Central Bank Watch
Central Bank of Chile
March 17, 2016
Chile’s monetary policy rate was left unchanged at 3.5%. Last October, officials raised such by 25 basis points, the first increase of any size since June 2011, and that action was followed by another 25-basis point hike in December to 3.5%. A statement explaining this month’s decision commits to lowering inflation from above 4% now […] More
Central Bank Watch
Swiss National Bank
March 17, 2016
The latest quarterly review of Swiss monetary policy revises projected growth and inflation lower in both 2016 and 2017 but left policy settings unchanged. Fourteen months have passed since a 1.2 franc per euro asymmetric barrier to franc appreciation was discontinued, but officials promise to remain “active” in the foreign exchange market to counter what it considers […] More
Central Bank Watch
Bank of England
March 17, 2016
The Monetary Policy Committee approved by a unanimous vote to keep the U.K. Bank Rate at 0.50% and leave the Asset Purchase Program ceiling unchanged at GBP 375 billion. Like Fed officials yesterday, the committee acknowledges external downside risks while observing that domestic economic elements like wages have been evolving much as anticipated. Inflation is […] More
Central Bank Watch
Central Bank of Norway
March 17, 2016
The Executive Board of Norges Bank cut Norway’s policy interest rate by another 25 basis points to a record low of 0.50% and released a statement suggesting the rate could drop eventually to zero if needed. From a post-Great Recession high of 2.25%, the rate was lowered by 50 bps in December 2011 and then […] More
Central Bank Watch
National Bank of Serbia
March 17, 2016
Serbia’s key monetary policy interest rate was left unchanged in March. Last year saw seven 50-basis point reductions between March and October, and an eighth cut, this time of 25 basis points, was enacted in February of 2016. Inflation lies above target, but a released statement today predicts a downtrend coming that will return inflation […] More
Central Bank Watch
South African Reserve Bank Enacts a Third Straight Rate Hike
March 17, 2016
SARB’s policy interest rate was lifted 25 basis points to 7.0%. At the prior two meetings of the Monetary Policy Committee, such had bee increased 25 basis points in November and 50 bps in January. There had earlier also been increases of 50 bps in January 2014, 25 bps in July 2014 and July 2015. […] More
Central Bank Watch
Bank Indonesia Interest Rate Cut 25 Basis Points in Third Straight Month
March 17, 2016
The BI Rate has been cut to 6.75% from 7.0%. Reductions of 25 basis points were also implemented in January 2015 and each of the first two months of 2016. The central bank’s deposit and lending facility rates were likewise cut 25 bps to 4.75% and 7.25%. The Board of Governors released a statement that […] More
New Overnight Developments Abroad - Daily Update
Across-the-Board Dollar Losses
March 17, 2016
Today’s market focus has been on central bank policies. The FOMC cited global developments and a downwardly revised perception of the longer term neutral interest rate level to justify only around two likely interest rate hikes in 2016 and a lower federal funds rate path throughout the forecast period. The Bank of Norway, Norges Bank, […] More
