Central Banks

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Heading into this weekend's G20 and with criticism from President Trump Federal Reserve Chairman Jerome Powell spoke at the New York Economic Club with decidely more dovish rhetoric talking of rates hikes mainly in the past tense and current rates "just below' neutral.

The South African Reserve Bank (SARB) increased its benchmark interest rate for the first time in over two years seeking to get ahead of what it sees as elevated inflation risks. The decision was split and comes depite cutting GDP and infaltion estimates.

The Federal Reserve as expected left rates unchanged after a two day meeting on Wednesday with Jerome Powell as Chairman. Markets had priced in a 90% chance of no hike. As expected they issued a statement saying strong growth and inflation on target.

The Bank of England voted 9 to 0 to maintain Base Rate at 0.75%. The asset purchase target of £435 billion for corporate and UK government bond purchases was voted unaminous.

ECB interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged. Reiterates QE ends in December subject to data.

The Federal Reserve as expected hiked rates 25 bps after a two day meeting on Wednesday with Jerome Powell as Chairman. Markets had priced in a 98% chance of a hike. As expected they issued a statement saying strong growth and inflation on target.

ECB interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged. Reiterates QE ends in December subject to daa.

The Bank of England voted 9 to 0 to maintain Base Rate at 0.75%. The asset purchase target of £435 billion for corporate and UK government bond purchases was voted unaminous.

Michele Bullock, the Assistant Governor, Financial System of the RBA spoke of The Evolution of Household Sector Risks. Risks  in the residential real estate market appears to be currently low she said.

The Bank of Canada held its key lending rate at 1.50 percent on Wednesday as expected. The BoC said elevated trade tensions remain a key risk to the global outlook and are pulling some commodity prices lower.

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