Central Bank Watch

Central Bank of Chile

August 17, 2017

The latest review of Chilean monetary policy ended with a decision to leave the key interest rate at 2.5%, the level since the last of four 25-basis point cuts implemented between January and May of this year. The policy bias remains neutral. Inflation of 1.7% currently lies below the target of 3%, but officials still […] More

FOMC Minutes

August 16, 2017

Minutes from the July 25-26th Federal Open Market Committee policy meeting revealed compartmentalized thinking on the two policy normalization issues. Committee members were split over whether a recent dip in inflation should in and of itself delay the next interest rate increase but unified on the need to publicize a road map soon of guidelines […] More

Bank of Thailand’s Main Interest Rate Left at 1.5% after Latest Review

August 16, 2017

The last time Thailand’s central bank changed its policy rate was in April 2015 when the second of two 25-basis point cuts that year and eighth overall since November 2011 was implemented. The decision to keep the rate at 1.50% was taken unanimously, with one of the policymakers not attending today’s meeting. In a statement […] More

Central Reserve Bank of Peru

August 10, 2017

Peru’s monetary policy rate was left steady at 3.75%. Two reductions have already been made this year, each of 25 basis points in May and July. The four prior changes were increases, also each by 25 basis points, and the last of these moves was done in February of 2016. A statement after this month’s […] More

Bank of Mexico Votes Unanimously to Keep 7.0% Interest Rate

August 10, 2017

The Trump-driven plunge of the peso in 2016 lifted Mexican inflation and elicited six 50-basis point interest rate hikes and four increases of 25 basis points starting in December 2015 and most recently in June of this year. The final three increases were by 25 basis points. according to a released statement from the Bank […] More

National Bank of Serbia

August 10, 2017

The second of two 25-basis point interest rate cuts in 2016 was implemented in July of that year and left the rate level at its current 4.0%. Reductions had been made earlier totaling 350 basis points in 2015, 150 bps in 2014 and 275 basis points from April 2013 through the end of that year […] More

Overnight Filipino Reverse Repo Rate Left at 3.0%

August 10, 2017

The key interest rate at Bangko Sentral ng Pilipinas has been at 3.0% since June 2016 and will stay at that level after the Bank Board’s latest review. The decision is explained in a statement that defines the inflation environment as still “manageable.” Although inflation has recently risen somewhat and despite acknowledging price risks tilted […] More

Reserve Bank of New Zealand Retains 1.75% Official Cash Rate as Expected

August 9, 2017

The last of seven straight 25-basis point interest rate cuts was implemented eight months. This cycle began in June 2015 after nearly a year in which the official cash rate crested at 3.5%. A released statement, like the one before released in June, suggests the policy bias in the short term leans toward further ease. […] More

National Bank of Romania

August 4, 2017

NBR Board members agreed to leave Romania’s 1.75% key interest rate unchanged and released a statement that updated macroeconomic forecasts, observed new uncertainties, noted that inflation had risen in June but, at 0.85%, remained below the 2.5% medium-term target, and reiterated confidence that inflation will trend toward that objective. ┬áThe new scenario of the projection […] More

Bank of England Leaves Policy Settings as Is But Paints a Difficult Future

August 3, 2017

The Bank of England held a meeting of the Monetary Policy Committee and released a quarterly Inflation Outlook. Officials… Kept the Bank Rate at 0.25%, its level since a 25-basis point cut a half year ago. Didn’t change the GBP 435 billion ceiling on gilt purchases. Such was raised by GBP 60 billion last February. […] More