Group 1 - The central bank conducted a reverse repurchase operation of 181.7 billion yuan for 7 days, with the bidding amount and winning amount both at 181.7 billion yuan [1] - The operation interest rate remains unchanged at 1.40%, consistent with previous rates [1]

Group 1 - The core viewpoint is that Dallas Fed President Lorie Logan's suggestion to replace the effective federal funds rate with other indicators as a key policy rate may signal a shift in central bank targets [1] - Previous discussions among Federal Reserve officials about changing policy targets did not yield results, but the presence of two influential figures focused on market pipeline issues in the FOMC increases the likelihood of a policy target change [1] - The challenges associated with changing policy targets are primarily communication-related, as the federal funds rate is influenced by the Fed's managed rates [1] Group 2 - The strategy suggests that the tri-party general collateral repo rate is the best target based on repos, as it is most directly influenced by the Fed's managed rates [1] - Targeting the secured overnight financing rate is more complex due to its dependence on multiple factors [1] - If the Fed targets the repo rate, it may take quicker action when the benchmark approaches the edge of the target range, indicating a potential shift in policy response [1]

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Group 1 - The Bank of Japan (BOJ) is expected to raise its benchmark interest rate at least four more times to 1.5% before Governor Kazuo Ueda's term ends in early 2028 [1] - The next rate hike is anticipated to occur either in October or December, influenced by the upcoming quarterly "tankan" business survey [3] - A majority of economists expect another 25-basis-point hike by the year-end, although some believe it may not happen until January [4] Group 2 - Japan's economy is performing well, with large companies benefiting from price hikes and a weak yen boosting exports [2] - The BOJ raised its short-term policy rate to 0.5% in January but has maintained steady rates to assess the impact of U.S. tariffs [2] - The U.S. administration's weak-dollar policy may increase pressure on the BOJ to raise rates steadily [5] Group 3 - The recent dissent from two of the BOJ's board members regarding the decision to keep rates steady may signal an approaching rate hike [4] - The Federal Reserve's rate cuts and the BOJ's potential rate hikes are likely to result in a stronger yen against the dollar [6]

Core Viewpoint - The ongoing legal battle regarding Federal Reserve Governor Lisa Cook's position highlights tensions between the executive branch and the independence of the Federal Reserve, with significant implications for governance and economic policy [1][2]. Group 1: Legal Proceedings - Lawyers for Lisa Cook argue that the Supreme Court should reject former President Donald Trump's request to fire her while her lawsuit is pending [1][2]. - Trump has requested the Supreme Court to lift lower court orders that prevent him from terminating Cook's position, citing allegations of mortgage fraud, which Cook denies [2]. Group 2: Support for Cook - A coalition of former Federal Reserve chairs, Treasury secretaries, and former chairs of the White House Council of Economic Advisers has urged the Supreme Court to deny Trump's request to fire Cook at this time [3].

Core Viewpoint - The Dallas Federal Reserve President Lorie Logan emphasizes the need to prepare for a new benchmark interest rate, suggesting alternatives like tri-party general collateral repo rates and SOFR rates, while asserting that this will not disrupt the FOMC's monetary policy [1] Group 1 - The current federal funds rate remains a reliable target for monetary policy despite changes in the money market [1] - The connection to the federal funds rate is fragile and may break suddenly, indicating a need for a revised approach [1] - Upgrading inflation targets will not interfere with the balance sheet management [1]

Federal Reserve Governor Michelle Bowman says inflation is close enough to the central bank's target to justify more interest rate cuts at a Psaros Center for Financial Markets and Policy event at Georgetown University. ...

Nigel Farage and Richard Tice met with the Bank of England Governor - Tolga Akmen/Shutterstock Reform UK will urge Rachel Reeves to overhaul the Bank of England’s money-printing programme to gain a £20bn lifeline ahead of the Budget. Richard Tice, Reform’s deputy leader, is writing to Ms Reeves and the leader of the House of Commons to request an urgent debate on the issue following a meeting with Andrew Bailey, the Bank’s Governor, on Thursday. The party claims the Treasury could save billions by cha ...

Core Insights - Brazil's central bank projects inflation to remain near the official target but will not meet it, forecasting 3.1% for Q1 2028, down from 3.4% for Q1 2027 [1][2] - The central bank maintains a target inflation rate of 3% with a tolerance band of 1.5 percentage points [2] - Interest rates are held at 15%, indicating a prolonged pause in monetary policy to control consumer prices [2] Inflation Forecasts - The central bank has lowered its 2025 inflation forecast to 4.8% from 4.9% and kept the 2026 projection at 3.6% [3] - Factors contributing to inflation include a dynamic labor market and increased residential electricity costs, while the appreciation of the real and reduced inflation expectations are seen as downward pressures [3] GDP Growth Projections - The GDP growth forecast for 2025 has been reduced to 2.0% from 2.1%, reflecting expected moderation due to recent monetary policy tightening [3] - For the first time, the central bank has projected GDP expansion for 2026 at 1.5% [4]

New Zealand's first foreign central bank governor in modern history takes the top job amid heightened criticism of the bank's management of the economy and as independent monetary policy around the world comes under political pressure. ...