Central Bank Watch
European Central Bank
February 2, 2023
The European Central Bank was late to join the rate hiking party. The refinancing rate rate was at zero percent as recently as mid-2022, but officials made up for lost time in the second half of the year, enacting 250 basis points of increase in four incremental moves. Today’s 50-basis point hike to 3.0% matched […] More
Central Bank Watch
Bank of England
February 2, 2023
The Bank of England‘s 50-basis point base rate hike to 4.0% was not supported unanimously. Monetary Policy Committee members Tenreyro and Dhingra voted to leave the rate unchanged in a 7-2 decision, citing a recession already underway that is likely to soften labor market conditions in light of the lagged impact of earlier monetary restraint […] More
New Overnight Developments Abroad - Daily Update
More Central Bank Policy Rates Get Raised 10-Year Sovereign Debt Yields Drop
February 2, 2023
Officials at the European Central Bank and Bank of England raised their policy interest rate by 50 basis points to their highest levels since 2008. The size of those increases matched expectations. The policy rates of the Hong Kong and Macao Monetary Authorities matched the Fed’s 25-basis point increase. Brazil’s Selic interest rate was kept […] More
