Archive for January 9th, 2013

Central Bank Watch

ECB Preview

January 9, 2013

Market participants are not anticipating more stimulus, but a rate cut or new unconventional support cannot be ruled out.  Indeed, a rate reduction was discussed widely at the December meeting, and the decision to keep the existing rate structure unchanged was not made unanimously.  New staff forecasts were adopted at the December meeting that certainly […] More

Central Bank Watch

Bank of England Preview

January 9, 2013

No policy changes are likely or expected at the first Monetary Policy Committee meeting of 2013.  The Bank Rate has been 0.5% since March 2009.  Each time the committee has reviewed the possibility of cutting such to support growth, the idea has been rejected on the grounds of collateral damage associated with such a move […] More

Central Bank Watch

National Bank of Poland Eases Policy for a Third Time

January 9, 2013

As expected the Monetary Policy Committee at Narodowy Bank cut the central banks reference interest rate to 4.0% from 4.25% following similar cuts at its final two monthly meetings of 2012. More easing is possible in the future.  According to a statement released after officials met, The decrease in interest rates should support economic activity […] More

Central Bank Watch

Thai Monetary Policy Stance Left Unchanged as Expected

January 9, 2013

Thailand’s Monetary Policy Committee left the one-day repo rate at 2.75%, its level since October’s last of three 25-basis point cuts.  Earlier reductions were implemented in November 2011 and January 2012.  Previously, the main central bank interest rate had been cut during the Great Recession four times by a total of 250 basis points but […] More

New Overnight Developments Abroad - Daily Update

Attention Turns to Central Banks

January 9, 2013

Japanese government officials — Prime Minister Abe, Finance Minister Aso, and Chief Cabinet Secretary Suga — sustained rhetorical pressure on the Bank of Japan overnight to intensify monetary policy easing. ECB and Bank of England monthly monetary policy decisions are due tomorrow.  A Polish central bank rate cut is considered likely later today.  The current […] More

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