Deeper Analysis
FOMC Statement and Press Conference
March 18, 2015
Within the two hours after today’s FOMC statement was released and 30 minutes from the end of Janet Yellen’s press conference, the Dow Jones Industrial Average advanced 1.8%, the dollar fell by 1.8% against the euro and 0.6% versus the yen, and the 10-year Treasury yield swung from five basis points above the 2.00% threshold […] More
Central Bank Watch
A Swedish Rate Cut Surprise Just ahead of FOMC Announcement
March 18, 2015
The possible sensitivity of Fed policy to the strength of the dollar acquired even more market interest after Swedish monetary authorities jumped the gun, reducing the Riksbank repo rate after an unscheduled meeting by 15 basis points today and announcing that 30 billion kronor or just under $3.5 billion of long-term government bonds will be […] More
Central Bank Watch
FOMC Preview
March 18, 2015
Not every FOMC meeting is created equal. Today’s will be particularly important, and every detail in the statement, data hand-outs, and subsequent press conference will be gleaned for fresh insights about when the fed funds rate is likely to be raised initially and its future path after that happens. The reference to being patient made […] More
Central Bank Watch
Bank of England Minutes
March 18, 2015
The March meeting of the Monetary Policy Committee produced the third consecutive unanimous vote not to change the policy stance. Martin Weale and Ian McCafferty, in contrast, had voted unsuccessfully for a 25-basis point rate hike at each of the final five monthly policy meetings in 2014. According to the minutes, the committee generally perceived […] More
Central Bank Watch
Bank of Iceland: No Rate Change
March 18, 2015
Iceland’s 4.5% seven-day term deposit rate, 5.25% seven-day collateralized lending rate, and 6.25% overnight lending rate were left unchanged after the latest review by the Monetary Policy Committee, which released a very similar statement to the prior one on February 4. Officials are treating the recent slide of inflation cautiously. Inflation has measured 0.8% in […] More
Central Bank Watch
Central Bank of Sri Lanka
March 18, 2015
Sri Lankan central bank interest rates consisting of an 8.0% reverse repo and a 6.5% repo rate were left unchanged for a 13th straight meeting. Previously these rates had been reduced by 50 basis points each in December 2012 and August and October of 2013. A statement released by the central bank reviewed Sri Lanka’s […] More
New Overnight Developments Abroad - Daily Update
FOMC, British Budget and a Stellar Japanese Trade Report Highlight this Wednesday
March 18, 2015
West Texas Intermediate oil sank another 2.8% to $42.26 per barrel, posing a challenge to the $40 threshold. Gold at $1,147.1 per ounce, has lost 5.4% since February 27. The FOMC is widely expected to drop the word “patient” from its statement, due at 14:00 EDT (19:00 GMT). The statement will be accompanied by new […] More
