Archive for July 17th, 2012

Deeper Analysis

Fed Waiting for Godot

July 17, 2012

Testifying before the Senate Banking Committee today, Fed Chairman Bernanke did not move closer to fresh stimulus than his position in previous public comments including last month’s post-FOMC press conference.  Policymakers are prepared on a conditional basis to adopt further options, including perhaps a third round of quantitative easing, and the trigger for such action […] More

Central Bank Watch

No Surprises from Bank of Canada

July 17, 2012

At least two years will have passed since the last change in Bank of Canada interest rates, and a statement released after the latest meeting of policymakers expresses contentment with the current stance, implying quite a while further before a change is made.  In 2010, three 25-basis points were implemented at successive meetings in early […] More

New Overnight Developments Abroad - Daily Update

Marking Time Ahead of Bernanke Testimony and U.S. Data Releases

July 17, 2012

Today’s main action will be in the United States. Fed Chairman Bernanke gives the first half of his semi-annual Humphrey-Hawkins testimony at 14:00 GMT before the Senate Banking Committee.  Expectations exist that he may announce or strongly hint at new stimulus.  H-H has through the years not been a typical venue for unveiling policy changes. […] More