PBoC's rate corridor at short end

Oct 27, 2015 07:53 am UTC| Commentary Central Banks

The PBoC has several instruments for managing short-term liquidity: bank reserves, open market operations (OMOs), including short-term liquidity operations (SLOs), and standing lending facilities (SLFs). The rates on these...

ECB has zero tolerance regarding EUR appreciation

Oct 27, 2015 07:16 am UTC| Commentary Central Banks

The slowdown in the emerging markets is starting to cast an ugly shadow on the euro area. However, corporates are not yet singing the blues, at least not according to the leading indicators. The manufacturing PMI remained...

CBC likely to keep its benchmark rate unchanged

Oct 27, 2015 06:55 am UTC| Commentary Central Banks

Taiwanese industrial production fell 5.3% y/y in September, below expectations. As with the disappointing September exports release, a slow inventory adjustment continued to weigh on electronics. Indeed, TSMC Chairman...

Fed policy-expectations driven rally in USD unlikely

Oct 27, 2015 05:35 am UTC| Commentary Central Banks

Fed is unlikely to tip its hand too strongly for or against a December rate increase leaving the immediate FX impact limited. However, external risks to US growth have incrementally reduced with the ECBs strong signal of...

October FOMC meeting to be a game changer?

Oct 27, 2015 05:23 am UTC| Commentary Central Banks

Next weeks FOMC meeting will be a game changer for front-end rates. Instead, the debt ceiling showdown in DC and the global risk sentiment after a dovish ECB and PBoC will likely take center stage. While it is far from...

Poland's new government's likely actions

Oct 27, 2015 05:20 am UTC| Commentary Central Banks

The new government in Poland will probably focus on the low income families and credit growth in the SMEs and infrastructure investment. It may impact GDP growth. However the total impact of quasi fiscal stimulus on demand...

Other central banks easing to push Fed closer to lift off?

Oct 27, 2015 05:17 am UTC| Commentary Central Banks

More interesting will be how the FOMC characterizes the recent global and financial developments, which arguably are not as acute as they may have seemed in September. They could note conditions have stabilized or even...