The Reserve Bank has conceded that the disorderly end of its yield curve control policy in November last year caused market volatility and dislocation, inflicting “some reputational damage on to the bank.“ Follow updates here.
The Reserve Bank has conceded that the disorderly end of its yield curve control policy in November last year caused market volatility and dislocation, inflicting “some reputational damage on to the bank”.
The target held until late 2021 when the market selling pressure forced the central bank to drop the peg. The policy lowered funding costs and provided credit to the economy, providing insurance against very bad outcomes. The board was focused on the downside risks, but in hindsight should have considered the upside risks in extending the policy.
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