Deeper Analysis
Big 6.3-Point Jump Last Month in U.S.-Minus-Ezone Services Differential
October 5, 2016
The U.S. non-manufacturing purchasing managers index leaped 5.7 points to 57.1 in September, an eleven-month high. Euroland’s services PMI, in contrast, fell 0.6 points to a 21-month low. The spread between those two September readings of +4.9 points was 6.3 points greater than August’s negative differential of -1.1. There is one caveat, however. Markit Economics, […] More
Central Bank Watch
National Bank of Poland
October 5, 2016
The last change in Poland’s reference interest rate was a cut of 50 basis points in March 2015 to a record low of 1.5%. Officials at the NBP agreed at their latest policy review to keep that level, observing in a released statement that Growth continues at a steady pace. Deflation still exists but has […] More
Central Bank Watch
Central Bank of Iceland Keeps Main Interest Rate at 5.25%
October 5, 2016
The seven-day term deposit rate had been cut in August by 50 basis points to 5.25%, partly reversing 125 basis points of tightening between June and November of 2015. One development against cutting the rate again is the rise of consumer prices last month, but a statement released after the latest policy meeting attributes the […] More
New Overnight Developments Abroad - Daily Update
A Depressing VEEP Debate, PMI Services Data, and Central Bank Developments
October 5, 2016
The U.S. vice-presidential debate showcased U.S. politics at its chaotic worst. On balance, Pence seemed more polished, but the American League wild card baseball playoff game offered much better entertainment. On the central banking front, The Bank of Iceland left its seven-day deposit rate unchanged at 5.25%, having cut such in August by 50 basis […] More
