Asia Economics Update Singapore: MAS reaching limits of monetary policy The Monetary Authority of Singapore (MAS) loosened policy today by reducing the slope of its policy band, and even though the outlook for growth and inflation is very downbeat, we don’t expect further... 30th March 2020 · 3 mins read
Europe Economics Weekly ECB steps up, EU leaders at loggerheads Evidence is mounting that the slump in euro-zone GDP will be even steeper than the 15% drop that we had anticipated. This will put huge pressure on the public finances. The ECB has at least taken the... 27th March 2020 · 8 mins read
Nordic & Swiss Economics Weekly SNB puts its moral hazard worries to the side The virus-related hit to activity appears to be even deeper than the 15% q/q declines in GDP that we tentatively pencilled in a few weeks ago. Data released next week are likely to show that Swiss CPI... 27th March 2020 · 6 mins read
UK Economics Weekly Policymakers do their utmost, but some damage already done The UK Chancellor’s support for self-employed workers takes the total size of the government’s package of direct tax and spending measures to £119bn (5.3% of GDP). Even so, this unparalleled policy... 27th March 2020 · 4 mins read
India Economics Update RBI steps up emphatically The RBI has emphatically stepped up its response to the economic and financial market fallout from the coronavirus outbreak with another emergency announcement today. It has also left the door wide... 27th March 2020 · 3 mins read
Australia & New Zealand Economics Weekly Locking down New Zealand imposed a draconian lockdown this week and we expect Australia to follow within days. We now expect GDP to plunge by around 30% in both countries in the second quarter. Meanwhile, the RBA... 27th March 2020 · 5 mins read
China Chart Pack Labour market conditions continue to worsen Activity across both industry and services is recovering as measures to contain the coronavirus have been eased. But the recovery is likely to run into the constraint of weak demand before long. The... 27th March 2020 · 11 mins read
Emerging Europe Economics Update Czech MPC to step up its policy support The Czech central bank followed up last week’s emergency interest rate cut with further easing today and opened the door to use other measures to support the economy and stabilise the financial system... 26th March 2020 · 3 mins read
Monetary and fiscal policymakers still have work to do The Bank of Canada announced further credit easing measures this week and the government’s will expand its fiscal package to $109 bn, from $82 bn, but there are still widespread signs of stress in... 26th March 2020 · 4 mins read
UK Economics Update Bank will do more if financial stresses worsen If the Bank of England is going to build on the unprecedented policy support it has unleashed in recent weeks to counteract the economic effects of the coronavirus, it won’t be because of concerns... 26th March 2020 · 3 mins read
RBI Watch Stepping up the coronavirus response The RBI has so far taken only piecemeal steps in its response the coronavirus outbreak. But with the virus now spreading rapidly in India and with containment measures set to take an enormous economic... 26th March 2020 · 6 mins read
Europe Economics Update ESM help welcome but more will be needed It now seems likely that euro-zone policymakers will exploit the European Stability Mechanism’s lending capacity to offer financial help to all member states to tackle the hit from the coronavirus... 25th March 2020 · 3 mins read
India Economics Update Growth to slump to a four-decade low in 2020 The measures to contain the spread of the coronavirus announced by PM Modi last night will be hard to fully implement but will still have severe economic repercussions. We now expect the economy to... 25th March 2020 · 3 mins read
Emerging Europe Economics Update Hungary announces new liquidity-providing tools Hungary’s central bank announced a range of measures to increase liquidity in the banking system at today’s MPC meeting. But the economic effects of the coronavirus are likely to be much more damaging... 24th March 2020 · 4 mins read
US Economics Update Fed turns the easing up to 11 This Update was originally sent to clients as a Rapid Response immediately after the Fed’s policy statement on 23rd March. The Fed’s expansion of its open-ended QE, together with new measures to lend... 24th March 2020 · 2 mins read
