id_home_story

DNB: De nasleep van de inflatiepiek en de rol van monetair beleid

Wed, 03 Jun 2026 09:14:30 +0200

De Europese Centrale Bank (ECB) heeft tussen juli 2022 en september 2023 flinke ingrepen gedaan om de inflatie terug op het gewenste niveau te krijgen. In een nieuwe DNB-analyse kijken we terug op hoe dit beleid heeft uitgepakt en wat we daarvan kunnen leren, ook met oog op de nu weer oplopende inflatie.

Crédit Mutuel AM: Central Banks under pressure as inflation risks re-emerge

Tue, 26 May 2026 09:11:12 +0200

The task facing central banks over the coming months will not be an easy one. On the one hand, inflation risks are rising; on the other, growth forecasts continue to be revised downward.

Harry Geels: Inflation isn’t just about the money supply

Tue, 26 May 2026 11:20:23 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Milton Friedman often said: ‘Inflation is always and everywhere a monetary phenomenon’, a statement that is often misquoted as ‘inflation is a policy’. It is a powerful statement with a grain of truth, but the story of inflation is broader than that.

PIMCO: A new Fed chair, a new tone but familiar anchors

Fri, 22 May 2026 14:49:35 +0200

By Richard Clarida, Global Economic Advisor at PIMCO

This week, Kevin Warsh becomes chair of the U.S. Federal Reserve Board of Governors. We expect he will take a thoughtful but distinctive approach to monetary policy and seek, over time, to shift Fed strategy in several areas. But any change will be evolutionary, not revolutionary.

Ethenea: Two central bankers, two approaches

Fri, 22 May 2026 09:23:38 +0200

The Fed is facing its most significant change in leadership in decades. With Warsh comes not just a different person, but a different understanding of what a central bank should do.

Payden & Rygel: Value in IG credit

Wed, 13 May 2026 09:09:27 +0200

IG corporate bonds remain a compelling source of income and portfolio resilience in 2026, even as macroeconomic and geopolitical uncertainty persists.

Charles Bean: Donald Trump is playing a dangerous game

Wed, 13 May 2026 06:03:52 +0200

^{This interview was originally written in Dutch. This is an English translation.}

US President Donald Trump is playing a dangerous game with his attempt to drive down interest rates. The dollar’s reputation as a global reserve currency is at stake. No one knows exactly how this will turn out, but there is good reason for concern.

By Joost van Mierlo

Harry Geels: Four monetary mechanisms that exacerbate inequality

Tue, 05 May 2026 15:22:36 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

In our society, there are various structures that perpetuate inequality. The monetary system is one of them. It favours the ‘haves’ over the ‘have-nots’ through inflationary policies, support for financial markets, and financial repression. Monetary policy also supports banks, including through monetary bailouts.

Aegon AM: We do not expect policy changes from Fed, ECB & BOJ

Wed, 29 Apr 2026 15:15:40 +0200

It’s a busy week for central bank watchers. The BOJ had kicked off on Tuesday morning, with no policy changes in Tokyo. Later this week the Fed, ECB and BOE will have their meetings. We do not expect policy changes from these banks. But even without any changes these are important meetings for many reasons.

Carmignac: Centrale banken houden pauzeknop ingedrukt

Wed, 29 Apr 2026 08:59:02 +0200

Door Kevin Thozet, lid van het beleggingscomité bij Carmignac

Deze week staat in het teken van rentevergaderingen van de Federal Reserve, de Europese Centrale Bank, de Bank of Japan, de Bank of England en de Bank of Canada. Grote beleidswijzigingen worden niet verwacht.

Han Dieperink: A hawk or a dove?

Tue, 28 Apr 2026 15:21:29 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, written in a personal capacity

The US Senate has approved the appointment of Kevin Warsh as Chair of the Federal Reserve. But who exactly is Kevin Warsh, and what can we expect from him?

AllianzGI: BoJ houdt rente waarschijnlijk stabiel vanwege oorlog Iran

Fri, 24 Apr 2026 12:03:05 +0200

De Bank of Japan (BoJ) zal tijdens haar beleidsvergadering van 27 en 28 april naar verwachting de rente ongewijzigd laten. Dat stelt Greg Hirt, Chief Investment Officer Multi Asset bij Allianz Global Investors. Volgens hem staat de bijeenkomst vooral in het teken van risicobeheer, gezien de aanhoudende geopolitieke spanningen in het Midden-Oosten.

Nuveen: Centrale banken dreigen rente te verlagen om de verkeerde redenen

Wed, 22 Apr 2026 14:56:30 +0200

'Op dit moment houden markten er feitelijk twee tegenstrijdige overtuigingen op na, recordstanden én onopgeloste risico’s, en handelen ze alsof er maar één van toe doet,' zegt Laura Cooper, Global Investment Strategist bij vermogensbeheerder Nuveen.

DeVere Group: Bank of England urged to hold rates as inflation spikes

Wed, 22 Apr 2026 12:05:02 +0200

The Bank of England is being urged to keep UK interest rates on hold this month as UK inflation jumped to 3.3% in March as the Iran war sparked a sharp increase in fuel prices.

DNB: Wat betekenen oplopende energieprijzen voor inflatie en monetair beleid?

Thu, 16 Apr 2026 14:06:46 +0200

De oorlog in het Midden-Oosten zorgt voor hogere olie- en gasprijzen. Dat roept herinneringen op aan 2022, toen stijgende energieprijzen de inflatie fors opstuwden. Maar hoe vergelijkbaar is de huidige situatie eigenlijk, en wat betekent dat voor inflatie en monetair beleid vandaag?

Aberdeen: BoE houdt rente stabiel

Thu, 16 Apr 2026 09:25:55 +0200

Luke Bartholomew, Deputy Chief Economist bij Aberdeen, geeft commentaar op de Britse bbp-cijfers die vanmorgen bekend zijn gemaakt.

Han Dieperink: An oil shock does not necessarily lead to inflation

Tue, 14 Apr 2026 15:23:32 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, written in a personal capacity

There is a strong likelihood that the oil shock resulting from the war in Iran will ultimately have a deflationary effect. That may seem strange. Surely a sharp rise in oil prices leads to higher inflation?

PIMCO: Commentary on yesterday's BOE and ECB announcements

Fri, 20 Mar 2026 09:09:55 +0100

Peder Beck-Friis, Economist, and Konstantin Veit, Portfolio Manager, comment on yesterday’s Bank of England (BOE) and European Central Bank (ECB) announcements, respectively.

Ethenea: Forced to wait

Wed, 18 Mar 2026 09:30:07 +0100

The exogenous shock of rising energy prices is forcing Europe’s monetary authorities into a standstill.

Carmignac: Busy week for central banks

Tue, 17 Mar 2026 13:11:23 +0100

By Kevin Thozet, a member of the investment committee at Carmignac

With all the major G10 central banks holding policy meetings this week, central bank watchers are set for an unusually intense stretch.

Harry Geels: Monetary policy is never neutral and is becoming increasingly political

Tue, 05 May 2026 12:15:04 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Anyone who follows the recent statements and actions of European central bankers will find it difficult to maintain that monetary policy is an apolitical exercise. In fact, it seems that central banks, whether voluntarily or forced by geopolitical circumstances, are increasingly entering the political arena.

PIMCO: Under a Warsh Fed, expect a thoughtful policy approach

Mon, 02 Feb 2026 12:11:15 +0100

Kevin Warsh, a respected and experienced policymaker and investor, has been nominated as the next U.S. Federal Reserve chair.

By Richard Clarida, Global Economic Advisor at PIMCO

Ossiam: Centrale banken balanceren op dun koord

Tue, 27 Jan 2026 15:29:10 +0100

De oplopende overheidsschulden in de Verenigde Staten, het Verenigd Koninkrijk, Frankrijk en vanaf 2025 ook Duitsland, zetten centrale banken voor een strategisch dilemma.

Ostrum AM: BoJ zet belangrijke stap naar normalisatie monetair beleid

Thu, 18 Dec 2025 12:35:48 +0100

De Bank of Japan (BoJ) zal de rente aanstaande vrijdag naar verwachting met 25 basispunten verhogen naar 0,75%. Dit is het hoogste niveau in 30 jaar en markeert een belangrijke stap in het geleidelijke normalisatieproces van het Japanse monetaire beleid.

Schroders: Renteverhogingen te snel en te fors ingeprijsd

Thu, 18 Dec 2025 09:14:37 +0100

James Bilson, Fixed Income Strateeg van Schroders, stelt dat de recente golf aan ingeprijsde renteverhogingen in de grote economieën de obligatierentes weliswaar naar een hoger niveau heeft getild, maar dat ze volgens hem te ver gaat. Nu een ‘soft landing’ waarschijnlijker wordt, ontstaan aantrekkelijke instapmomenten.