The Board of the Central Bank decided to maintain the monetary policy rate at 0,25% in July. The Bank will maintain an expansive stance but will pay special attention to inflation expectations.
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Today’s policy meeting saw the ECB leave its rates unchanged while maintaining the current pace of PEPP purchases, but delivered a moderately positive assessment of the evolving economic situation. This despite an acknowledgement of the underlying uncertainties posed by the pandemic
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- Europe
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- Central Banks
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The Board of the Central Bank decided to maintain the monetary policy rate at 0,25% in May. The accompanying statement included a “forward guidance” component, with the Bank committing to the current monetary policy stance as long as the negati…
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As expected, the CBRT maintained its policy rate unchanged. Important uncertainties on politics and geopolitics remain to be solved, so today’s decision is a prudent one. We maintain our view that the CBRT will start the gradual easing cycle to…
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- Türkiye
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- Global Economy
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The 2Q15 Inflation Report revealed that the COPOM expects inflation to close 2015 at 9.0%, decline to 4.8% at the end of 2016 and converge to the 4.5% target only in 2Q17. As its focus is on taking inflation to the target by the end of 2016, it…
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- Brazil
- Latin America
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- Global Economy
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The minutes of last week's monetary policy meeting suggest that the tightening cycle is not over yet. According to the COPOM, the efforts to drive inflation down to 4.5% by the end of 2016 are "still not sufficient" and therefore monetary policy must remain "vigilant". We take today's minutes as a sign that the SELIC will…
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- Brazil
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- Global Economy
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We find that futures rates increase (decrease) after both an increase in the reference interest rate and a hawkish (dovish) communication by the BCB. Moreover, BCB words create more “noise”, since they increase volatility of futures rates. Our analysis reveals that BCB communication has increased its effectiveness after the…
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- Brazil
- Latin America
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- Central Banks
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The Monetary Policy Committee (COPOM) decided to adjust up the SELIC rate by 50bp, as in its three previous meetings. By maintaining the adjustment pace unchanged in spite of the signs of sharp deceleration in economic activity, the monetary au…
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- Latin America
- Brazil
- Topic Tags
- Global Economy
- Central Banks
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The minutes of last week's monetary policy meeting in which the SELIC rate was hiked by 50bp to 11.75% show that the plan of the Monetary Policy Committee (COPOM) is to take inflation back to the 4.5% target by 2016. To do so the monetary autho…
- Geography Tags
- Brazil
- Topic Tags
- Global Economy
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