The Narodowy Bank reference rate has been lifted 25 basis points to 4.5%, bringing its cumulative rise to 100 bps.  The cyclical low of 3.5% had been kept for 19 months to January 2011 following 250 bps of easing administered from November 2008 through June 2009.  A statement on the central bank web site cites [...]

Euroland officials still haggling over the composition of a Greek bailout. OPEC ministers meeting in Vienna have range of stands over whether to raise oil production. Moody’s again warns that British AAA sovereign debt rating may get downgraded. Today’s release of the Fed Beige Book of regional trends comes amid mounting concern that U.S. growth [...]

The country whose currency anchors the international monetary system has unique advantages in raising capital.  Because It can borrow overseas in its own money, the real burden of foreign-held debt doesn’t increase if its currency depreciates.  This benefit of reserve asset hegemony tends to depress interest rates and promote economic growth, and it encourages monetary [...]