UK Economics Chart Pack Sharing in the recovery After losing momentum in March and April, consumer spending appears to have regained some oomph as the second quarter has progressed. 21st June 2013 · 1 min read
Japan Economics Update Monetary Indicators Monitor (May) As the Fed prepares to taper its program of quantitative easing, there are some concerns in Asia that it could trigger a messy re-run of 1994. We think these concerns are exaggerated. 21st June 2013 · 1 min read
Canada Economics Update Households' showing signs of borrowing fatigue Although our seasonally-adjusted measure of the household debt-to-income ratio nudged higher in the first quarter of this year, the trend appears to have stabilised. This suggests that there is even... 20th June 2013 · 1 min read
Emerging Europe Economics Update Russia: weak May's data to fuel stimulus debate Part of the weakness of May’s activity data in Russia can be explained by working day effects. Nonetheless, the bigger picture is that while there is some (albeit tentative) evidence that the slump in... 20th June 2013 · 1 min read
Emerging Markets Economics Update The economic impact of Fed tapering on EMs Yesterday’s FOMC meeting cemented expectations that the Fed will start to taper its asset purchases under QE3 later this year and has weighed on EM financial markets today, but the economic impact of... 20th June 2013 · 1 min read
Europe Economics Update Norges Bank rate cut still a possibility The Norges Bank left interest rates unchanged today as concerns about financial stability once again outweighed the need to weaken the currency and boost inflation. But the Bank once again pushed back... 20th June 2013 · 1 min read
Nordic & Swiss Economics Update Norges Bank rate cut still a possibility The Norges Bank left interest rates unchanged today as concerns about financial stability once again outweighed the need to weaken the currency and boost inflation. But the Bank once again pushed back... 20th June 2013 · 1 min read
Canada Economics Update Monetary policy to remain highly accommodative Governor Stephen Poloz's debut public speech, which focused on the fragile global recovery and lack of business confidence, touched on our long-held concerns about Canada's economic recovery and why... 19th June 2013 · 1 min read
US Economics Update Fed likely to begin QE taper in September In most advanced western economies the supply of labour is likely to be boosted by a rise in labour market participation during the coming year or two. This should help to prevent wage inflation... 19th June 2013 · 1 min read
UK Data Response MPC minutes (Jun.) June’s MPC minutes confirmed that the outgoing Governor Mervyn King was outvoted at his final meeting and that appetite on the majority of the Committee for more policy stimulus remains muted. However... 19th June 2013 · 1 min read
Emerging Europe Economics Update Turkey's easing cycle probably at an end The Turkish central bank’s decision to keep interest rates on hold today probably marks the end of the easing cycle. In fact, policymakers have already tightened monetary conditions in recent weeks... 18th June 2013 · 1 min read
US Economics Update Monetary Indicators Monitor (May) Broad money growth has remained stable since late last year, with our measure of the M3 aggregate expanding by 6.2% over the 12 months to May. 17th June 2013 · 1 min read
Global Central Bank Watch Is the end of ample “cheap money” nigh? The prospect that the US Fed may start to taper its asset purchases later this year has raised concerns that the era of “cheap money” may soon be ending, undermining global asset prices and economic... 17th June 2013 · 1 min read
Asia Economics Update Rupee weakness complicates India's policy outlook Growing concern about the rupee’s decline and lingering worries about inflation appear to have been the key factors in the Reserve Bank of India’s decision to keep the repo rate unchanged at 7.25%... 17th June 2013 · 1 min read
US Economics Weekly Fed responding to improving economic outlook It now appears that GDP growth will slow to around 1.8% in the second quarter, but we should see a pick-up in the second half of this year. The slowdown is probably a delayed reaction to the tax hikes... 17th June 2013 · 1 min read
US Data Response Uni. of Mich. Consumer Confidence (Jun.) The slight drop in the University of Michigan measure of consumer confidence to 82.7 in June, from 84.5, reversed only part of the sharp gain of May. While the details of the report point to solid... 14th June 2013 · 1 min read
