Indonesia’s reference rate will stay at 6.75% for at least another month.  Today’s was the fourth no-change decision in a row.  Bank Indonesia has implemented just one rate hike thus far, which it made in February.  300 basis points of easing were implemented between October 2008 and August 2009 followed by 17 sequential no-change decisions [...]

Today’s Bank of England statement added no fresh information.  This is typical when, as now, policy changes were not changed.  The Bank Rate has been pinned at 0.5% since March 2009.  The asset purchase program was last raised in November 2009 by GBP 25 billion to GBP 200 billion, and that limit was exhausted at [...]

The kiwi advanced 1.1% against the dollar following an upbeat statement from the Reserve Bank of New Zealand, which left its Official Cash Rate at 2.5% but spoke about an improved economic outlook. The Swiss franc is relatively weak, dropping 0.5% against the dollar, which otherwise fell 0.1% against the euro and sterling.  The dollar [...]

The Bank of Brazil’s monetary policy committee, known as COPOM, has implemented its seventh rate hike, lifting the Selic Rate to 12.25% from 12.0%.  The action was widely forecast and followed consecutive increases in January, March, and April.  Five cuts totaling 500 basis points were made between January 2009 and September of that year.  The [...]

The Reserve Bank of New Zealand’s Official Cash Rate (OCR) will remain at 2.5% at least until the next meeting in late July.  However, a statement on the central bank web site serves notice that rate rises lie ahead. First a little history.  New Zealand’s economy was recovering from policy-induced recession when the Great Recession [...]

The Bank of England will keep policy unchanged.  The Monetary Policy Committee’s decision is due at 11:00 GMT, 90 minutes before the start of the ECB press conference  on Thursday.  Almost always when not changing policy, the decision is reported initially with elaboration about the committee’s discussion or vote.  This will not be an exception.  [...]

My review of the May 5th ECB meeting concluded, “most likely, the statement in June will contain the ‘strong vigilance’ allusion, preparing markets to expect a second rate advance in July.”  In spite of greater concerns now about global growth prospects, signs of slower growth momentum in the euro area, and persistent strains in the [...]