Central Bank Watch
New Zealand’s Official Cash Rate Cut to 2.25% from 2.50%
March 9, 2016
New Zealand’s central bank interest rate had been reduced four times in 2015. Each time the cut was by 25 basis points, and the last move in December returned the rate level to its Great Recession low of 2.50%. A fifth cut announced today had not been anticipated by most analysts and establishes a new record […] More
Central Bank Watch
Bank Negara Malaysia Stance Left Unchanged
March 9, 2016
A released statement after the latest meeting of Malaysia’s Monetary Policy Committee made the following points: The 3.25% overnight policy interest rate and 3.5% reserve ratio requirement were left as is. The interest rate has been at 3.25% since a 25-basis point cut in July 2014. Four earlier reductions totaling one percentage point were implemented […] More
Central Bank Watch
Bank of Canada’s Overnight Money Rate Target Left at 0.50% at Second Planned Meeting of 2016
March 9, 2016
For four and a third years from September 2010 until January 2015, Canada’s central bank interest rate had stayed at 1.0%. The plunge in oil and other commodity prices for this commodity-intensive economy had caused a mini-recession last year to which monetary officials responded with interest rate cuts of 25 basis points each in January […] More
New Overnight Developments Abroad - Daily Update
Higher Commodity Prices Provide Some Reassurance
March 9, 2016
West Texas Intermediate crude oil rose 2.3% to $37.32 per barrel, setting a less risk averse tone for other markets. Gold fell back 1.0% to $1,249.20 per ounce. 10-year sovereign debt yields rebounded nine basis points in Japan, 7 bps in the U.K., and 3 bps in the United States and Germany. The DOW is […] More
