Central Bank Watch
European Central Bank Maintains Loose Monetary Stance
January 21, 2021
Having augmented the ECB’s Pandemic Emergency program (PEPP) of asset purchases by half a trillion euros and extending this “very accommodative” quantitative stimulus from mid-2021 to March of 2022 at its final policy review of 2020, the European Central Bank governing council left all quantitative and interest rate settings unchanged at its first meeting of […] More
Central Bank Watch
Bank of Japan Policy Left Unchanged
January 21, 2021
The Bank of Japan‘s policy board chose to retain interest rates of -0.1% on overnight money and “around zero percent” on the 10-year JGB yield. The policy of Quantitative and Qualitative Easing with Yield Control will be maintained for as long as needed to achieve the elusive goal of sustainable 2.0% core CPI inflation, and […] More
Central Bank Watch
Bank of Canada Policy Review
January 21, 2021
The Bank of Canada‘s overnight target rate was left at 0.25%. This effective lower boundary has been the rate level since a trio of 50-basis point cuts in March 2020. The rate will not be lifted before economic slack — estimated to be between 2.75% and 3.75% of GDP according to a released policy statement […] More
New Overnight Developments Abroad - Daily Update
Slew of U.S. Executive Orders and Central Bank Policy Reviews
January 21, 2021
President Biden’s inaugural address yesterday called for national unity to face down the many severe challenges now juxtaposed. 17 executive orders followed to reverse several polices of the Trump era. Contrary to warnings, inauguration day was free of domestic violence. U.S. stocks experienced their greatest advance on a presidential inauguration day since 1985, when Reagan […] More
