Archive for March 6th, 2013

Central Bank Watch

Brazilian Monetary Policy Possibly Moves Closer to a Trend Reversal

March 6, 2013

Brazilian monetary policy is decided by Copom, a committee at the central bank, and such has been in easing mode since a 50-basis point Selic rate cut to 12.0% in August 2011.  Nine more reductions ensued, the most recent of which was a 25-bp cut last October.  That move left the key interest rate at […] More

Central Bank Watch

Bank of Canada: Policy Stays on Hold

March 6, 2013

The last change in the Bank of Canada’s overnight money rate target was a 25-basis point hike in September 2010 to 1.0%.  Today’s rate decision reaffirms the continuing appropriateness of this 2-1/2 year old stance and indicates no urgency to change it soon.  Exports are not expected to return to their pre-recession level for about […] More

Central Bank Watch

Narodowy Bank

March 6, 2013

The National Bank of Poland’s reference interest rate was cut today to 3.25% from 3.75%.  Reductions of 25 basis points each were implemented earlier in November, December, January and February.  The rate had been lifted between January 2011 and May 2012 by 125 bps in all to 4.75%. The statement of explanation accompanying today’s decision […] More

New Overnight Developments Abroad - Daily Update

Stocks in Asia and Europe Follow U.S. Rally

March 6, 2013

The Dow Jones Industrials closed at an all-time high on Tuesday of 14,254.  In the Pacific Rim, equities closed up 2.1% in Japan, 1.8% in the Philippines, 1.5% in Indonesia, 1.0% in Hong Kong and China, 0.8% in Australia, and 0.7% in New Zealand.  The German Dax leads European markets with a gain so far […] More

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