Central Bank Watch
Norwegian Executive Monetary Policy Board Keeps a 2.25% Policy Rate
September 21, 2011
The last full review by policymakers in June projected a range of 2.25% – 3.25% in its key interest rate through the subsequent big review on October 19. The rate was at 2.25% at the time of that prediction, that is at the floor of the indicated range. Subsequent policy meetings on August 10 and […] More
Central Bank Watch
FOMC Statement Highlights and Some Reflections
September 21, 2011
The FOMC released its new monetary policy statement 10-15 minutes later than usual. Dissenting votes from three regional presidents — Plosser, Fisher and Kocherlakota — for the second meeting in a row suggest that the discussion was contentious. Fed officials downgraded their assessment of present economic conditions and, more importantly, escalated the downside growth risks […] More
Central Bank Watch
Icelandic Benchmark Interest Rate Not Raised Further
September 21, 2011
A shifting direction in Icelandic monetary policy had been signaled in a more hawkish statement from the Central Bank of Iceland in mid-June and acted upon with a 25-basis point increase on August 17 of the 7-day collateralized lending rate to 4.5%. Between March 2009 and February of the current year, fifteen cuts had reduced […] More
Central Bank Watch
FOMC Preview
September 21, 2011
The FOMC statement following a two-day meeting is expected to be released around 14:15 local time today (18:15 GMT). After last month’s meeting, Federal Reserve officials released a statement that downgraded the assessment of the U.S. economy, projected a slower pace of growth for coming quarters, attached greater downside risks to that new baseline forecast, […] More
New Overnight Developments Abroad - Daily Update
Judgement Day at the FOMC
September 21, 2011
The Federal Open Market Committee will release a scheduled policy statement at 18:15 GMT. Markets expect some sort of easing gesture but wonder about its effectiveness. U.S. existing home sales get released this morning as do Canadian consumer prices. Investors continue to believe that a Greek default is unavoidable and wonder if that event will […] More
