Friday, October 29, 2010

Monetary Policy Week in Review - 30 Oct 2010

This week saw Monetary Policy decisions from the central banks of Columbia, Russia, Denmark, Japan, New Zealand, Norway, Poland, Sweden, Israel, and Hungary. The standouts were Denmark (raising its rate 10bps to 0.70%), and Sweden (raising its rate 25bps to 1.00%). The other standout was Poland, who raised its required reserve ratio 50bps to 3.50% from 3.00%, there was also additional announcements from Columbia about expanding its dollar buying program, and the Bank of Japan announced an expansion of the scope of its asset purchase program (as well as bringing forward the next meeting date).

But overall the preference of most banks was to hold interest rates steady due to either weak domestic demand, subdued inflationary pressures, and uncertainty about the outlook for the global economic recovery. Next week is also set to be a big week in terms of monetary policy with the US FOMC announcing their decision (and likely the details of "QEII", or a second round of quantitative easing), the ECB and Bank of Japan will also meet next week.



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