Central Bank Watch
Central Bank of Brazil
May 29, 2014
As widely expected, Brazil’s monetary policy committee, Copom, paused its tightening streak. After nine straight previous meetings spanning the year between April 2013 and April 2, 2014, the Selic interest rate had been raised each time and by a total of 375 basis points from a record low of 7.25% to 11.0%. This month, there […] More
Deeper Analysis
Comment on U.S. GDP Revision
May 29, 2014
Here’s what I take away from the 1.1 percentage point downward revision in first-quarter real economic growth to -1.0% at an annualized rate. Number one, although this is only the second negative quarter in the last nineteen quarters that comprise the current business upswing. Looked at that way, it’s an infrequent but not unusual or […] More
New Overnight Developments Abroad - Daily Update
Between Japanese Retail Sales and U.S. GDP this Ascension Day
May 29, 2014
A number of European markets were closed today in observance of Ascension Day. The first post-tax retail sales data in Japan were reported. Month-on-month (13.7%) and on-year declines (4.4%) were greater than forecast and the largest setbacks in three years. Large-store sales dived 6.8% between April 2013 and April 2014, as department store sales and […] More
