Central Bank of Iceland

Central Bank of Iceland

November 18, 2020

Monetary officials in Iceland cut their seven-day term deposit rate by 25 basis points to 0.75%, bringing the cumulative rate reduction since February to 225 basis points. Today’s was the first cut since a 75-basis point reduction in May. A released statement from the Monetary Policy Committee also announced that Icelandic GDP is likely to […] More

Covid News Proceeding on Two Tracks, While Dollar Slipping but Slows

November 18, 2020

There’s been more good news regarding Covid vaccine developments as Pfizer’s product, like Moderna’s, has been shown to be 95% effective. Before vaccines can be distributed widely, however, current spikes in cases and deaths point to a very difficult winter ahead for public health and economic activity. New U.S. cases and deaths yesterday approached 160,000 […] More

Trump on Steroids Has People on Edge and Unsure What Happens Next

October 7, 2020

President Trump returned from the hospital unrepentant and as erratic as ever. His major pronouncement on Tuesday — a unilateral postponement of stimulus talks until after the election — was seemingly reversed by an overnight tweet expressing a desire for a simplified “stand alone” bill. He downplayed the coronavirus threat and claimed to feel 20 […] More

Central Bank of Iceland Eases More Sharply

May 20, 2020

The Central Bank of Iceland’s 7-day term rate has been slashed to 1.0% from 1.75%, bringing this year’s total amount of decline to two percentage points. The intent of today’s action according to a released statement is to promote money velocity and to strengthen policy transmission, as officials also withdrew the offer of 30-day term […] More

More Central Bank Rate Cuts, Mixed Global Economic Data and a Weaker Dollar

May 20, 2020

The dollar traded down overnight by 1.2% against the peso, 1.0% relative to the kiwi, 0.9% vis-a-vis the Australian dollar, 0.6% versus the Swiss franc, 0.4% against the euro, 0.3% relative to the loonie and 0.1% against sterling. Against the yen, the dollar inched 0.1% higher, but the U.S. currency in trade-weighted terms is close […] More

Stocks and Bond Prices Tumble, and the Dollar Keeps Strengthening

March 18, 2020

Fear deepened on Wednesday. The number of covid-19 cases worldwide rose over 15,000 in the last 25 hours to 203,612, and 730 more reported deaths brings the pandemic total to 8,229. The U.S. senate continues to obstruct, even though Treasury Secretary Mnuchin reportedly made the prediction of 20-plus unemployment in the United States without passage […] More

Rate Cuts at the Central Bank of Iceland and The Bank of Thailand

February 5, 2020

The Central Bank of Iceland as expected cut its 7-day term deposit rate by 25 basis points to 2.75%. A total of six 25-bp cuts were enacted during 2019. In a released statement, members of the Monetary Policy Committee cut their projected 2020 growth rate in half  to 0.8%, observing weak exports and tighter financial […] More

Continuing Resurgence of Equities and a Moderately Stronger Dollar, Too

February 5, 2020

Share prices climbed overnight by another 1.3% in China, 1.2% in Japan, 1.4% in Singapore, 1.0% in Indonesia and 0.9% in India and New Zealand. European gains thus far amount to 1.4% in Germany, 1.5% in Spain, 0.9% in France, and 0.6% in Great Britain. In the U.S., the DJIA is 1.1% higher, currently, and […] More

Another Icelandic Central Bank Rate Cut

November 6, 2019

The Central Bank of Iceland’s 7-day term rate was chopped 25 basis points to 3.0%. Along with earlier reductions of 25 bps in October, August and June and a 50-basis point cut in May, that brings this year’s total decline to 150 basis points. A released statement suggests that the rate may now be appropriately […] More

A Steady Dollar

November 6, 2019

The dollar on balance remains near Tuesday closing levels. Gold is 0.3% firmer. The spate of recent increases in 10-year sovereign debt yields was reversed today with 3-basis point declines in U.S. Treasuries and British gilt yields and a dip of 1 basis point in the 10-year German bund yield. The Japanese 10-year JGB yield, […] More

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