Central Bank of The Philippines
Long-Term Interest Rates Higher Still
April 8, 2024
Ten-year sovereign debt yields climbed so far today by four basis points in Germany, two bps in the U.S. and U.K., and a basis point in Japan. The dollar is marginally lower, slipping 0.2% versus the euro, 0.4% against the kiwi, 0.3% relative to the Aussie dollar, and 0.1% vis-a-vis sterling. Not all dollar relationships […] More
Lots More Data to Reflect Upon
February 15, 2024
Investors are getting a much better picture of growth and inflation trends late in 2023 and into 2024. China’s is the only major stock market to remain closed for the New Year holiday. Elsewhere in the Pacific Rim, Japan’s Nikkei closed 1.2% higher in spite of unexpected news that that economy had slipped into recession. […] More
Another Bad Day for Stocks.. House of Representatives Ends Speaker Impasse.. And Rate Hikes in Turkey and The Philippines
October 26, 2023
Disappointing third-quarter corporate earnings have been the driving force behind the drop in share prices. Stock markets in the Pacific Rim closed down 2.7% in South Korea, 2.1% in Japan, 1.8% in Indonesia, 1.7% in Taiwan, and 1.4% in India. Share prices have lost 0.8% to 1.4% so far in Germany, France, Italy and Great […] More
A Parade of Central Bank Interest Rate Decision and A Shift Away from Risky Assets
September 21, 2023
Sovereign debt has been well-bid in the wake of the Fed’s message not to expect interest rates to fall much in 2024. Many other central banks have chimed in with hawkish messages today. Ten-year sovereign debt yields rose overnight by nine basis points in Italy, seven basis points in the U.K., six bps in the […] More
Policy Reviews in Rwanda, Indonesia and The Philippines
February 16, 2023
Policy interest rates at the National Bank of Rwanda and Central Bank of The Philippines each were raised today by 50 basis points. For Rwanda, the hike was the fourth over the past year and matched the size of the previous increase three months ago. At 7.0% after the latest increase, the rate is 250 […] More
Indonesian and Filipino Central Bank Rate Hikes
November 17, 2022
Bank Indonesia’s policy interest rate underwent its fourth increase since an initial 25-basis point move in August, rising to 5.25% from 4.75%. Hikes in September and October had also been by a half percentage point. In response to the pandemic, five 25-basis point cuts in 2020 were culminated with a final reduction to 3.50% in […] More
Filipino Central Bank Rate Hike
June 23, 2022
At the Central Bank of The Philippines, a policy interest rate hike of 25 basis points to 2.5% matched expectations and followed a similar increase done after May’s policy review. In 2020, the overnight borrowing rate had been halved from 4.0% to 2.0%. Filipino CPI inflation of 5.4% as of May exceeds the 2-4% target […] More
Nothing but Red on the Screens
May 19, 2022
It’s no longer about the data, or the news for that matter. A self-perpetuating technically-driven downward dynamic has taken over financial markets. For the Nasdaq, the bear market threshold was breached a while ago. S&P futures are within a percent of bear market territory, and its only a matter of time before the Dow joins […] More
Stagflationary Outlook Gaining Traction and Western Leaders in Brussels Plan Contingent Plans for Ukraine Crisis
March 24, 2022
The world’s attention today is on Brussels where U.S. President Biden will be meeting with NATO allies, the European Council of political leaders, and Other Group of Seven members. The meetings are meant to coordinate a response to Russia’s continuing invasion of Ukraine, where the use of Russian weapons of mass destruction appears increasingly probable. […] More
Considerable Central Bank News and a Whole Lot More
September 23, 2021
The takeaways from Fed Chairman Powell’s press conference yesterday are that a tapering of Fed bond purchases could begin as soon as right after the next scheduled FOMC meeting and should be drawn down to zero by mid-2022, plus the lift-off date for the fed funds target could occur next year rather than in 2023. […] More
