Archive for May 3rd, 2012

Central Bank Watch

Czech Monetary Policy Left Unchanged but Two Scenarios Worked Up

May 3, 2012

The Czech National Bank’s two-week repo rate remained at 0.75%, its level since a 25-basis point cut in May 2010 culminated 300 basis points of easing begun in August 2008.  Policy members were all over the map in a 4-2-1 verdict that included two votes for a 0.50% rate level and one vote for a […] More

Central Bank Watch

ECB Press Conference Highlights and Analysis

May 3, 2012

The ECB did not change its key interest rates nor make any concrete announcements regarding non-standard measures to fortify market functionality and the transmission of ECB policy to the real economy.  There was no consideration of a rate reduction at the present time or any other form of stimulus.  The SMP facility remains a possible […] More

New Overnight Developments Abroad - Daily Update

Focus on Draghi’s Press Conference

May 3, 2012

The ECB Governing Council’s statement at 11:45 GMT is expected by analysts to leave policies unchanged, but an element of suspense surrounds the tone President Draghi adopts at the subsequent press conference set for 12:30 GMT.  His recent message has been that the central bank has done all it can, and the ball is now […] More

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