Archive for April 8th, 2010

Larry's Blog

The Euro and Government Deficits

April 8, 2010

Let’s start at the beginning.  The euro got off to a poor start in part over misgivings over the lack of a single fiscal policy to complement the single independent monetary policy of the European Central Bank and over how vigilantly the ECB would guard the value of Europe’s new money.  When government deficit spending […] More

Central Bank Watch

No Remarkable Pronouncements From Trichet

April 8, 2010

The ECB kept its key interest rate levels, unveiled no specific new details about haircuts to rein in liquidity-supportive facilities, and released a formal statement that stuck closely to script.  It called rates “appropriate,”  inflation expectations “well anchored” and consistent with target, growth prospects “moderate” but “uneven” and set in an environment of “uncertainty.”  Consumption […] More

Central Bank Watch

Bank of England: No Policy Changes as Expected

April 8, 2010

At 11:00 GMT, a newly designed Bank of England website confirmed what everyone expected: no changes in the 0.5% Bank Rate or the Gbp 200 billion ceiling of the asset purchase facility (APF).  The Bank Rate was last reduced in March 2009, and quantitative easing via the APF reached its present limit after January.  In […] More

New Overnight Developments Abroad - Daily Update

Yen and Dollar Up on Relentless Jitters About Greece

April 8, 2010

Greek-German rate spreads widened further ahead of ECB press conference. Stocks suffered their biggest losses in quite some time.  Equities lost 3.5% in Thailand, 1.7% in Indonesia, 1.4% in India, 1.1% in Japan, 1.2% in China, 0.9% in Malaysia, 0.8% in Taiwan and 0.5% in Hong Kong and New Zealand.  The Paris Cac is off […] More

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