Archive for March 26th, 2009

Is That Some Light at the End of the U.S. Tunnel?

March 26, 2009

Since March 9th, the S&P 500, Nasdaq, and DJIA have each recovered around 20%.  During the previous worst postwar U.S. recession in 1981-2 when the U.S. jobless rate peaked at 10.8%, U.S. stocks bottomed out some three months ahead of the turn in the business cycle.  U.S. data are producing more frequent upside surprises.  Although […] More

Central Bank Watch

Taiwanese Central Bank Rates Left Unchanged

March 26, 2009

The Central Bank of the Republic of China “judged current monetary policy to be appropriate” and left its key interest rates, including a 1.25% discount rate since February 18th, unchanged.  Seven prior cuts on September 25th, October 9th and 30th, November 9th, December 11th, January 7th and the aforementioned move in February total 237.5 basis […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments: Lessening Risk Aversion

March 26, 2009

Market developments overnight are consistent with receding risk aversion. Commodity-sensitive currencies, stocks, and bond yields rose. The yen fell. The dollar lost 1.3% against the kiwi, 0.7% relative to the Australian dollar, and 0.3% versus the Canadian dollar. It firmed 0.6% against the yen, 0.5% against the Swissy, and 0.1% against the euro but dipped […] More