Archive for October 9th, 2013

Central Bank Watch

Bank of Brazil Implements another Rate Increase as Expected

October 9, 2013

The Brazilian Selic rate, which was cut by 150 basis points in the second half of 2011 and 375 bps in 2012, was lifted in each of the past meetings of Copom, the Bank of Brazil’s policymaking committee.  The first move was by 25 bps, while the last four including today’s amounted to 50 bps […] More

Central Bank Watch

Excerpts from September 17-18 FOMC Minutes

October 9, 2013

The two excerpts below present the opinion of two camps of policy-makers, a majority that had misgivings about embarking on tapering in mid-September, notwithstanding the likelihood that such a decision would create confusion in a market that had already priced in such action, and a minority that believed economic developments to have been more or […] More

Deeper Analysis

IMF Downgrades Growth Outlook Again

October 9, 2013

The International Monetary Fund updates growth forecasts in January, April, July and October.  The table below documents the evolution of projected real GDP growth in 2013 and 2014 across a spectrum of nations.  Estimates released today call for global growth of 2.9% in 2013, down forecasts of 3.2% made in July, 3.3% predicted last April […] More

New Overnight Developments Abroad - Daily Update

Janet Yellen’s Day

October 9, 2013

Press reports emerged overnight that President Obama will announce today his nomination of Fed Vice-Chairperson Yellen to succeed Chairman Bernanke, whose term expires at the end of January 2014.  Yellen has extensive training as an economist and experience in the Federal Reserve System.  While she has an image in market circles for being dovish because […] More

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