Claire Jones The week ahead in central banking

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BoE minutes

The minutes of the Monetary Policy Committee’s April meeting are out on Wednesday at 9.30am (8.30am GMT).

Analysts will be on the lookout for any clues to whether or not the committee is likely to back more quantitative easing next month.

Last month’s minutes showed concern about the effects of the recent spike in oil prices.  There is little sign of inflationary pressures having become more subdued since with official data, out Friday, showing a higher-than-expected climb in producer prices over the course of March.

But the Bank may well look through these “one-off” blips and plump for more QE anyway.

Poor construction data, out today, has also raised the likelihood of a technical recession (two successive quarters of negative growth).

Two of the committee’s external members, Adam Posen and David Miles, voted for more asset purchases in March. Expect them to have done so again this time around. It’s unlikely that any of the other seven committee members will have joined them, however.

The agents’ summary of business conditions are also out on Wednesday at the same time.

Mr Posen is speaking at two events next week. First up is an appearance on a panel at the London School of Economics on Tuesday at 9.30am about the interaction of monetary and fiscal policy. Second is a speech on Thursday at a rather grandly-titled conference on “Banking Reform for Social Justice and Sustainability”, where his talk will cover whether boom/bust cycles can be ended and bank crises handled without burdening the taxpayer. Unfortunately, unless you can make it along in person, you’ll be in the dark about what Mr Posen actually says — true to recent form, the Bank is releasing no text from either event.

Paul Tucker, deputy governor for financial stability, talks on Wednesday at 9am in Liverpool about credit conditions facing firms.

Monetary policy

The Bank of Canada’s interest rate decision is due out on Tuesday at 9am local time (13.00 GMT). The following day (at 10.30am local time), the central bank releases its monetary policy report for the coming quarter.

The Riksbank votes on interest rates on Wednesday. Its decision is out at 9.30am local time (7.30am GMT).

ECB survey/ speeches

The European Central Bank releases its annual Financial Markets Survey, which compiles financial market information for non-eurozone countries, on Monday at 10am in Frankfurt (8am GMT).

ECB president Mario Draghi delivers the introductory address at the sixth ECB statistics conference on Tuesday at 2.30pm local time.

Later in the day (8pm), executive board member José Manuel González-Páramo speaks. Mr González-Páramo also talks on Wednesday, at 1pm.

His fellow board member, Jörg Asmussen, discusses kick-starting growth. The talk takes place at 2.30pm in Washington, DC (6.30pm GMT) where central bankers will gather later this week to attend the spring IMF/ World Bank meetings.

Mr Asmussen also talks in Washington, DC on Friday at 6.45pm local time.

Elsewhere in DC, Federal Reserve officials are keeping quiet as they enter purdah ahead of the Federal Open Market Committee meeting on 25 April.