larrygreenberg @ May 18, 2013 # Comments Off
There is not a heavy calendar of central bank meetings next week. The Bank of Japan and South African Reserve Bank are two of the few. However, the top officials of the Fed, ECB, Bank of Japan, Bank of England, and Bank of Canada each speak…
ForexBlogger @ May 9, 2013 # Comments Off
EUR/USD declined today, following yesterday’s rally, as European Central Bank policy makers told that the central bank has ability to ease the monetary policy further. At the same time, many economists believe that t…
larrygreenberg @ May 3, 2013 # Comments Off
The ECB cut an interest rate for the first time in ten months. On May 2, the refinancing rate was cut to 0.50% from 0.75%, but the deposit rate was left at zero percent. Fixed rate unlimited MROs were extended to continue through July 2014, and a…
larrygreenberg @ May 3, 2013 # Comments Off
It’s been a week full of surprises but ultimately accentuating Europe’s relatively dismal outlook. The Fed on Wednesday left its policy guidance unchanged and affirmed the data-driven algorithms that will dictate future decisions. While the A…
larrygreenberg @ April 4, 2013 # Comments Off
The take-away from today’s statement and press conference is that monetary policy is closer to another rate cut and/or additional unconventional stimulus aimed at enhancing the transmission of monetary policy to troubled peripheral economies.…
larrygreenberg @ March 7, 2013 # Comments Off
The Governing Council of the European Central Bank discussed whether to cut its interest rates but chose not to do so. New macroeconomic forecasts were unveiled and are compared below to the prior evolution of such projections, which are updated …
larrygreenberg @ March 7, 2013 # Comments Off
The spotlight today has been on central bank activity. Shirakawa’s outgoing Bank of Japan Board stuck to the status quo, but significant further easing is expected next month from the new BOJ leadership team. The European Central Bank also made no ch…
larrygreenberg @ February 7, 2013 # Comments Off
ECB interest rates — a 0.75% refinancing rate flanked by a zero deposit rate and a 1.50% marginal lending rate — were left unchanged as expected. They’ve been at these levels since last July’s easing. Remarks on grow…
larrygreenberg @ February 6, 2013 # Comments Off
The Governing Council of the ECB is not expected to cut its 0.75% refinancing rate or to take unconventional easing steps at Thursday’s monthly meeting. The euro area economic recession seems to be flattening in an uneven way, and financial…
larrygreenberg @ January 31, 2013 # Comments Off
When excessive inflation poses a larger risk than deficient economic growth, strengthening currencies are coveted to promote price stability and low interest rates. This is not one of those times, and besides short- and long-term interest rates a…