Latin America Economics Update Colombia cuts rates, more easing in store The statement accompanying the Colombian central bank’s decision to cut the policy rate by 50bp to 3.25% left the door open for more easing. Given the scale of the economic hit that we expect, the... 1st May 2020 · 3 mins read
Nordic & Swiss Central Bank Watch Norges Bank set to continue its easing cycle next week Given the toxic combination of Covid-related disruption and precipitous plunge in oil prices, we think that the Norges Bank’s easing cycle has further to run. Whereas financial markets are pricing in... 1st May 2020 · 5 mins read
BoE Watch More QE may be coming The Monetary Policy Committee will probably use its policy announcement on Thursday 7th May to send a strong signal that it will continue to stand behind the gilt market. It may even extend... 30th April 2020 · 9 mins read
Europe Economics Update ECB dragging feet over sovereign support The ECB’s failure to step up its asset purchase programmes at today’s monetary policy meeting will leave investors with nagging doubts about its commitment to underwrite government borrowing during... 30th April 2020 · 3 mins read
Australia & New Zealand Chart Pack Easing lockdowns will boost growth The strict lockdowns have resulted in a massive drop in demand, but they have also been successful at ‘flattening the curve’ or reducing the number of new daily cases of Covid-19 in both countries... 30th April 2020 · 10 mins read
US Economics Update Fed keeping all options on the table Since the Fed had already gone all-in on its monetary policy stimulus, it was little surprise that there no major policy announcements in today’s statement. Over the next few months the Fed will... 29th April 2020 · 3 mins read
Emerging Europe Economics Update Hungary’s MPC targets the yield curve Hungary’s central bank didn’t disappoint at today’s MPC meeting in announcing its bond purchase programme and it’s clear that policymakers have shifted their attention from keeping short-term rates... 28th April 2020 · 3 mins read
Nordic & Swiss Economics Update Riksbank signals rate cut in the pipeline This morning’s decision by the Riksbank to leave its repo rate and crisis-related policy settings unchanged did not come as a big surprise. Nonetheless, it kept the door open for a rate cut, and we... 28th April 2020 · 3 mins read
Europe Data Response ECB Bank Lending Survey (Q1 2020) The Bank Lending Survey highlights the fact that demand has fallen much further in Italy and Spain than elsewhere. But it also suggests that loan guarantees and the ECB’s cheap loans to banks are... 28th April 2020 · 2 mins read
RBA Watch RBA to stay the course The continued easing in financial market tensions suggests that the Reserve Bank of Australia won’t announce any major new measures at its meeting on Tuesday, 5th May. And with unemployment set to... 28th April 2020 · 6 mins read
Japan Economics Update Chances of rate cut dwindling The Bank of Japan today scaled up its measures to ease corporate and household financing strains significantly. However, the Board didn’t cut the policy rate even though all members expect a slump in... 27th April 2020 · 3 mins read
Emerging Europe Economics Update Russia’s central bank cuts rates, more to follow The Russian central bank abandoned its cautious approach to the coronavirus outbreak by cutting its key policy rate by 50bp, to 5.50%, today and the accompanying communications gave the clearest... 24th April 2020 · 3 mins read
Nordic & Swiss Economics Weekly Norges Bank heading for negative territory While the 1.9% q/q plunge in mainland GDP in Norway in Q1 was slightly smaller than the record seen in 2008, it is an eye-watering decline given that the lockdown did not really begin until 12th March... 24th April 2020 · 5 mins read
India Economics Weekly Fiscal delay, rupee drop, Franklin Templeton A second fiscal stimulus package appears close but, a month after the lockdown started, any further measures now will probably arrive too late to prevent an annual contraction in growth this year... 24th April 2020 · 4 mins read
China Economics Update Targeted Medium-term Lending Facility Rate The People’s Bank (PBOC) has cut rates on yet another one of its lending facilities, but the move is more housekeeping than a shift in policy stance. 24th April 2020 · 2 mins read
ECB Watch ECB set to ramp up asset purchases The ECB has ramped up its asset purchases to a record pace, but this still doesn’t look like enough. We think it will expand the Pandemic Emergency Purchase Programme, and may explore extra measures... 23rd April 2020 · 8 mins read
