[TradersCom]

Fed, BoE, BoJ, ECB SNB, BoC to coordinate action to enhance liquidity provision
– Ahead of market openings, and a week of Central Bank Policy Meetings

Bank of England

Coordinated central bank action to enhance provision of US dollar liquidity
Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve, Swiss National Bank are today announcing a coordinated action to enhance provision of liquidity via standing US dollar liquidity swap line arrangements

Federal Reserve statements:

daily operations will commence on Monday and will continue at least through the end of April

to improve the swap lines’ effectiveness in providing US dollar funding, the central banks currently offering US dollar operations have agreed to increase the frequency of 7-day maturity operations from weekly to daily

[TradersCom]

Christopher Kent, Reserve Bank of Australia Assistant Governor (Financial Markets) is speaking this morning in Sydney.

Q&A now, Headlines via Reuters:

We were not involved in the central bank swap operation
Banking problems are just one of many considerations for monetary policy
Global banking system lot stronger than a decade ago
Problems are with a few institutions that were badly mismanaged
Impact on Australian markets have been modest
Board will take account of financial conditions in deciding on rates

[Truman]

European Central Bank President Lagarde said that she has not seen clear evidence that inflation is trending down and that she is not committed to any rate hikes or a pause yet.

ECB Chief Economist Lane said that there are reasons to believe that underlying inflation will ease over time. Germany’s council of economic advisors expects 2023 domestic inflation to reach 6.6% and slow to 3.0% in 2024.

[Truman]

Asian Central Banks Busy Overnight:

Hong Kong Monetary Authority 25 bps increase pushing the rate up to 5.25%.
Bangko Sentral ng #Pilipinas also announced a 25-bps hike (to 6.25%)
Taiwan’s central bank raised its rate by 12.5 bps to 1.875%

[Truman]

European Central Banks Busy Also:

Swiss National Bank announced a 50-bps rate hike to 1.50%, as expected
Norges Bank raised its rate by 25 bps to 3.00%.
Turkey Holds Interest Rate at 8.5%
BoE Hike 25 bps 7-2 vote split

[Helmholtz Watson]

A hectic week led off by the Fed raising by 25bp. From there the Hong Kong Monetary Authority, Bangko Sentral ng Pilipinas, Norges Bank and Bank of En
[See the full post at: Central Bank Watch – Fed, HKMA, BOE, Norges, BSP, CBC and SNB All Hike Rates Amid Banking Crisis]

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