Central Bank Watch
Why the Bank of England Did Not Respond to Green Shoots
August 20, 2009
The decision by British monetary authorities earlier this month to boost quantitative easing by 40% or Gbp 50 billion to total asset purchases of Gbp 175 billion was the biggest central bank surprise so far this month. Minutes from that meeting published this week revealed an even greater surprise than realized initially. Three of the […] More
Larry's Blog
U.S. Labor Market Strain Persists
August 20, 2009
576K workers filed initial jobless claims in the week to August 15, 26K more than expected. That was the biggest overshoot relative to forecasts in this layoff rate proxy in at least two months. The four-week average of new jobless claims rose 4.25K to 570K, highest since the week to July 3. This series peaked […] More
Central Bank Watch
Philippine Monetary Policy on Hold
August 20, 2009
Previously Bangko Sentral ng Pilipinas had cut its key interest rates by 200 basis points in six steps from December 18 to July 9, such that the overnight lending rate was at6.0% and the overnight borrowing rate was at 4.0%. But as expected, officials declared a “pause” in that easing after today’s meeting in order […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Chinese Equities Rebound, Dollar Steady
August 20, 2009
The Chinese CSI index advanced 4.3%, inspired by a strong earnings estimate from a stock analyst and a prediction that monetary policy will remain accommodative. Most other bourses are higher too: Indonesia +2.2%, India +1.4%, Singapore +1.5%, Hong Kong +1.9%, South Korea +2.0%, France +1.5%, Britain +1.4%, and Germany also +1.4%. The dollar is unchanged […] More
