Markets swing on perceptions of the policy outlook
Worsening growth prospects and evolving perceptions of the monetary stance shaped financial markets during the review period. Economic indicators deteriorated due to the fallout from the Ukraine war and weakness in China. Market-based expectations of inflation and policy rates fluctuated as monetary tightening quickened globally and energy disruptions intensified in Europe. All these factors swayed financial conditions and contributed to market volatility.
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Markets swing on changing perceptions of the policy outlook: BIS Quarterly Review
Claudio Borio and Hyun Song Shin summarize the September 2022 Quarterly Review and answer journalists' questions about market developments and the economic outlook.
Commodity markets: shocks and spillovers
A substitution of Russian oil output in global markets – if needed – would be difficult, resulting in persistently high oil prices with spillover effects on crops used in biofuels.