Archive for February 23rd, 2009

Central Bank Watch

Monetary Policy Held Steady in Hungary and Eased in Israel

February 23, 2009

Magyar Zembeti Bank, Hungary’s central bank, left its key interest rate at 9.5%  as expected and released a statement that stressed the need to preserve financial market stability.  The forint, like several Eastern European currencies, has been under selling pressure, a development that has also weighed on the euro. The Bank of Israel somewhat unexpectedly […] More

Bonds and Stocks

Monday Monday, Can't Trust That Day

February 23, 2009

The DOW fell 3.4% today and on the first calendar week session in ten of the last eleven weeks. The index is 0.5% away from exceeding a cumulative drop of 50% from the October record closing high of 14165.  The market has lost 20.8% since Warren Buffett in mid-October pronounced that it was then a […] More

Canada In the Grip of a Triple Whammy

February 23, 2009

After an unexpected 1.3% annualized rise of real GDP in 3Q08, the Canadian economy fell into a severe recession and likely contracted by more than the Bank of Canada’s assumption of 2.3% in the fourth quarter of 2008.  The central bank also penciled in negative growth rates of 4.8% this quarter and 1.0% in 2Q09.  […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: WSJ Story on Citi

February 23, 2009

The U.S. federal government will buy up to 40% of Citigroup shares according to the Wall Street Journal. The report lifted bond yields, stocks and oil prices. The dollar rose 1.6% against the yen, surpassing last week’s high against the Japanese currencies.  The greenback also gained 0.8% against the Swiss franc but lost 1.1% versus […] More