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Chris Giles on Central Banks

‘Chris Giles on Central Banks’ is the latest weekly newsletter (sign up here) from the Financial Times. Written by economics commentator and former economics editor Chris Giles, it is an essential guide to money, interest rates, inflation and what central banks are thinking.

The newsletter dissects the current trends, discussing the latest thinking on economics relevant to central banking. It provides in depth commentary on the big themes, generating engagement with readers, as well as linking to other central banking stories on FT.com and elsewhere.

  • Tuesday, 15 April, 2025
    Trump tariffs
    Tariffs are the mother of all cost shocks Premium content

    The Fed needs to consider how levies raise prices and what it should do about it

    US President Donald Trump at the Oval Office desk with Treasury secretary Scott Bessent and commerce secretary Howard Lutnick in the background
  • Tuesday, 8 April, 2025
    US economy
    How should the Fed respond to Trump’s tariffs? Premium content

    Hard choices are ahead, but the central bank should not be afraid to be hawkish

    Picture montage of Donald Trump and Jay Powell
  • Tuesday, 1 April, 2025
    US inflation
    The unmistakable whiff of stagflation on the eve of tariff day Premium content

    While US economic pain is mostly visible in soft data, that is still a problem for the Federal Reserve

    A billboard displays a message reading ‘tariffs are a tax on your grocery bill’ in Miramar, Florida
  • Tuesday, 25 March, 2025
    Federal Reserve
    Everyone misunderstands Jay Powell Premium content

    That is a problem for the Fed; plus a homily on the meaning of dovishness

    Montage including photo of Fed chair Jay Powell
  • Tuesday, 18 March, 2025
    EU economy
    The Eurozone’s moment of truth Premium content

    Its strengths and weaknesses are well known, but the Trump administration is creating new opportunities and threats

    Ukraine servicemen fire a Leopard 1A5 tank during training in the country’s Zaporizhzhia region
  • Tuesday, 11 March, 2025
    US inflation
    Central banks should fear misbehaving inflation expectations Premium content

    Widening dispersion and greater inflation uncertainty mean expectations are not as anchored as they appear

    The Federal Reserve building in Washington
  • Tuesday, 4 March, 2025
    Energy sector
    The nasty consequences of natural gas price volatility Premium content

    European wholesale prices have doubled in the past year, complicating the inflation outlook

    A liquefied natural gas tanker sits moored at the LNG terminal in the Port of Rotterdam, Netherlands
  • Tuesday, 25 February, 2025
    Federal Reserve
    How to kill the Fed’s independence Premium content

    If Trump wanted to take control, its constitutional protections are far from secure

    A montage including photos of Donald Trump and Jay Powell
  • Tuesday, 18 February, 2025
    US inflation
    Is the US suffering from seasonal inflation disorder? Premium content

    January’s bad data needs further scrutiny; plus, Bessent’s bet bombs

    County school buses stand empty in a snow-covered parking lot in Centreville, Maryland, US
  • Tuesday, 11 February, 2025
    Central banks
    How low can European rates go? Premium content

    Central banks have been defining neutral interest rates as Bessent makes a brave bet

    Bank of England governor Andrew Bailey and European Central Bank president Christine Lagarde
  • Tuesday, 4 February, 2025
    Trump tariffs
    Trump’s big tariffs and small ambitions Premium content

    Putting some numbers on the US president’s trade war threat

    The flags of Mexico, the US and Canada
  • Tuesday, 28 January, 2025
    Donald Trump
    The impotence of Trump’s words Premium content

    They don’t make much sense and don’t seem to matter much anyway

    Montage including photo of Donald Trump
  • Tuesday, 21 January, 2025
    US inflation
    People are getting Trump and inflation wrong Premium content

    Sloppy and wishful thinking has taken over the US

    Donald Trump takes the oath of office
  • Tuesday, 14 January, 2025
    Central banks
    On hawks, doves and pigeons Premium content

    Can categorising rate-setters help us to predict the future of the economy?

    Bank of England Monetary Policy Committee meeting members pictured  in November 2024
  • Tuesday, 7 January, 2025
    Monetary policy
    Divergence: the balance sheets edition Premium content

    What size and shape should they be? Central banks are divided

    Christine Lagarde, Jay Powell and Andrew Bailey
  • Tuesday, 31 December, 2024
    Central banks
    Rising concerns about economic prospects for 2025 Premium content

    The year no longer appears likely to bring leading economies into a steady state

    A digital illustration of a rainbow in a pot of gold
  • Tuesday, 17 December, 2024
    Global inflation
    Five central banking lessons for 2024 Premium content

    Advanced economy officials have had a good year, but not quite a vintage one

    Montage including photos of Jay Powell, Christine Lagarde and Andrew Bailey
  • Tuesday, 10 December, 2024
    Central banks
    Can robots replace humans in monetary policy? Premium content

    No, but machines are making some serious progress

    A cleaning robot beside a euro currency symbol in the atrium of the European Central Bank in Frankfurt, Germany
  • Tuesday, 3 December, 2024
    European Central Bank
    Europe lacks a monetary response to Trump Premium content

    Uncertain inflationary effects leave the ECB hoping for the best

    Montage of ECB president Christine Lagarde and a euro symbol
  • Tuesday, 26 November, 2024
    UK inflation
    Financial markets do not trust the BoE to deliver low inflation Premium content

    They expect UK inflation to average around 3%, much higher than the US, Germany or France

    Bank of England governor Andrew Bailey
  • Tuesday, 19 November, 2024
    Global trade
    Tariffs and taxes are not very inflationary Premium content

    Households will pay, but probably not through much higher prices

    A montage of the images of Donald Trump, the Federal Reserve building and a chart
  • Tuesday, 5 November, 2024
    US presidential election 2024
    Can economics model Trump? Premium content

    Economists are trying to calibrate a Republican victory and finding it extremely difficult

    Donald Trump sits inside a garbage truck, wearing a high-vis vest, on tarmac at an airport in Green Bay, Wisconsin, US
  • Tuesday, 29 October, 2024
    Monetary policy
    The elusive pivot from monetary to fiscal tightening Premium content

    IMF wants lower interest rates and government deficits. That looks unlikely

    US Fed chair Jay Powell and UK chancellor Rachel Reeves chat before the start of an IMF meeting in Washington, DC
  • Tuesday, 22 October, 2024
    Gilts
    Liz Truss’s mini-Budget: lessons from a moronic episode Premium content

    Central banks should not deny they will act in a crisis and Labour’s Budget is not another Truss moment

    Liz Truss and Kwasi Kwarteng in the House of Commons in 2022
  • Tuesday, 15 October, 2024
    Central banks
    American interest rates need to rise Premium content

    Lessons for the US from the Brazilian canary in the coal mine

    Shoppers at a grocery store in Rio de Janeiro
Previous page You are on page 1 Next page

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