Central Bank Watch
FOMC Statement and Some Comments on the Subsequent Press Conference
November 1, 2023
The federal funds target was kept at 5.25-5.50 percent for the second review in a row. Beginning with the meeting in March 2022 and without any pause, the rate was lifted initially 25 basis points, then 50 bps in May, 75 bps each in June, July, September and November, 50 bps in December and 25 […] More
Foreign Exchange Insights and Next Week
A Day to Remember
November 1, 2023
Today is the 45th anniversary of one of the dollar’s most influential days since the major western industrialized countries switched in March 1973 from a foreign exchange environment characterized by fixed dollar rates to one featuring flexible dollar exchange rates determined largely by market forces. The dollar had faced selling pressure since mid 1977 that […] More
Deeper Analysis
October 2023 in Figures
November 1, 2023
Aside from no discernible change against the euro, the dollar remained well-bid in October. Share prices experienced continuing difficulty. None of the central banks featured in the table below changed short-term interest rates during the month, but rate changes did occur at central banks in Turkey (+500 basis points), the Philippines (+25 bps), Armenia (-25 […] More
Central Bank Watch
FOMC Preview
November 1, 2023
This week’s review of U.S. monetary policy is the seventh of eight scheduled in 2023. The rhetoric of policymakers remains hawkish even as the size and automaticity of rate hikes has diminished. Rate increase were engineered five times earlier this year; the meetings in June and September being the times that hikes did not occur. […] More
Central Bank Watch
Central Bank of Azerbaijan Refinancing Rate Undergoes Initial Rate Cut
November 1, 2023
Azerbaijan’s key central bank rate was cut today to 8.5% from 9.0%. This reduction follows a sequence of hikes from a pandemic low point of 6.25%. The rate was increased in 2021 by 100 basis points. Another 100 basis point of increase occurred during 2022, and 75 bps followed in the first half of this […] More
New Overnight Developments Abroad - Daily Update
October Manufacturing PMI Indices and an FOMC Meeting Later
November 1, 2023
Today’s data release calendar is full of manufacturing purchasing manager surveys, although some key ones from Europe such as those for Germany, France, Italy, Spain and the whole euro area will be delayed a day due to this being All Saints Day. The FOMC policy statement is due at 14:00 EDT and will be followed […] More
