Uncategorized
National Bank of Romania
April 5, 2017
Romania’s monetary policy rate has been 1.75% since a 25-basis point cut in May 2015. This month was saw the fifteenth consecutive Board meeting without an interest rate change. From April 2014 to the May 2015 cut, the interest rate had been halved from 3.5% to 1.75%. Today’s released statement notes that inflation finally moved […] More
Central Bank Watch
National Bank of Poland
April 5, 2017
Poland’s 7-day repo rate has been at 1.5% since a 50-basis point reduction in August 2015. That was the tenth cut since November 2012. In that span, the rate fell 325 basis points from 4.75%. According to a released statement, Poland is experiencing consumption-led growth at a moderate pace, and with unit labor costs rising […] More
Deeper Analysis
U.S. and Ezone Non-Manufacturing PMIs
April 5, 2017
The ISM’s non-manufacturing U.S. PMI, shown in the table below, dropped 2.4 points to 55.2 in March, and a U.S. services PMI compiled by Markit Economics declined 1.2 points to a 6-month low of 52.6. In contrast, Euroland’s PMI moved 0.5-point higher to 56.0, which is a 70-month peak. As a result, the U.S. non-manufacturing-minus-Ezone […] More
New Overnight Developments Abroad - Daily Update
Several Data Surprises
April 5, 2017
ADP reported a resurgence of private jobs in the United States, which they estimate climbed 263K in March. The Labor Department monthly report arrives Friday. But the U.S. non-manufacturing purchasing managers index compiled by the ISM fell back 2.4 points to 55.2, with business activity retreating 4.7 points to a reading of 58.9. Likewise, a […] More
