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Category: Central banks news

FOMC Minutes: QE Tapering can Come in As Soon As Mid-November

At the FOMC minutes for the September meeting, the members sent more hints about QE tapering. It is highly likely a formal announcement will  be made in November, barring abrupt deterioration of pandemic condition and power shortage problems. On economic developments, the Fed acknowledged that “economic activity had continued to expand in recent months, though …

FOMC Minutes: QE Tapering can Come in As Soon As Mid-NovemberRead More

RBNZ Hiked Policy Rate for First Time in 7 Years

For the first time in 7 years, the RBNZ increased the OCR by +25 bps to 0.5% in October. Policymakers pledged to tighten further in coming months as inflation pressure continues to exceed target. Policymakers remained hopeful about the economic outlook, suggesting that easing of pandemic-related restrictions could help return growth momentum. On economic developments, …

RBNZ Hiked Policy Rate for First Time in 7 YearsRead More

RBA Affirmed No Rate Hike Until 2024, Widening Policy Divergence with Counterparts

The RBA left the cash rate unchanged at 0.1%, and asset purchases at AUD 4B/month, in October. Despite sharp rise in housing prices, policymakers chose to stick with ultra-easy monetary policy in order to achieve the inflation target and full employment. The central bank remained cautiously optimistic about the economic outlook. Policymakers acknowledged that “the …

RBA Affirmed No Rate Hike Until 2024, Widening Policy Divergence with CounterpartsRead More

RBA Preview – To Maintain Rate at Historical as Counterparts Begin Tightening

The RBA will maintain all monetary policy measures unchanged at next week’s meeting. That is, the cash rate, as well as the yield target on the April 2024 bond, will stay at 0.1%. Asset purchases will also be kept at a pace of AUD 4B/week. Policymakers will continue to warn of the slowdown in the …

RBA Preview – To Maintain Rate at Historical as Counterparts Begin TighteningRead More

BOE Downgraded Short-Term Growth, but Turned Slightly More Hawkish about Tightening

The BOE voted 9-0 to leave the Bank rate at 0.1% at the September meeting. The members voted 7-2 to keep the QE program at 895B pound. Deputy governor Dave Ramsden and external member Michael Saunders favored lowering the amount of asset purchase to 840B pound. Policymakers warned that inflation could rise above +4% by …

BOE Downgraded Short-Term Growth, but Turned Slightly More Hawkish about TighteningRead More

FOMC Review: Tapering will Start “Soon” while First Rate Hike may Come in as Soon as 2022

The Fed turned more hawkish in September, with the first rate hike pushed forward to 2022. Fed Chair Jerome Powell indicated that QE tapering will come “soon”. The staff downgraded the GDP growth forecast for this year, but revised higher that for 2022 and 2023. Inflation projections were revised higher all the way through to …

FOMC Review: Tapering will Start “Soon” while First Rate Hike may Come in as Soon as 2022Read More

BOE Preview – How will New Members Shift the Views of Rate Hike Conditions?

Economic developments since the last meeting have raised concerns of “stagflation” in the UK, i.e. slow growth with strong inflation. As the main constraint to growth is supply chain, we do not expect this to derail BOC’s monetary policy stance. We expect the central bank to vote unanimously to leave the Bank rate unchanged at …

BOE Preview – How will New Members Shift the Views of Rate Hike Conditions?Read More

FOMC Preview: Fed to Affirm Tapering Could Come This Year. Focus Turns to Dot Plot

Since the Jackson Hole symposium and the FOMC minutes, the pandemic has worsened in the US, while economic growth appears to be losing steam. These suggest that all monetary policy measures will stay unchanged with asset purchases staying at US$120B per month and the Fed funds rate target at 0-0.25%. We don’t expect any breakthrough …

FOMC Preview: Fed to Affirm Tapering Could Come This Year. Focus Turns to Dot PlotRead More

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