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
