Archive for September 17th, 2009

Central Bank Watch

Another Rate Cut By Turkey

September 17, 2009

In the Group of Twenty whose leaders meet late next week, no central bank has cut its interest rates more extensively than Turkey’s.  The key overnight borrowing and lending rates have been reduced every month since November 2008 and by 950 basis points in all, including today’s as-expected reduction of 50 basis points.  From a […] More

Canadian Revival, Inflation, and Competitiveness

September 17, 2009

Growth prospects are brightening.  A 1.1% advance in Canada’s index of leading economic indicators last month was the biggest increase in 88 months and followed a rise of 0.6% in July, no change in either May or June and a 0.9% drop in April. In the two months between May and July, factory sales and […] More

Central Bank Watch

No Changes in Short-Term Swiss Monetary Policy, But….

September 17, 2009

Swiss officials released a balanced quarterly Monetary Policy Assessment, opting for a cautious approach that 1) holds but does not increase the current expansionary monetary policy stance but also serves notice that this stance “cannot be maintained for the next three years” without compromising long-term price stability. The point and range targets on three-month Swiss […] More

Central Bank Watch

Bank of Japan Upgrades Assessment But Leaves Policy Unchanged

September 17, 2009

Following 6 hours 3 minutes of deliberations over two days, the BOJ Policy Board voted unanimously to keep its overnight target rate at 0.1%, where such has been since a 20-basis point cut in December 2008, and made no change in its quantitative measure to promote corporate financing conditions.  None of this was a surprise.  […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Modest Currency Changes

September 17, 2009

The dollar is narrowly mixed with dips of 0.3% against the Canadian dollar and 0.2% versus sterling, no change against the euro, and gains of 0.3% against the kiwi, 0.2% against the Australian dollar, and 0.2% relative to the Swiss franc and yen. Ten-year bund, gilt, and JGB yields are up 5, 4, and 2 […] More

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