Deeper Analysis
Shifting Geographical Sources of Global Growth
October 7, 2010
The IMF’s October 2010 World Economic Outlook released in conjunction with this week’s IMF/World Bank meetings in Washington contains useful information for sorting world growth trends over the past two decades. Growth rates in the table below are expressed in annualized terms, that is percent per annum. Figures in the right-most column embody IMF growth […] More
Central Bank Watch
No Substantial News Made This Month by ECB
October 7, 2010
The ECB left key interest rates (a 0.25% deposit rate, a 1.0% refinancing rate, and 1.75% marginal lending rate) unchanged at levels initially established in May 2009. President Trichet’s formal statement made a number of familiar observations. Current “accommodative” policy settings are “appropriate.” Inflation has moved higher on base effects as expected but is likely […] More
Central Bank Watch
Monetary Policy in the Philippines Left Unchanged
October 7, 2010
As expected Bankgo Sentral Pilipinas has retained a 4.0% reverse repo rate and a 6.0% repo rate. Despite strengthening domestic demand and robust GDP growth of about 8% in the year to 2Q, a statement from central bank officials observed that consumer price inflation remains low and within target and moreover that price expectations continued […] More
Central Bank Watch
Bank of England Keeps Powder Dry
October 7, 2010
The Bank of England’s Bank Rate was left at 0.5%, its level since March 2009. The Asset Purchase Program’s size was kept at GBP 200 billion, a ceiling that was exhausted at end-January 2010. A simple statement from the nine-person Monetary Policy Committee added only that minutes from this week’s meeting will be published on […] More
New Overnight Developments Abroad - Daily Update
Dollar Keeps Softening
October 7, 2010
The dollar lost 1.2% against the Australian dollar, 0.8% versus the kiwi, 0.5% relative to the yen, 0.3% against the euro and sterling and 0.1% against the Swiss franc. It recovered 0.2% against the Canadian dollar. The Aussie dollar rose above its mid-July 2008 peak, and the yen overnight was as strong as 82.24/USD, less […] More
