Archive for February 18th, 2014

Central Bank Watch

Bank of Japan

February 18, 2014

The February BOJ Board meeting produced more sizzle than real substance.  The main take-away from a statement at the completion of the five hour 34 minute meeting over two days is that policy settings will remain unchanged.  A program of quantitative and qualitative easing characterized by near-zero interest rates and heavy monthly purchases of long-term […] More

Central Bank Watch

Central Bank of the Republic of Turkey Hoping it’s Done Enough to Quell Lira Crisis

February 18, 2014

For the past couple of years, Turkish monetary policy has been a confusing stew, with a variety of policy tools chasing a variety of separate policy goals.  Some interest rates have been raised, others cut, and the authorities have also monkeyed around with reserve requirement changes to the puzzlement of investors.  With little confidence in […] More

Central Bank Watch

Magyar Nemzeti Bank Implements Another Interest Rate Cut

February 18, 2014

Hungary’s base rate has been reduced in increments of 25 basis points over the twelve months to and including July 2013, 20 bps in each of the last five months of 2013, and 15 bps in both January and now February of 2014.  The rate has declined altogether from 7.0% to 2.7%.  And yet, the […] More

New Overnight Developments Abroad - Daily Update

Busy Session as U.S. Returns from President’s Day Closure

February 18, 2014

The Bank of Japan left unchanged its basic monetary policy of quantitative easing overlaid on zero interest rates.  The central bank’s economic outlook wasn’t changed either in spite of yesterday’s softer-than-expected GDP figures.  Some special facilities were extended another year and given higher limits even though they haven’t been fully utilized in the past. The […] More

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