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...Markets at present anticipate three 0.25 percentage point cuts by the Fed and Bank of England this year, while for the European Central Bank it is closer to four....
...The most important revision, common to all the leading central banks, is to acknowledge that the level of interest rates will still be restrictive even if they are reduced a little....
...The yen whipsawed against the dollar on Friday as analysts warned of a high risk of intervention by Japanese authorities after the central bank kept interest rates near zero....
...Argentina’s central bank has cut its benchmark interest rate from 70 per cent to 60 per cent, as the monetary authority seeks to reduce the amount of pesos it must print to pay interest on its domestic debt...
...Energy and other commodity prices are unlikely to continue to be a major deflationary force in the coming years, according to the World Bank, hampering central banks in their efforts to cut interest rates...
...That still means markets expect three quarter-point US cuts this year, down from six, and for the moves to be mirrored at the European Central Bank and Bank of England....
...Central banks need to constantly assess whether the monetary policy they set is expansionary or contractionary in the short term....
...Macro types simply love to chat about the prospect of central banks running out of money....
...Austria’s central bank head Robert Holzmann said: “I would find it difficult if we move too far away from the Fed.”...
...The Swiss National Bank became the first big central bank to start loosening monetary policy on Thursday when it unexpectedly cut its headline interest rate by 0.25 percentage points to 1.5 per cent....
...The European Central Bank held interest rates at all-time highs on Thursday but kept the door open to cuts at its next meeting in June....
Lagardians of the galaxy
...Canada’s central bank is waiting for evidence of a sustained slowing of inflation, as it held interest rates steady at a 23-year high and upgraded its economic growth outlook for 2024....
...Argentina’s central bank has cut its benchmark interest rate by 10 percentage points to 70 per cent as the monetary authority seeks to reduce the amount of pesos it must print to pay interest on its liabilities...
...India’s central bank has banned Kotak Mahindra Bank from issuing credit cards or taking on new digital and mobile banking customers, marking the regulator’s latest crackdown on the country’s fast-growing...
...The SNB reduced its headline rate by 25 basis points to 1.5 per cent, making it an outlier among western central banks....
...My main analysis today will look at how the Federal Reserve, European Central Bank, Bank of England and Bank of Japan responded to changed economic facts....
...Cardoso said last week that central bank reserves had an inflow of $600mn in just two days....
...The central bank will continue with roughly the current amount of Japanese government bond purchases....
...The SNB’s attempts to control the franc also resulted in a huge expansion of the central bank’s balance sheet....
...European stocks held steady on Monday as traders await a busy week of central bank policy meetings. The region-wide Stoxx Europe 600 fell 0.1 per cent, as did France’s Cac 40....
...The moves came after the Swiss National Bank became the first major central bank to start easing monetary policy as it unexpectedly cut its headline interest rate by 25 basis points to 1.5 per cent....
...We’re also due a stream of central bank speakers, alongside monetary policy meeting minutes from the Fed, the European Central Bank and the Reserve Bank of Australia....
...For me, it risks an over-reliance on, and over-sensitivity to, central bank signals, as Fed experience illustrates....
...Peru and Chile’s central banks have also started to cut interest rates....
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