Net take-up of €45bn for ECB's fifth TLTRO
Sep 21, 2015 05:20 am UTC| Commentary Central Banks
The ECB conducts the fifth TLTRO programme on 24 September. The outstanding loans to the non-financial private sector (excluding housing loans) would increaseby 45bn per quarter over the 2015-16 period. The TLTRO...
Risks of rate cut underestimated in Taiwan
Sep 21, 2015 01:47 am UTC| Commentary Central Banks
This weeks central bank meeting will be interesting to watch. While the market consensus expects Taiwans central bank (CBC) to hold rates steady at 1.875%, the risk of a surprise rate cut to 1.75% shouldnt be...
Norges Bank tentatively on hold but signal one more cut in Q4
Sep 20, 2015 21:13 pm UTC| Commentary Central Banks
The Norges Bank is expected to keep policy unchanged at its September meeting (consensus: 1.00%), despite Norways weak near-term growth outlook. Three reasons are identified for why Norges Bank may stay its hand. First,...
Euro area PMIs to moderate ahead of likely further ECB action
Sep 20, 2015 20:15 pm UTC| Commentary Central Banks
The euro area flash composite PMI (Wednesday) is expected to moderate slightly in September to 54.1 (consensus: 54.0; last: 54.2), as the manufacturing and services sectors post slight declines to 52.0 (consensus: 52.0)...
RBNZ likely to pause in October
Sep 18, 2015 05:33 am UTC| Commentary Central Banks
After considering this weeks events, the timing of OCR cutsis expected. The Reserve Bank is expected to pause at 2.75% at its 29 October review, before delivering further rate cuts in December, January and March. A 2%...
Commodity-dependent Norway's Norges Bank to cut rates?
Sep 18, 2015 05:22 am UTC| Commentary Central Banks
Norges Bank last cut on June 18th and began cutting last December for a cumulative 50bps move to 1%. Economists are divided on whether another cut may be delivered now. That sounds familiar. Anyway, crude oil,...
Discrepancy between market and Fed’s rate path reflects difference in inflation outlook
Sep 18, 2015 05:02 am UTC| Commentary Central Banks
In accordance with changes in the economic outlook, the updated interest rates projections show that the leadership, as proxied by the average of the 4-6 dots, modestly lowered the pace of the hiking cycle. The fed...
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