oil shock, three central banks, three different answers
South Africa hiked into a contraction, Switzerland held at zero with inflation under 1%, and Egypt held at 19% while inflation fell. Each statement explains the choice in terms of what the shock does to that economy.
Market participants tell the Bank of England a rate rise is already priced
Minutes of the 24 September Market Participants Group record agreement that MPC communication fits expectations of a higher Bank Rate, a debate over technical factors in global yields, and support for the gilt-sales plan.
BOJ staff flag looser lending terms and retail money in private credit
A Bank of Japan Review finds narrowing spreads, fewer covenants and more after-the-fact payment-in-kind loans in private credit, and asks Japanese lenders and investors to watch their links to the funds.
Securitising banks cut lending harder after a tightening, not less
ECB Working Paper 3289 finds securitisation amplifies the bank lending channel, driven by synthetic deals and Significant Risk Transfers - and borrowers cannot substitute the lost supply.
The BoJ moves pooled-collateral operations to a floating rate
Short-term funds-supplying operations run at a fixed rate since April 2024 will now be conducted at a floating rate, under terms amended at the 17-18 September policy meeting.
UK capital issuance fell in August and is still £142.7bn ahead of trend
Gross issuance was £57.2bn against a £76.3bn six-month average, and net £3.0bn. Year to date gross is £586.0bn - £69.9bn above last year and far above the four-year average.
Norges Bank raises to 4.50% and says inflation has been above target for years
The Committee judged a somewhat tighter stance is needed and is prepared to go further. Governor Wolden Bache expects the rate to stay elevated for a time.