state of the union
Sharp Response from Turkey’s Central Bank Lifts Lira
January 29, 2014
After a late-night emergency monetary policy meeting in Turkey, the overnight borrowing and lending rates were raised by 450 and 425 basis points, respectively, to 8.0% and 12.0%, while the one-week repo rate increased by 550 bps to 10.0%. These changes far eclipsed even the boldest forecasts and initially at least boosted the Turkish lira […] More
Attention on FOMC and Davos
January 25, 2012
The annual World Economic Forum in Davos opens today with a speech from German Chancellor Merkel. A PSI agreement between Greece and holders of its debt still hasn’t been reached. The FOMC releases its policy statement at 17:30 GMT. This will be followed by forecasts including the interest rate expectations of individual members, and Fed […] More
Spotlight on Fed and Other Central Banks
January 26, 2011
The Federal Open Market Committee meets today for the first of eight scheduled dates in 2011. A statement at 19:15 GMT is not expected to modify policy. Minutes from the Bank of England’s January 12-13 meeting revealed a second dissenter in favor of raising the Bank Rate by 25 basis points and a majority somewhat […] More
Pound Depressed by British GDP Contraction
January 25, 2011
Sterling fell 1.2% overnight against the dollar, which otherwise shows gains of 0.3% against the Canadian and Australian dollars, no change versus the euro, and drops of 0.3% relative to the Chinese yuan and Swiss franc and 0.2% against the yen and kiwi. Stock prices were mixed in the Pacific Rim, with rises of 1.2% […] More
President Obama’s Challenge
January 27, 2010
Political pundits have defined tonight’s State of the Union address as a critical moment in U.S. politics. Will voter support for what looks like a one-term presidency continue to get trimmed, or will the government be born again after an inspiring redefinition of its mission? One learns to never say either never or always in […] More
