Fri, Apr 19, 2019 @ 04:44 GMT
We expect RBNZ, at next week’s meeting, to leave the OCR unchanged at 1.75% and downgrade its economic growth forecasts. We believe the tone would be tilted to the dovish side as both global and domestic environment deteriorated since...
BOE joined other central banks in downgrading the economic growth outlook. In addition to heightened risks of global growth slowdown, ongoing Brexit uncertainty is the key concern for the members. The members voted unanimously to keep the Bank rate...
As widely anticipated, RBA left the cash rate unchanged at 1.5% for the 27th consecutive meeting. Yet, it has turned less optimistic about Australia’s economic outlook while noting downside risks to global growth. As suggested in the accompanying statement, the...
Again, we expect BOE to vote unanimously to keep the Bank rate unchanged at 0.75%, as well as to leave the asset purchase program at 435B pound, at the February meeting. While the focus of the meeting remains on...
The Fed addressed the issues we are concerned with, in quite a dovish tone, at the January meeting. As widely anticipated, the Fed funds rate stayed unchanged at 2.25-2.5%. The members removed the forward guidance of gradual interest rate...
There are several issues we are expecting from the FOMC meeting later this week. While it is widely anticipated that the Fed would leave its policy rate unchanged at 2.25-2.5%, the potential changes in the accompanying statement and the...
The ECB meeting evolved as we had expected: more dovish, downgraded assessment on economy, leaving unchanged the forward guidance on interest rates. the central bank has acknowledged that the uncertainties in the global economy have intensified and can persist...
As widely anticipated, BOJ voted 7-2 to leave left the policy rate unchanged at -0.1% in January. All other policies also remained intact: purchases of JGBs at a pace of 80 trillion yen/ year and maintenance of 10-year JGB...
We expect ECB to turn more dovish at the meeting later this week, as economic data have pointed to further weakness. There are several issues worth watching for the meeting: rhetoric on economic outlook, instruments to alleviate tightening of...
To us, the message conveyed in the FOMC minutes for the December meeting was somehow different from those at the post-meeting press conference. From the post-meeting statement and Chair Jerome Powell’s speech, we judged that the Fed turned a...
As we expected, BOC left the policy rate unchanged at 1.75% in yesterday. Policymakers admitted that the decline in oil price has “material” impact on the economy. Yet, they viewed the impact as transitory. Reflecting the view on economy...
We expect BOC to leave the policy rate unchanged at 1.75% at the upcoming meeting this week. Besides releasing the statement and Monetary Policy Report, the central bank would also update the economic forecasts and host a press conference....
BOE voted 9-0 to leave the Bank rate unchanged at 0.75% in December. The committee also voted unanimously to leave the asset purchase program at 435B pound .It has turned more cautious than November, warning that Brexit uncertainty has...
The December FOMC meeting outcome is expected, yet unexpected. As widely anticipated, it raised the policy rate, by +25 bps, to 2.25-2.5%. The IOER rate was raised by +20bps. The members trimmed the rate hike forecasts to two, form...
The government of Japan downgrades its forecasts on GDP growth and inflation for the coming years. This evidences the failure of the transmission mechanism of the monetary policy adopted by the Bank of Japan. We believe the central bank...
At the meeting later in the week, BOE would most likely leave the Bank rate unchanged at 0.75%. It would also keep the purchases of gilts and corporate bonds remain at 435B pound and 10B pound, respectively. BOE sounded...
While the majority of market participants (including us) expects the Fed to raise the policy rate, by +25 bps, to 2.25-2.5% at the December meeting, this is far from fully priced in. CME’s Fed funds futures suggest that the...
At the December meeting, ECB formally announced that the asset purchase program (QE) would end by this month. In order to maintain the size of the balance sheet at the current 2.6 trillion euro, the central bank would reinvest...
The market is closely watching ECB’s policy after QE. At the upcoming meeting next week, ECB would announce its plan to reinvest the maturing bonds. Meanwhile, market speculations are rising that the central bank would soon announce a new...
Bank of Canada is expected to keep its policy rate unchanged at 1.75%, after a rate hike of +25 bps in October. Despite bets of another move this month, we believe policymakers would take a wait- and- see mode...
- advertisement -