Archive for December 19th, 2012

Central Bank Watch

Norges Bank Leaves Key Policy Interest Rate at 1.5% in Norway

December 19, 2012

Norges Bank in October 2009 became the first European central bank to hike its policy interest rate following the Great Recession.  Thanks to cuts of 50 basis points a year ago and a further 25 bps in March 2008, however, the current 1.5% level is on net only 25 basis points above the 2009 trough […] More

Central Bank Watch

Virtual Zero Interest Rate Policy Continuing in Czech Republic

December 19, 2012

Officials in the Czech National Bank voted unanimously to leave the two-week repo rate at 0.05%.  Such was cut 20 basis points on November 1, 25 bps on September 27, and 25 bps on June 28.  Previously, the key central bank was lowered from a pre-Great Recession high of 3.75% to 1.0% by end-2009 and […] More

Central Bank Watch

Unchanged Monetary Stance in Taiwan

December 19, 2012

The Central Bank of the Republic of China’s Board reviews monetary policy on a quarterly basis and has kept a 1.875% discount rate since a 12.5 basis point hike to that level in June 2011.  That was the fifth consecutive such increase from a 16-month-long trough of 1.25%.  In the Great Recession, the discount rate […] More

New Overnight Developments Abroad - Daily Update

Confidence Continuing to Build into the New Year

December 19, 2012

An optimistic mood surrounds the fiscal cliff talks. The German IFO business climate index rose to a 5-month high in December despite a softer reading on current conditions. Peripheral sovereign debt yields slipped further in the euro area.  S&P removed the “Selective Default” designation on Greek debt. Japan’s Nikkei soared 2.4%, its best single session […] More

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