Central Bank Watch
Czech National Bank Flags Likely Rate Cut in December
November 3, 2011
Policymakers did not immediately follow the ECB’s cue, leaving the CNB’s two-week repo rate at a record low of 0.75%. Eight reduction from August 2008 through May 2010 slashed the key policy interest rate from 3.75% to its present level of 0.75%, where such has stayed now for a year and a half. Today’s 6-1 […] More
Central Bank Watch
Reflections on the ECB Press Conference
November 3, 2011
ECB President Draghi’s first press conference performance impressed me. His responses were expressed in a comfortable way with authority, self-confidence and strong command of the issues. Draghi thinks very quickly on his feet and knows how to express exactly what he wants to convey and do it very succinctly but not in an especially patronizing […] More
Central Bank Watch
First ECB Rate Cut since May 2009
November 3, 2011
The main refinancing rate was cut by 25 basis points to 1.25%. Very few analysts anticipated the move, which was made at the first policy meeting led by the new president, Mario Draghi. The marginal lending rate and deposit rate also are being lowered 25 bps to 2.0% and 0.5%, respectively. Today’s action follows rate […] More
New Overnight Developments Abroad - Daily Update
More Confusion about Where Greece Stands
November 3, 2011
News from Greece seems to change by the minute. Next week’s referendum has been put off until at least December 4. Other Europeans want it to be a simple vote on whether Greece keeps the euro or not, but specific wording remains undecided. A vote of confidence in Prime Minister Papandreou tomorrow is not a […] More
