Central Bank Watch
FOMC Statement Predictable and Undramatic
April 29, 2009
FOMC officials did not introduce any new measures, kept a target Fed funds range of zero to 0.25%, reiterated the belief that such would remain at an “exceptionally low level for an extended period,” observed that “the pace of contraction appears to be somewhat slower” since the March 18th meeting, but concluded that “economic activity […] More
Central Bank Watch
Vital Market Signs At Earlier FOMC Meetings
April 29, 2009
EUR/$ $/JPY 10Y, % DJIA Oil, $ 06/30/04 1.2173 109.44 4.63 10396 37.95 06/30/05 1.2090 110.89 3.96 10370 57.00 06/29/06 1.2527 116.07 5.20 11077 73.41 06/28/07 1.3452 123.17 5.10 13456 69.82 08/07/07 1.3749 118.55 4.73 13510 72.27 09/18/07 1.3888 115.75 4.51 13475 81.42 10/31/07 1.4458 115.28 4.42 13873 93.59 12/11/07 1.4682 111.49 4.11 13645 […] More
U.S. GDP Worse Than Expected
April 29, 2009
U.S. real GDP sank 6.1% at a seasonally adjusted annual rate even though personal consumption made a positive contribution of 1.5 percentage points after depressing the fourth-quarter growth rate by 3 percentage points. Here are some highlights of today’s report. GDP fell 6.2% saar over the past two quarters, the weakest two-quarter slide since -7.4% […] More
Central Bank Watch
Bank Negara Malaysia Monetary Policy Not Changed
April 29, 2009
Malaysia’s overnight policy rate will remain at 2.0%, and a statement released by monetary officials opined that policy is now sufficiently accommodative to avoid further rate reductions. GDP likely contracted last quarter but will do better in 2H09. Inflation is down to 3.5% and projected to moderate additionally. The OPR was cut by 25 basis […] More
Central Bank Watch
National Bank of Poland Leaves Monetary Policy Unchanged
April 29, 2009
Poland’s key interest rate remains at 3.75% as analysts expected. From a peak of 6.0% from June 25th to November 26th, such had earlier been reduced by 25 basis points in November, 75 bps in December and January, and 25 bps in February and March. However, the scope for easing monetary policy has lately been […] More
Central Bank Watch
State Bank of Vietnam Leaves Key Rate Unchanged
April 29, 2009
Vietnam’s central bank as expected left its refinancing and discount rates unchanged at 7% and 5%, respectively. They were cut by 100 basis points earlier this month and are down from peaks in June-October of 15% and 13%. Aside from this month’s earlier reduction, the rates were cut by 100 basis points in October, by […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Focus on Banks and Flu
April 29, 2009
Bloomberg claims that stress test results require six of the nineteen banks to increase their capital. Germany became the eighth country with a case of swine flu. Obama asking for $1.5 billion to counteract swine flu. Japan closed for Showa Day holiday. Three more golden week closures set for next Monday through Wednesday. Vietnam’s central […] More
