Equilon FXInflation & policy
PCE and CPI: two gauges, different questions.
Why the inflation measure in the policy target and the one dominating the headlines are not always the same.
Read the explainerJournalRead between
Read between
the moves.
Explanations of the mechanisms behind currency markets. Follow an idea, examine the detail and go back to the source.
Benchmarks
The London fix: why a benchmark matters.
The purpose of a common reference rate, and why a particular moment in the trading day deserves context.
Read the explainerLiquidity
There is more to a quote than the price.
An introduction to liquidity providers, market depth and the questions a visible quote leaves unanswered.
Read the explainerFlows & positioning
Month-end flows: movement without a new opinion.
Portfolio rebalancing as a way to understand market activity that follows a mandate or schedule.
Read the explainerInformation & timing
From a data release to your screen.
How the path information takes can change the way you interpret a fast market reaction.
Read the explainerThe reading list
A reading list for central-bank communication.
Three books featured in the channel, approaching monetary policy through people, institutions and tools.
Read the explainerLooking for older material? Browse the earlier article archive ↗
The historical casebookGo from a principle
Open the casebook ↗Go from a principle
to an episode.
CASE 012015POLICY REGIMES
The Swiss franc / January 2015When the policy rule
When the policy rule
changed.
The end of the EUR/CHF minimum rate is a case in distinguishing a policy commitment, a quotation convention and an executable price.
Read the caseCASE 022016MARKET MICROSTRUCTURE
Sterling / October 2016One sharp move.
One sharp move.
Several mechanisms.
The sterling flash event shows why the sequence, trading conditions and mechanism matter more than finding a single convenient cause.
Read the caseCASE 032022LIQUIDITY & FINANCIAL STABILITY
The UK gilt market / 2022When time to pay
When time to pay
became the problem.
A study in collateral, forced selling and why an asset purchase for financial stability is not the same statement as a change in the policy-rate outlook.
Read the case