Archive for March 23rd, 2011

Central Bank Watch

Turkish Reserve Requirements Tightened and Not Balanced with a Cut in Central Bank Rate

March 23, 2011

The Central Bank of the Republic of Turkey increased reserve requirements by between two and five percentage points.  As of April 1, most will range from 9% to 15%.  This move was not anticipated, as policymakers had adopted a wait-and-see stance in February after implementing changes in prior months that lowered key interest rates, widened […] More

Deeper Analysis

British Budget Highlights and Thoughts

March 23, 2011

Chancellor of the Exchequer George Osborne did not flinch from the deep deficit-reducing fiscal strategy adopted last year in spite of last quarter’s unexpected investment-led drop in real GDP, a rise in unemployment to 8%, and the weakest consumer confidence in some two years.  The main headline to emerge from Osborne’s second budget address, a […] More

New Overnight Developments Abroad - Daily Update

Messy Politics

March 23, 2011

Peripheral bond premiums in the euro area continued to widen.  Main focus is on Portugal, where a key budget meeting sees mounting resistance to austerity moves, possible fall of the government, and then need for bailout money or default. Allies are bickering over command responsibilities in imposing a no-fly zone over Libya. The minority Conservative […] More