Archive for May 29th, 2014

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