Archive for April 15th, 2009

Central Bank Watch

Refinancing Rate Cut by 50 Basis Points in Georgia

April 15, 2009

The National Bank of Georgia implemented its seventh rate cut since mid-August.  Those in August, September, November, December and February were by 100 basis points apiece.  Today’s, like the prior cut on March 18th, had a size of 50 basis points and left the refinancing rate at 6.0%, half of its mid-summer level.  Monetary officials […] More

U.S. Capital Flows in February

April 15, 2009

The February capital flow data compiled by the U.S. Treasury contained good news and bad news.  The data aggregate three measures of net flows: Net Long-term securities transactions, which generated a net inflow of $22.0 billion compared to a net outflow of $36.8 billion in January. The first definition modified by swap activity, which produced […] More

Currency Markets in the News

Future U.S. Inflation

April 15, 2009

The Obama Administration and Fed have been throwing everything but the kitchen sink at the U.S. recession, and the more they escalate their policy response, the louder becomes the Greek chorus warning about future inflation.  Policymakers concede that fiscal and monetary stimulus will have to be taken away aggressively once a sustainable recovery takes root, […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Awaiting Slew of U.S. Data

April 15, 2009

Following yesterday’s much worse-than-forecast U.S. retail sales and disappointing earnings reports, stocks fell by 1.1% in Japan, 0.7% in South Korea and the Philippines, and 2.2% in Vietnam. Equities are also trading down 0.6% in France and 0.5% in Germany. UBS posted a $1.7 billion loss last quarter, and Intel failed to give any profit […] More