Central Bank Watch
New Zealand Central Bank Issues Dovish Statement
December 9, 2009
New Zealand monetary policymakers agreed not to lift their 2.5% cash rate. It has been at that level since April 30, 575 basis points below the prior cyclical peak. That was my expectation and that of many other analysts, but not all of them. So the statement released today by the central bank seems to […] More
Central Bank Watch
Swiss National Bank Preview
December 9, 2009
I expect no meaningful changes in the very accommodative stance, but markets will be reminded that the policy is temporary only. A quarterly Monetary Policy Statement outlining actions for the next three months and new central bank forecasts will be released Thursday. Swiss National Bank policymakers forcefully relaxed monetary conditions last March, cutting their target […] More
Central Bank Watch
Bank of England Preview
December 9, 2009
Chancellor of the Exchequer Darling delivered a pre-budget report today that did the expected, broke no new ground, and bequeathed a deficit of over 12% of GDP to the next government, which the Tories are heavily favored to capture in elections next May or June. This month’s meeting of the Bank of England Monetary Policy […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: High Concerns About Greek and Dubai Debt
December 9, 2009
The dollar eased broadly but mildly overnight. There’s been a lot of continuing chatter that Greece is the next Dubai following its downgraded Fitch debt rating to BBB+. Revised Japanese GDP statistics showing a humongous downward correction of third quarter growth to 1.3% from 4.8% annualized triggered a 1.3% drop in the Nikkei and sent […] More
