Archive for October 5th, 2016

Deeper Analysis

Big 6.3-Point Jump Last Month in U.S.-Minus-Ezone Services Differential

October 5, 2016

The U.S. non-manufacturing purchasing managers index leaped 5.7 points to 57.1 in September, an eleven-month high. Euroland’s services PMI, in contrast, fell 0.6 points to a 21-month low. The spread between those two September readings of +4.9 points was 6.3 points greater than August’s negative differential of -1.1. There is one caveat, however. Markit Economics, […] More

Central Bank Watch

National Bank of Poland

October 5, 2016

The last change in Poland’s reference interest rate was a cut of 50 basis points in March 2015 to a record low of 1.5%. Officials at the NBP agreed at their latest policy review to keep that level, observing in a released statement that Growth continues at a steady pace. Deflation still exists but has […] More

Central Bank Watch

Central Bank of Iceland Keeps Main Interest Rate at 5.25%

October 5, 2016

The seven-day term deposit rate had been cut in August by 50 basis points to 5.25%, partly reversing 125 basis points of tightening between June and November of 2015. One development against cutting the rate again is the rise of consumer prices last month, but a statement released after the latest policy meeting attributes the […] More

New Overnight Developments Abroad - Daily Update

A Depressing VEEP Debate, PMI Services Data, and Central Bank Developments

October 5, 2016

The U.S. vice-presidential debate showcased U.S. politics at its chaotic worst. On balance, Pence seemed more polished, but the American League wild card baseball playoff game offered much better entertainment. On the central banking front, The Bank of Iceland left its seven-day deposit rate unchanged at 5.25%, having cut such in August by 50 basis […] More

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