Central Bank Watch
South African Reserve Bank: Policy Remains on Pause
November 10, 2011
South Africa’s benchmark interest rate was last changed a year ago when a 50-basis point reduction to 5.5% culminated a nine-step 650-bp point easing of monetary policy. A new statement today from monetary authorities revised projected inflation somewhat upward but said that the weaker domestic economic growth in 2Q11 persisted in 3Q and that downward […] More
Central Bank Watch
Bank Indonesia Eases Monetary Policy for Second Month in a Row
November 10, 2011
Indonesia’s reference central bank interest rate has been cut somewhat unexpectedly by 50 basis points to 6.0%. The rate was slashed by 300 basis points between December 2008 and August 2009 and had remained at 6.5% until a 25-bp rate hike in February 2011. Bank Indonesia had thus been among the last Asian central banks […] More
Central Bank Watch
Bank of England: No Changes
November 10, 2011
The nine-person Monetary Policy Committee, which in October raised the limit on its Asset Purchase Program to GBP 275 billion from GBP 200 billion, did not change such further and also left Britain’s Bank Rate at 0.5%, where such has been since March 2009. The central bank’s quarterly inflation report will be published on November […] More
New Overnight Developments Abroad - Daily Update
A Big Rumor
November 10, 2011
Yesterday’s market extremes initially continued Thursday but have moved back somewhat amid unconfirmed rumors of a special ECB Governing Council meeting to authorize much heavier, possibly unlimited, bond purchases via the SMP facility. Even if true, it seems doubtful that such would be a lasting panacea for what has evolved into an insolvable quagmire. The […] More
