Central Bank Watch
National Bank of Poland
July 6, 2016
This week’s monetary policy review in Poland left the central bank reference interest rate at 1.50%, its level since a 50-basis point cut in March 2015. There previously had been nine reductions engineered between November 2012 and January 2014 that cut the reference rate to 2.0% from 4.75%. A statement released after this week’s two-day […] More
Deeper Analysis
U.S. Non-manufacturing Activity Quickened in June Absolutely and Relative the Euro Area
July 6, 2016
The U.S. Institute of Supply Management’s non-manufacturing purchasing managers survey revealed a 3.6-point increase in June to 56.5, implying pretty robust expansion. This followed a slowdown in May and raised the rate of expansion to a 7-month high. The reacceleration was broadly based, with business activity up 4.4 points, orders up 5.7 points, and jobs […] More
Central Bank Watch
Swedish Repo Rate Kept at -0.50%
July 6, 2016
The Swedish Riksbank introduced a negative interest rate of -0.10% in February 2015 cut such subsequently at three later meetings: by 15 bps in March 2015, 10 bps in July 2015 and, most recently by 15 bps in February of this year. Officials complement the negative interest rate with quantitative stimulus (QE) via bond buying, […] More
New Overnight Developments Abroad - Daily Update
Blame It on the British: Bond Yield Distress Extended
July 6, 2016
The 10-year Treasury yield touched a fresh low for the move earlier today of 1.318%. It closed on June 23 at 1.75% just before the shocking Brexit vote result became known. The 10-year Japanese JGB is off two basis points at negative 0.27%. The sovereign debt yields in Germany and Switzerland are also below zero. […] More