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Category: Central banks news

ECB Pledges to Continue Front-load QE Purchases until Inflation Reaches 2% Sustainable

The ECB has updated the forward guidance on the policy rate, reflecting the new inflation target concluded in the strategic review. All monetary policy measures stay unchanged as it strives to achieve the symmetric 2% inflation target: The deposit rate stays at -0.5%, the total Pandemic Emergency Purchase Program (PEPP) envelope remains at 1.85 trillion …

ECB Pledges to Continue Front-load QE Purchases until Inflation Reaches 2% SustainableRead More

ECB Preview: New Forward Guidance to Reflect New Inflation Target

ECB’s conclusion of the strategy review on July 8 has made this week’s meeting very important. Policymakers adjusted the inflation target to a symmetric 2%, allowing a temporary overshoot. Despite the significant change, no monetary policy is expected to change in July. We only expect some changes in the forward guidance, in reflection of the …

ECB Preview: New Forward Guidance to Reflect New Inflation TargetRead More

BOC Preview – Hawkish Stance to Maintain with More Tapering

Economic developments since the June meeting suggest that BOC would still maintain an upbeat tone and taper further at this week’s meeting. Policymakers will, however, maintain the forward guidance that the first rate hike would come in 2H22. The staff will also release the latest economic projections. The GDP growth outlook will be kept largely …

BOC Preview – Hawkish Stance to Maintain with More TaperingRead More

RBNZ Preview – Strong GDP Growth and Inflation Expectations to Anchor RBNZ Optimism

Strong first quarter GDP growth and rapidly rising inflation pressure suggest that the RBNZ would at least maintain a hawkish stance at this week’s meeting. While the monetary policy measures will stay unchanged, policymakers will likely react to market expectations of a rate hike in November, compared with RBNZ’s projection of next year in May. …

RBNZ Preview – Strong GDP Growth and Inflation Expectations to Anchor RBNZ OptimismRead More

FOMC Minutes Reveals that QE Tapering to Begin Later this Year

The FOMC minutes for the June meeting confirmed more optimism over the economic outlook. Unwinding of stimulative monetary policy would likely begin earlier than previously anticipated. As the members would begin tapering discussions in coming months, we expect an announcement would be made by end of the year. Meanwhile, the first rate hike could come …

FOMC Minutes Reveals that QE Tapering to Begin Later this YearRead More

BOE Preview: Not Yet Time for Tapering as Virus Resurgence Raises Economic Uncertainty

The BOE would maintain an upbeat tone at this week’s meeting. However, the uncertainty, in particular a third wave of the pandemic which has caused a delay in restriction easing, suggests that it would be too early to hint about tapering of monetary policy or pushing forward the first rate hike. Economic data released since …

BOE Preview: Not Yet Time for Tapering as Virus Resurgence Raises Economic UncertaintyRead More

Fed Projects 2 Rate Hikes in 2023, Strongly Upgrades Growth and Inflation Outlook

The Fed has turned more hawkish at the June meeting. Besides significant upgrades in the GDP growth and inflation forecasts, the median dot plots now project two rate hikes in 2023, compared with no rate hike until 2024. At the press conference, Fed chair Jerome Powell indicated that the members have started talking about tapering. …

Fed Projects 2 Rate Hikes in 2023, Strongly Upgrades Growth and Inflation OutlookRead More

RBA Minutes Reveal Members Discussed Three Options to Extend QE

The RBA minutes for the June meeting indicated that the member turned more optimistic about economic recovery. Yet, they remained concerned about soft inflation and wage growth. Accommodative monetary policy would stay in place for the years ahead. at the next meeting, we will likely hear more details about the QE program after its expiry …

RBA Minutes Reveal Members Discussed Three Options to Extend QERead More

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