BIS

Global Shockwaves to Kiwi Shores - Iran Conflict Impact on New Zealand Economy

Reserve Bank of New Zealand Governor Dr Anna Breman delivered a keynote speech on March 24, 2026 examining how the ongoing Middle East conflict could affect the New Zealand economy. The speech projected higher headline inflation over the near term alongside somewhat weaker growth momentum. The Governor emphasized the RBNZ's readiness to manage challenges to its price stability and financial stability mandates, noting that banks have strong capital and liquidity buffers after recent stress testing.

Fed's Williams on Economic Outlook, Labor Market

Federal Reserve Bank of New York President John C. Williams delivered remarks at the Federal Home Loan Bank of New York 2026 Member Symposium on April 16, 2026, discussing the current economic outlook, labor market conditions, and monetary policy stance. The FOMC maintained the federal funds rate target range at 3-1/2 to 3-3/4 percent at its March meeting. The speech addressed mixed signals in labor market data, with the unemployment rate at 4.3 percent and various indicators showing stabilization, while acknowledging heightened uncertainty from the Middle East conflict and ongoing inflation pressures including tariff effects contributing between one-half and three-quarters of a percentage point to the 2.8 percent PCE inflation rate.

Slovakia's Economic Transformation, Euro Adoption, Monetary Policy Lessons

National Bank of Slovakia Governor Peter Kažimír delivered a speech at the Central Bank of Uzbekistan sharing Slovakia's experience transitioning from central planning to euro adoption over three decades. The speech emphasizes macroeconomic stability as a precondition for growth, the importance of banking sector health, and lessons on inflation control, fiscal-monetary alignment, and macroprudential tools. The address concludes that central bank mandates require independence, analytical capacity, and public trust.

World Bank Group Reforms and Development Priorities Statement

Fabio Panetta, Governor of the Bank of Italy, delivered a statement at the 113th Development Committee meeting emphasizing the World Bank Group's pivotal role in supporting vulnerable countries amid ongoing conflicts, geopolitical tensions, and economic uncertainty. The statement endorses sharper focus on outcomes, integrated sector strategies, stronger knowledge functions, private capital mobilization, and robust risk management as core reform priorities. Panetta highlighted payment infrastructure, the business-enabling environment, and strategic partnerships with IFC and MIGA as essential development enablers, and noted Italy's co-financing commitments under the Mattei Plan targeting African water investments.

US Economic Outlook, Iran Conflict Impact, Monetary Policy

Federal Reserve Board Governor Christopher J. Waller delivered the David Kaserman Memorial Lecture at Auburn University on April 17, 2026, discussing the U.S. economic outlook and its implications for monetary policy. The speech addressed two significant recent developments: the Iran conflict's disruption of Middle East energy production and transportation, and the sharp decline in net immigration from 2.3 million in 2024 to approximately 400,000 in 2025, which has slowed labor force growth to near zero. Waller described how these factors complicate assessment of labor market conditions and the path for policy rates.

Smart Money Talks: 2026 Financial Literacy Week Launch Remarks

Dr. Denny H Kalyalya, Governor of the Bank of Zambia, delivered remarks at the launch of the 2026 Financial Literacy Week in Chipata on March 16, 2026. The campaign theme 'Smart Money Talks' emphasizes open, informed conversations about money, particularly among children and young people, aiming to build financial confidence and resilience. The Governor noted that Zambia's financial inclusion currently stands at 69.4 percent and encouraged stakeholders to support the development of Phase III of the National Strategy on Financial Education, expected to be completed by end of 2026.

Statement Congratulating Hyun Song Shin on Bank of Korea Governor Appointment

The BIS General Manager Pablo Hernández de Cos issued a statement on April 20, 2026, congratulating Hyun Song Shin on his appointment as Governor of the Bank of Korea. Hyun Song Shin joined the BIS in 2014 and has served as a member of the Executive Committee. He will be succeeded by Hélène Rey effective September 2026, with Frank Smets serving as Acting Head of the Monetary and Economic Department in the interim.

Economic Outlook and the Labor Market

Federal Reserve Vice Chair Philip N. Jefferson delivered a speech at the University of Detroit Mercy on April 7, 2026, presenting his economic outlook. Jefferson indicated the U.S. economy is growing at approximately 2 percent annually, led by consumer spending and business investment, with inflation remaining above the Fed's 2 percent target. He characterized the labor market as roughly in balance but susceptible to adverse shocks, with risks to both sides of the Fed's dual mandate of maximum employment and stable prices.

Minding the Tails: Safeguarding Resilience of Non-Bank Finance

Deputy Governor Vasileios Madouros of the Central Bank of Ireland delivered a policy speech at Irish Funds on 9 April 2026 addressing tail risks and resilience in non-bank finance. The speech highlights the widening range of possible outcomes driven by geopolitical unpredictability and structural shifts within the financial system. Madouros notes that non-bank entities now hold approximately half of global financial assets, while Ireland's funds sector manages close to €6 trillion in assets under management, serving investors across Europe and globally.

The Challenges Posed by AI from the Perspective of the Central Bank

Denis Beau, First Deputy Governor of the Banque de France, delivered remarks on the challenges artificial intelligence poses for central banks. The speech addresses AI's impact on central bank objectives—particularly price and financial stability monitoring—and on the operational management of central bank resources. Beau cited investment data showing substantial AI-driven capital formation, with US semiconductor and software sectors driving advanced G20 investment since early 2024, and noted that French software and database investment has doubled over the past decade while data centre construction has increased 2.5-fold.

Bulgaria Inflation Outlook 3.7% Baseline, Adverse Scenarios 4.4-4.9%

BNB Governor Dimitar Radev presented Bulgaria's macroeconomic outlook to diplomatic heads, with a baseline inflation projection of 3.7% and adverse scenarios ranging from 4.4% to 4.9%. The Governor emphasised that geopolitical factors have moved from the background into the macroeconomic environment itself, with energy prices, logistics, and confidence as primary transmission channels. The ECB's March 2026 Governing Council meeting maintained key interest rates unchanged without pre-committing to future rate paths, assessing that short-term impacts would operate primarily through energy prices while medium-term effects depend on conflict duration and price transmission.

Iceland's Inflation, Wage Policy and Monetary Evolution

The Central Bank of Iceland Governor Ásgeir Jónsson delivered a historical speech at the 65th Annual Meeting recounting Iceland's inflation trajectory from 1970 onward. The speech examines how index-linked wage agreements and the absence of a comprehensive social covenant contributed to persistent inflation, and how Iceland used a crawling-peg monetary framework tied to an exchange rate indicator index to manage currency valuation against domestic and foreign unit labour costs.

Tokenisation Can Break 2% Intermediation Cost Barrier

ECB Executive Board Member Piero Cipollone delivered a keynote address at Harvard Law School examining whether tokenisation and distributed ledger technology can break the persistent 2% unit cost barrier in financial intermediation. The speech notes that despite significant technological advances since the late 19th century, the unit cost of connecting borrowers to savers has remained broadly constant at approximately 2% of intermediated assets in the United States, Germany, France, and the United Kingdom. Cipollone argues that tokenisation represents a genuinely different technology that could allow efficiency gains to flow to end users, but emphasises that this outcome is possible but not guaranteed, and outlines conditions necessary for such transformation.

Governor Villeroy de Galhau on Transatlantic Economic Interdependence at Atlantic Council

François Villeroy de Galhau, Governor of the Bank of France, delivered a speech at the Atlantic Council in Washington DC reflecting on one year of transatlantic economic relations. He noted that the global economy proved more resilient than feared, with global growth reaching 3.4% compared to a 2.8% April 2025 forecast, and the euro area showing 1.5% growth with 2.1% inflation. The speech emphasized continued mutual interdependence between the US and Europe despite trade barriers and geopolitical tensions.

Central Bank Independence – In Need of Further Thinking

Andrew Bailey, Governor of the Bank of England, delivered a speech at Columbia University reflecting on the concept of central bank independence (CBI). Bailey argues that while modern CBI emerged from the high-inflation era of the 1970s and was formalised through statutory powers, the framework remains incomplete — particularly regarding financial stability as a second objective alongside monetary stability. He contends that the independence contract for financial stability is less robust than for monetary policy, because financial stability operates through multiple levers directly affecting private interests rather than through a single aggregate tool.

Five-Year Sunset Review Determination on Tetrahydrofurfuryl Alcohol From China [Corrected]

The U.S. International Trade Commission determined in its five-year (sunset) review that revoking the existing antidumping order on imports of tetrahydrofurfuryl alcohol from China would likely lead to continuation or recurrence of material injury. As a result, the antidumping order on Chinese imports will remain in place. Chair Amy A. Karpel and Commissioners David S. Johanson and Jason E. Kearns voted in the affirmative.

US Invokes USMCA Rapid Response Labor Mechanism Against Latex Occidental Facility

The USTR invoked the USMCA Rapid Response Labor Mechanism against Latex Occidental, S.A. de C.V. in Guadalajara, Mexico, alleging denial of workers' rights to freedom of association and collective bargaining. The US suspended liquidation of unliquidated entries of goods from the facility, which manufactures latex balloons. Mexico has 10 days to agree to conduct a review and 45 days to complete it if it agrees.

Smart Money Talks – 100 Years National Currency Speech

Bank of Albania Governor Gent Sejko delivered remarks at the Global Money Week 2026 opening ceremony, coinciding with the 100th anniversary of Albania's first national currency. The speech celebrated the history of the Albanian Lek, highlighted advancements from cash-based to electronic payments, and promoted financial literacy among youth under the theme 'Smart Money Talks.'

Resilient Payments: Cash, Card, Connected - DNB Strategy Speech

De Nederlandsche Bank Executive Board Member Bas ter Weel delivered an opening address at DNB's Retail Payments Research Conference 2026 outlining the bank's Payment Strategy for 2026-2028. The strategy emphasizes trust through a resilient, secure, and accessible payment system with three priorities: reducing reliance on non-European players in critical payment infrastructure, expanding European digital payment options, and maintaining public money availability through cash and a future digital euro. The speech highlights cash as a fallback mechanism during digital disruptions, noting 70% of Dutch adults maintain emergency cash reserves as recommended by the National Forum on the Payment System.

Rural Communities: Worth the Investment

Federal Reserve Governor Michael S. Barr delivered a speech on rural investment at a Washington DC forum on April 14, 2026. The speech highlighted innovative solutions for rural economic challenges, including examples of community development financial institutions (CDFIs) preserving banking access and New Markets Tax Credits supporting tourism redevelopment in the Mississippi Delta. The views expressed are those of the speaker and do not represent official Federal Reserve policy.

Administrative Enforcement Settlement with Coastal PVA Technology Inc.

BIS reached an administrative enforcement settlement with Coastal PVA Technology, Inc. The settlement addresses alleged violations of export control regulations. The company must implement specific compliance measures as part of the settlement terms.

Coastal PVA Technology Charged With 18 Export Violations for Unlicensed Shipments to SMIC

The Bureau of Industry and Security (BIS) issued a Proposed Charging Letter against Coastal PVA Technology, Inc., a California-based manufacturer of polyvinyl alcohol (PVA) brushes used in semiconductor manufacturing. BIS alleges 18 violations of the Export Administration Regulations (EAR) occurring between May 2021 and May 2024 involving exports to Semiconductor Manufacturing International (Beijing) Corporation and Semiconductor Manufacturing North China (Beijing) Corporation—both parties on the BIS Entity List—without the required license or authorization. The total value of exported items is approximately $400,088. The company used two China-based third-party distributors to facilitate the transactions.

Ambassador Greer Meets with Blue-Collar Workers and Industry Leaders While Touring Manufacturing Plants Across Michigan and Ohio

USTR Ambassador Jamieson Greer toured manufacturing plants in Michigan and Ohio including a drone production facility and Whirlpool's Perrysburg plant. The visits highlighted the Trump Administration's tariff program's impact on domestic manufacturing investment, with Whirlpool announcing a $60M expansion adding approximately 150 jobs. The Ambassador met with blue-collar workers, labor unions, and industry leaders to discuss reshoring and wage growth.

USITC Votes To Continue Truck Bed Cover Antidumping Investigation

The U.S. International Trade Commission voted 3-0 to continue antidumping and countervailing duty investigations on truck bed covers from China. Commissioners determined there is reasonable indication that a U.S. industry is materially injured due to imports allegedly sold at less than fair value and subsidized by the Chinese government. As a result, the U.S. Department of Commerce will proceed with its investigations of these imports.

CBP Louisville Seizes $9.2M Counterfeit Jewelry, 1,588 Pieces

U.S. Customs and Border Protection officers at Louisville Port seized 1,588 pieces of counterfeit jewelry from two express consignment shipments originating from Hong Kong, with an estimated MSRP of $9.2 million if genuine. The shipments contained earrings, bracelets, necklaces, and rings bearing trademarks of Cartier, Chanel, Dior, Fendi, Gucci, Louis Vuitton, Tiffany, Van Cleef & Arpels, and Yves St. Laurent. CBP trade experts verified the items as counterfeit through coordination with trademark holders, and the goods were seized pursuant to CBP's statutory and regulatory authorities.

Solventum Corporation BIS Export Violation Settlement Agreement

BIS settled export violations with Solventum Corporation on March 17, 2026. The settlement agreement requires civil penalties and compliance measures for violations of the Export Administration Regulations. This settlement affects companies engaged in international trade and technology exports subject to EAR controls.

BIS Charges Applied Materials with 56 Export Violations to Entity-Listed SMIC

BIS files order against Applied Materials for 56 export violations

Teledyne FLIR LLC - 19 Export Violations for Thermal Imaging Cameras to China

BIS issued an order initiating an administrative proceeding against Teledyne FLIR LLC and affiliates for 19 alleged violations of the Export Administration Regulations. The violations involve unauthorized export and reexport of thermal imaging cameras (ECCN 6A003) classified for national security and regional stability reasons to China and Hong Kong during 2017-2024, potentially valued above the 25% de minimis threshold for U.S.-origin components.

Aviastar-TU Temporary Denial of Export Privileges - Sixth Renewal Order

BIS has granted the sixth renewal of a Temporary Denial Order against Aviastar-TU, a Moscow-based Russian aerospace company, continuing the suspension of its U.S. export privileges for an additional period. The renewal is based on a finding of ongoing and continuous apparent violations of the Export Administration Regulations. This marks the sixth consecutive renewal since the original TDO was issued in April 2022.

Vizocom ICT Export Violation - PRC Military Antenna Technology

BIS has initiated an administrative proceeding against Vizocom ICT (El Cajon, CA) for allegedly exporting EAR-controlled military antenna technology specifications to a Chinese manufacturer in the PRC via the 'Made-in-China' portal without required authorization. The company faces potential penalties including denial of export privileges. Two Vizocom employees were separately indicted on federal fraud charges for their roles in the scheme.

Thai Economy Resilient, Transforming Tomorrow

Bank of Thailand Deputy Governor Piti Disyatat delivered a speech at the Japanese Chamber of Commerce discussing Thailand's economic resilience, noting 2025 GDP growth of 2.4% with eight consecutive quarters of approximately 0.8% growth. The speech addressed near-term risks including the Iran conflict's impact on oil prices and the need for structural transformation to ensure inclusive growth beyond headline statistics.

Ambassador Greer Signs US-Ecuador Reciprocal Trade Agreement

Ambassador Jamieson Greer signed the United States-Ecuador Agreement on Reciprocal Trade, establishing preferential tariff treatment and addressing trade barriers between the two nations. The agreement aims to open markets for U.S. exporters while creating reciprocal trade obligations for both economies.

Stablecoin Strategic Choices for Europe - Denis Beau Remarks

Denis Beau, First Deputy Governor of the Bank of France, delivered remarks on Europe's strategic response to stablecoins at the EUROFI High Level Seminar in Nicosia. The speech addressed how the EU should respond to the dominance of USD-denominated stablecoins and the role of the digital euro in ensuring monetary stability and strategic autonomy.

Makhlouf: ECB Rates Unchanged, Energy Scenarios Show Inflation Risks

Gabriel Makhlouf, Governor of the Central Bank of Ireland, delivered a speech outlining the ECB's approach to monetary policy amid geopolitical uncertainty. The ECB held rates at 2% in March 2026. The speech presented three energy price scenarios—baseline (oil $90/barrel, gas €50/MWh), adverse ($119/barrel, €87/MWh), and severe ($145/barrel, €106/MWh)—and discussed how supply shocks, wage adjustments, and demand impacts create uncertainty for inflation and growth through 2026.

Villeroy de Galhau Explains Why 2026 Middle East Shock Won't Replicate 2022 Inflation Crisis

Bank of France Governor François Villeroy de Galhau delivered a speech at Sciences Po on April 2, 2026, analyzing why the current geopolitical shock from Middle East tensions will not repeat the 2022 inflation surge. The Governor emphasized that while oil prices have risen significantly, conditions differ from 2022 in terms of supply-demand dynamics, inflation expectations, and wage-price spirals. The speech reaffirmed the Bank of France's commitment to its 2% inflation target and stable policy course.

USITC Institutes Section 337 Investigation of Certain Over-the-Counter Topical Lidocaine Patches

The USITC voted to institute investigation 337-TA-1498 regarding certain over-the-counter topical lidocaine patches based on a complaint from J.A.R. Laboratories LLC alleging patent infringement under Section 337 of the Tariff Act of 1930. The complaint requests limited exclusion orders and cease and desist orders against 13 respondents including Veridian Healthcare, Perrigo, Opella Healthcare, Hisamitsu, and Reckitt Benckiser. The USITC has not yet made any decision on the merits.

USITC Affirms Injury from Chinese Temporary Steel Fencing

The US International Trade Commission (USITC) made an affirmative final injury determination in investigations 701-TA-754 and 731-TA-1732 regarding temporary steel fencing from China. Chair Amy A. Karpel and Commissioners Jason E. Kearns and David S. Johanson voted in the affirmative, finding that the U.S. industry is materially injured by reason of dumped and subsidized imports. Commerce will now issue antidumping duty and countervailing duty orders on these imports.

Section 337 Investigation of Screen Protectors Instituted

The U.S. International Trade Commission voted to institute investigation 337-TA-1497 of certain screen protectors, application systems, and components following a patent infringement complaint filed by Belkin International against Superior Communications. The complaint alleges violations of Section 337 of the Tariff Act of 1930 regarding imported products. The USITC has not yet made any decision on the merits of the case.

USITC Votes To Continue Investigations On Large Diameter Graphite Electrodes From China and India

The USITC voted 3-0 to continue antidumping and countervailing duty investigations on large diameter graphite electrodes from China and India, finding reasonable indication of material injury to the U.S. industry. The affirmative determinations allow the Department of Commerce to proceed with its investigations into alleged unfair import pricing and foreign government subsidies.

Section 337 Investigation Instituted on Electric Aircraft Patent Claims

The USITC voted to institute Investigation No. 337-TA-1499 based on a complaint filed by Archer Aviation alleging that Joby Aero, Inc. and Joby Aviation, Inc. imported electric aircraft and components that infringe certain patents in violation of Section 337 of the Tariff Act of 1930. The complainant seeks limited exclusion orders and cease and desist orders against the respondents.

2026 National Trade Estimate Report Released

The U.S. Trade Representative released the 2026 National Trade Estimate Report, documenting foreign trade barriers affecting U.S. exports across 60 trading partners. The annual report identifies tariff and non-tariff barriers, localization requirements, and digital trade restrictions impacting American manufacturers, farmers, and service providers.

Tariff Policy Review Protects American Jobs, Farmers, Manufacturers

The USTR released a one-year status report on the Trump administration's Liberation Day tariff program. The overall U.S. goods trade deficit decreased 24% from April 2025 through February 2026 compared to the prior year period. The report attributes the tariff program to increased market access for American farmers, ranchers, and manufacturers, reshoring of production lines, and decreasing the trade deficit.

US-UK Arrangement on Pharmaceutical Pricing Concluded

USTR announces the successful conclusion of a US-UK arrangement on pharmaceutical pricing, addressing long-standing trade imbalances in the pharmaceutical sector. The agreement aims to ensure trading partners contribute fairly to R&D costs while expanding affordable access to life-saving medicines and strengthening supply chains.

USTR Issues Report on WTO Reform on Eve of Ministerial Conference

USTR has issued a report on WTO reform ahead of the organization's 14th Ministerial Conference in Yaoundé, Cameroon. The report outlines U.S. positions on reforming World Trade Organization rules and procedures. The document is part of ongoing U.S. engagement in multilateral trade governance discussions.

Ambassador Greer to Tour Michigan Ohio Manufacturing Plants Meet Workers

USTR announced that Ambassador Jamieson Greer will travel to Michigan and Ohio on April 9-10, 2026, to tour five manufacturing facilities including drone production, automotive assembly, defense technology, solar manufacturing, and appliance production. The Ambassador will meet with manufacturing workers and industry executives to discuss the Administration's trade policies supporting reindustrialization.

USTR Participates in WTO 14th Ministerial Conference, Yaoundé

The United States Trade Representative announced participation in the WTO's 14th Ministerial Conference held in Yaoundé, Cameroon. Ambassador Jamieson Greer represented U.S. interests at the multilateral trade gathering. The conference brought together WTO member nations to discuss global trade issues and reforms.

Ambassador Greer Criticizes WTO as Not Serious Forum in Wall Street Journal Op-Ed

USTR Ambassador Jamieson Greer published an op-ed in the Wall Street Journal criticizing the World Trade Organization as ineffective and 'not a serious forum.' The op-ed was written following the 14th Ministerial Conference in Yaoundé, Cameroon, where the Ambassador assessed that few cabinet-level ministers attended and the organization has failed to address trade imbalances or protect U.S. interests. Greer stated the U.S. is driving global trade reform to eliminate non-reciprocal practices.

US-Japan Action Plan on Critical Minerals Announced

USTR announced the U.S.-Japan Action Plan on Critical Minerals in March 2026. The plan establishes a framework for bilateral cooperation on critical mineral supply chains between the United States and Japan. This diplomatic initiative affects companies involved in mining, processing, and trading of critical minerals used in clean energy and advanced manufacturing sectors.

Ambassador Greer Participates in WTO 14th Ministerial Meeting in Yaoundé, Cameroon

Ambassador Jamieson Greer represented the United States at the WTO's 14th Ministerial Conference in Yaoundé, Cameroon. The conference brought together WTO member nations to discuss global trade issues. No binding agreements or specific commitments were announced in the available press release materials.

US and Mexico Announce Next Steps for USMCA Joint Review

USTR and Mexico announced next steps for bilateral discussions in advance of the USMCA joint review. The announcement outlines preparations for the mandatory 6-year review process of the trade agreement. Businesses engaged in US-Mexico trade should monitor for potential changes to trade terms and compliance requirements.