Archive for December 13th, 2012

Central Bank Watch

No Policy Changes after Swiss National Bank Quarterly Review

December 13, 2012

Swiss monetary officials didn’t change either their interest rate target range nor the maximum franc/euro cross rate level that they stand ready to defend with “utmost determination,” that is unlimited intervention.  Both the interest rate and exchange rate settings are intended to counter deflation and restore eventual low, but positive, inflation.  Aggressive interest rate reductions […] More

Central Bank Watch

Filipino Monetary Policy: Wait and See Approach

December 13, 2012

The Monetary Board at Bangko Sentral ng Pilipinas decided to keep its 3.5% reverse repo or overnight borrowing rate and its 5.5% repo rate unchanged, and officials called the current stance “appropriate.”  These rate levels were reached after four reductions of 25-basis point each most recently in late October but also in January, March and […] More

Central Bank Watch

Bank of Korea: No Rate Change Accompanied by a Dovish Statement

December 13, 2012

South Korea’s seven-day repo rate had crested at 3.25% from June 2011 until a 25-basis point in July 2012 that was followed by a second such cut to 2.75% in October.  2.75% will continue to be the rate level for the coming month following the latest monthly meeting of the Monetary Policy Committee, but the […] More

New Overnight Developments Abroad - Daily Update

Focus on Central Banks, Japanese Election and Euro Council Summit

December 13, 2012

Analysts are calling yesterday’s FOMC adoption of data-driven guidelines and additional Treasury security purchases a landmark step. There were three other central bank meetings overnight. The Bank of Korea left its 7-day repo rate at 2.75%, matching some but not all expectations. The Filipino key overnight borrowing rate was kept at 3.5% as anticipated. The […] More

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