Core Viewpoint - The Central Bank of Russia has decided to lower the benchmark interest rate by 50 basis points to 15.5%, marking the sixth consecutive rate cut, while indicating a gradual easing of monetary policy but maintaining a generally tight stance [1]. Group 1: Monetary Policy Adjustments - The Central Bank of Russia continues to gradually relax its monetary policy while still keeping it tight overall [1]. - The bank's announcement highlights that the Russian economy is returning to a balanced growth trajectory [1]. - The feasibility of further rate cuts will depend on the sustainability of inflation slowdown and changes in inflation expectations [1]. Group 2: Inflation and Economic Forecasts - In January, inflation accelerated significantly due to "one-off factors," but the Central Bank expects that sustainable indicators of price increases have not changed significantly [1]. - The Central Bank forecasts that under the current monetary policy, the annual inflation rate will decline to 4.5% to 5.5% by 2026, with a target of around 4% in the second half of 2026 [1]. - The annual inflation rate for 2025 is projected to be lower than the Central Bank's forecast at 5.6% [1]. Group 3: Inflation Risks - The Central Bank identifies that medium-term inflation risks outweigh deflation risks, with key inflation risks including long-term deviations from balanced growth, high inflation expectations, and the impact of VAT and regulated price increases [2]. - Trade tensions, global economic slowdown, and low oil prices could create inflationary effects through the ruble exchange rate [2]. - Geopolitical tensions remain a significant source of uncertainty [2]. Group 4: Upcoming Meetings - The Central Bank of Russia will hold a board meeting on March 20 to review subsequent adjustments to the benchmark interest rate [3].

Group 1 - The European Central Bank (ECB) decided to keep the three key interest rates unchanged, aligning with market expectations [1] - The deposit facility rate, main refinancing rate, and marginal lending rate remain at 2.00%, 2.15%, and 2.40% respectively [1] - The ECB's latest assessment indicates that inflation is expected to stabilize around the target level of 2% in the medium term [1]

Core Viewpoint - The Bank of England's Monetary Policy Committee (MPC) decided to maintain the benchmark interest rate at 3.75%, marking the sixth consecutive time the rate has remained unchanged, with a previous rate cut occurring in August 2024 [1] Inflation Trends - The UK's CPI inflation rate is projected to be 3.4% by December 2025, still above the 2% target but down 0.4 percentage points from the peak in September [2] - Inflation is expected to accelerate its decline starting in April 2025, potentially reaching 2.1% by the second quarter of 2026, driven by energy subsidies and falling wholesale gas prices [2] - Key measures contributing to the decline in inflation include energy bill reductions and extended fuel tax cuts [2] Economic Growth - The UK economy is experiencing persistent weakness, with potential GDP growth of only 0.1% in the fourth quarter of 2025, significantly impacted by tightened monetary policy and uncertainty [3] - A slight recovery in growth is anticipated in the first quarter of 2026, with an expected increase to 0.2%, although household consumption and business investment remain weak [3] - The savings rate continues to be higher than pre-pandemic levels [3] Labor Market - The unemployment rate is stable at 5.1%, with a further loosening of the labor market indicated by a decrease in job vacancy rates [4] - Private sector wage growth has slowed to 3.6%, while public sector wage growth remains high at 7.9% [4] - The unemployment rate is projected to rise to 5.3% by mid-2026 [4] Policy Direction and Risk Balance - The MPC emphasizes that the core goal of monetary policy is to ensure inflation not only returns to 2% but remains stable at that level in the medium term [5] - While the risk of sticky inflation has significantly decreased, weak demand and a loose labor market may still pose risks of inflation falling below the target [5] - Future interest rate cuts are possible but will be approached with caution, depending on inflation outlook; rapid or excessive cuts could lead to sticky inflation, while insufficient cuts may exacerbate economic downturn risks [5] - Factors such as AI technology application, global trade policy changes, and energy price fluctuations will be key variables affecting future inflation and economic growth, with the Bank of England monitoring these risks closely [5]

Core Viewpoint - The Bank of England has decided to maintain the benchmark interest rate at 3.75%, aligning with market expectations, as the UK economy shows signs of stabilization and inflation remains sticky [1][1]. Group 1: Interest Rate Decision - The Bank of England's Monetary Policy Committee voted with 5 members in favor of keeping the rate unchanged, while 4 members supported a 25 basis point cut to 3.5% [1]. - The decision follows four rate cuts in the previous year, totaling a reduction of 100 basis points [1]. Group 2: Economic Indicators - The UK economy is showing signs of stabilization, reducing the urgency for further rate cuts [1]. - The Consumer Price Index (CPI) in December reversed its downward trend, increasing from 3.2% in November to 3.4% [1]. - The Services Price Index also saw a slight increase from 4.4% in November to 4.5% in December [1]. Group 3: Future Outlook - Market institutions anticipate that if the UK labor market continues to slow, the Bank of England may implement a rate cut in April [1].

Group 1 - The Federal Reserve announced that it will maintain the federal funds rate target range at 3.5% to 3.75%, aligning with market expectations [1] - The Federal Open Market Committee (FOMC) indicated that current indicators show the U.S. economy is in "robust expansion," but uncertainty regarding the economic outlook remains high [1] - Employment growth continues to be sluggish, with some signs of stabilization in the unemployment rate, while inflation remains at elevated levels [1] Group 2 - Fed Chairman Jerome Powell stated that future monetary policy decisions will be based on new data, with 10 out of 12 FOMC members supporting the decision to maintain rates [2] - Powell mentioned that the current federal funds rate is generally "neutral," and core inflation in the U.S. is expected to reach around 3% by December [2] - If inflation peaks and begins to decline as previously anticipated, the Fed may consider easing monetary policy, especially if the labor market does not stabilize [2] Group 3 - Powell advised the next Fed chair to avoid involvement in electoral politics, emphasizing the importance of maintaining the Fed's independence [3] - The market currently estimates an 88.6% probability that the Fed will keep interest rates unchanged at the next monetary policy meeting, an increase from 82.7% the previous day [3]

责编：张青津、李萌 当地时间1月28日晚，巴西央行货币政策委员会决定，继续将该国基准利率维持在15％的水平。 这是自去年7月以来，巴西央行第五次维持15％的基准利率不变。目前的利率水平也是自2006年5月以来 的最高水平。（总台记者 雷湘平） ...

Core Viewpoint - The European Central Bank (ECB) emphasizes the urgency of advancing the digital euro project as cash usage declines significantly, with cash accounting for only 24% of daily transactions by value in 2024, down from 40% five years ago [1][3]. Group 1: Digital Euro Necessity - ECB's Piero Cipollone warns that Europe cannot afford to delay the digital euro while waiting for private-sector solutions, highlighting the increasing reliance on non-European providers for digital transactions [2][5]. - E-commerce now represents over one-third of daily transactions by value, yet central bank money is not usable for these purchases, necessitating the digital euro to adapt to changing payment habits [3][4]. Group 2: Technological and Geopolitical Context - The ECB's push for a digital euro is partly driven by geopolitical tensions that expose vulnerabilities in Europe's payment systems, where foreign control can be weaponized [2][3]. - Cipollone acknowledges that the rapid decline in cash usage and the shift towards digital payments represent an accelerating change in consumer behavior, necessitating a fully European-controlled payment system [3][4]. Group 3: Implementation Timeline - Technical preparations for the digital euro are complete, with the ECB having finished a two-year preparation phase in October 2025, and pilot transactions could begin by mid-2027, with the first issuance possible in 2029 if legislation is approved [5][6]. - The ECB has rejected calls from some European Parliament members to wait for the banking sector to develop alternatives, asserting that private sector solutions are insufficient [6].

据央行网站消息，2026年1月28日中国人民银行以固定利率、数量招标方式开展了3775亿元7天期逆回购操作。具体情况如 下： 图片来源：央行网站截图 【纠错】 【责任编辑:吴京泽】 | 期限 | 操作利率 | 投标量 | 中标量 | | --- | --- | --- | --- | | 7天 | 1.40% | 3775亿元 | 3775 ZT | ...

POTENTIALLY HAVE AND I FROM THIS ADMINISTRATION. JONATHAN: THEY MADE THEMSELVES EASY TO FIND. LET'S TURN TO THE FEDERAL RESERVE, TRADERS TURNED TO THE FIRST CENTRAL-BANK DECISION OF THE YEAR.JOINING US NOW IS ENDA CURRAN. SOME POTENTIAL SPIES IN THIS NEWS CONFERENCE GIVEN CHAIRMAN POWELL'S ASSERTIVE POSTURE TOWARD THE WHITE HOUSE. ENDA: A LOT OF POLICY AND POLITICS. A LOT OF INTEREST AROUND ANY FRESH COMMENTARY AROUND THE NEUTRAL RATE.WHERE ARE THEY IN THE LABOR MARKET. DO THEY THINK THE LABOR MARKET WILL S ...

Core Viewpoint - The member of the Bank of England's Monetary Policy Committee, Greene, suggests that the Federal Reserve's accommodative policies may lead to increased inflation in the UK [1] Group 1 - Greene indicates that the Federal Reserve's actions could have a direct impact on UK inflation rates [1] - The potential for rising inflation in the UK is linked to the broader implications of US monetary policy [1]