BOE Preview – Staying Cautious about Brexit Outlook
For QE expansion at the last meeting, we expect the BOE will keep its powder dry this month. BOE should leave the Bank rate unchanged at 0.1%, and the size of asset purchases (QE) at 875 pound. There have been...
FOMC Preview – Fed to Update Forward Guidance on QE
At the last meeting of the year, we expect the Fed to be more cautious about the near-term outlook, while more optimistic over the longer-term. The focus of the meeting will be on the adjustment of the forward guidance about...
ECB Extends PEPP, APP and TLTROs to At Leaset Until Mid-2022
As promised, the ECB “recalibrated” the existing monetary policy measures at the December meeting. The aim is to ensure that the current level of stimulus remains in presence through to 2020. On the economic projections, the staff revised lower the...
BOC Upbeat about Vaccine but Remained Cautious about Slow Global Recovery
As widely anticipated, BOC left all its monetary policy measures unchanged. Policymakers acknowledged the economic recovery since the last meeting. Yet they cautioned about the resurgence in coronavirus cases and the potential impacts on related restrictions on the economic outlook....
BOC Preview: Keeping Powder Dry While Reiterating Stimulus will Last For Years
After the adjustment in asset purchases in October, we expect BOC to keep the powder dry this week, at its last meeting in the year. Policymakers will caution about the rising number of coronavirus cases and economic impacts of tighter...
ECB Preview – Policy Recalibration to Focus on PEPP and TLTRO
Given the strong hint in the October meeting, the ECB is prone to add monetary easing measures at Thursday’s meeting. We expect to see increase in the size of PEPP and adjustment of TLTRO. As the policy rates have been...
RBA Remains Cautiously Optimistic with Better-than-Expected Recovery, Pledged to Do More if Needed
As widely expected RBA left all the monetary policy measures unchanged in December. While acknowledging the “better-than-expected” economic recovery, the members reiterated that the outlook remains dependent on policy support. On economic developments, the central bank noted that “the economic...
RBA Preview: Cautiously Optimistic over Recovery; QE Expected to Increase Further in 2021
After some big moves in November, we believe the RBA will stay put at this week’s meeting. Given the good news about vaccine and the steady decline in the country’s coronavirus cases and, we do not feel surprise if the...
FOMC Minutes: Fed Seriously Considered Adjusting QE
The minutes for the FOMC meeting in November shows that policymakers were cautiously optimistic about the economic recovery and the impacts of the monetary policy tools on the economic outlook. As negative interest rate has been ruled out, the Fed’s...
RBA Minutes Affirm that Future Monetary Policy will Rely on QE
The RBA minutes for the November contained little news. After cutting the policy to a new low of 0.1%, policymakers suggested the policy tool in the future will mainly be asset purchases. While the members remained reluctant to lower interest...