Central Bank Watch
Bank of Canada Overnight Target Interest Rate Lifted from 4.75% to 5.0%
July 12, 2023
Acting at every scheduled policy review from March 2022 until January 2023, the Bank of Canada governing council had raised its interest rate target from 0.25% to 4.50% and also began a program of balance sheet reduction that supplemented monetary tightening. The rate was not changed at the following two reviews, but a cycle of […] More
Central Bank Watch
New Zealand Official Cash Rate Left Unchanged
July 12, 2023
As expected, the Reserve Bank of New Zealand’s scheduled policy review ended with no change in the 5.5% Official Cash Rate level but a pledge by officials to keep their policy stance restrictive for the foreseeable future. Beginning with a doubling of the OCR in October 2021 to 0.50%, the rate was increased at a […] More
New Overnight Developments Abroad - Daily Update
Wednesday Double Feature: U.S. CPI Release & Publication of Fed Beige Book
July 12, 2023
Stock markets overnight fell 0.8% in Japan and China but in Europe thus far have climbed by 0.5% (Spain) to 1.2% (Germany). Yesterday’s U.S. share price gains have been modestly extended by U.S. futures. Ten-year sovereign bond yields are lower by 4 basis points in the U.K. and Italy, 3 basis points in France and […] More
