Central Bank Watch
FOMC Statement Not Dull
June 22, 2011
After recent meetings, the FOMC had been releasing statements that hardly changed language and bordered on being boring. This time was different. The elements of surprise did not involve the actions taken. The federal funds target was left at 0 to 1/4%. The full $600 billion of longer-term Treasury buying is being completed this month […] More
Central Bank Watch
FOMC Day
June 22, 2011
The Federal Open Market Committee policy statement will be released at 12:30 EDT and followed by an hour press conference at 14:15 EDT. The statement from April 27 said the “recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually,” but the view on commodity-inspired inflation was expressed […] More
Central Bank Watch
No Change This Month in Norwegian Policy Interest Rate
June 22, 2011
The Executive Board of the Norges Bank as expected left its key interest rate at 2.25%. Four increases of 25 basis points were implemented previously in October 2009, December 2009, May 2010 and, most recently, on May 12, 2011. A statement posted today on the central bank’s web site projects 3-4% real growth over the […] More
New Overnight Developments Abroad - Daily Update
Focus Turns from Greek Vote to Bernanke Press Conference
June 22, 2011
Greek Prime Minister Papandreou won a vote of confidence in parliament, getting 155 of 300 votes. Next step is for the legislature to approve new austerity measures next week so the fifth tranche of the EU/IMF/ECB aid package can be doled out. Analysts remain under little illusion that a Greek default in the future can […] More
