Archive for November 7th, 2012

Central Bank Watch

ECB Preview

November 7, 2012

A policy change is not anticipated.  The ECB announces its interest rate decision at 12:45 GMT, and Pdt Draghi’s press conference begins at 13:30 GMT. Draghi’s introductory statement from October 4 was not very illuminating, and many believe that has been by design.  Key details surrounding the OMT facility (outright monetary transactions) have been kept […] More

Central Bank Watch

Bank of England Preview

November 7, 2012

A majority of analysts appear not to expect quantitative stimulus to be expanded this month even though the program’s current limit of GBP 375 billion or roughly $600 billion has now been reached. Exhibit A:  Minutes from the October Monetary Policy Committee meeting revealed that some policymakers think the stimulative effect of ever-lower long-term interest […] More

Central Bank Watch

National Bank of Poland Cuts Reference Interest Rate for First Time since June 2009

November 7, 2012

Officials at the Narodowy Bank reduced their central bank interest rates by 25 basis points as analysts had expected.  The key reference rate drops to 4.5%.  Today’s action, which officials explained in a statement on their website, reverses the last of five 25-basis point rate hikes administered between January 2011 and May 2012.  The statement […] More

New Overnight Developments Abroad - Daily Update

U.S. Election Aftermath

November 7, 2012

The composition of the U.S. federal government did not change.  The Democrats retained control of the White House and Senate, and the Republicans did the same in the House of Representatives.  Obama captured at least 303 electoral votes, 33 more than needed for victory, by winning most of the battleground states such as Ohio, Colorado, […] More

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