Deeper Analysis
U.S. Data Today Add to the Dismal Overnight Releases
June 23, 2011
Weak European data and the befuddlement of officials set a gloomy market tone before the United States opened. Three U.S. economic indicators released this morning haven’t helped the mood. New jobless insurance claims totaled 429K in the week of June 18 and averaged 426.5K over the past four reported weeks. In sequential four-week periods, the […] More
Central Bank Watch
Czech Monetary Policy Unchanged
June 23, 2011
The Czech Central Bank Board reaffirmed the 0.75% level on its key two-week repurchase rate. Eight reductions from August 2008 to May 2010 totaled 300 basis points. The last cut from 1.0% to 0.75% in May of last year was the only rate change made in 2010. Today’s action was universally anticipated. Current CPI inflation […] More
Central Bank Watch
Turkish Interest Rates Left Unchanged as Expected
June 23, 2011
Turkey’s unorthodox monetary experiment continues. The strategy implemented in late 2010/early 2011 combines low interest rates with a wider corridor between borrowing and lending rates, and higher reserve ratios and is intended to prevent second-order inflation from elevated commodity prices while also dissuading short-term capital inflows and dampening upward pressure on the lira that undermines […] More
New Overnight Developments Abroad - Daily Update
Bad News on Many Fronts
June 23, 2011
The Fed’s message — a dovish view on the economy, resignation that there’s not much else that policymakers can offer, uncertainty about how much time it will take for long-term balance sheet adjustments to be worked out, and considerable concern about long-term fiscal prospects — was not received well. Eurozone flash purchasing manager readings signal […] More
