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
