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January 27, 2023
At its January meeting, the Central Bank increased the monetary policy rate by 75 bp, bringing it to 12.75%. The vote was split, with 2 members voting in favor of a 25 bp increase and 5 in favor of 75 bp.
The Fed is attempting to reverse this downshift saying it is set to keep policy “sufficiently restrictive for some time”. Next week, the FOMC will agree to slow rate hikes again and will discuss how much further to go.
The Board of the Central Bank decided to increase the monetary policy rate from 7.50% to 7.75% in January. The Bank tightened the monetary policy stance understood as the real ex-ante policy rate to a more restrictive level.
Spain must combine fiscal consolidation and budgetary stability with growth. It must increase the weight of productive public expenditure over total public spending and improve its efficiency, as a strategy for inclusive progress, in order to r…
As with any fever, inflation in 2022 was only the symptom of serious ailments. So why was the action of the European Central Bank (ECB), which raised rates from 0 to 2.5%, so important?
Unusually and unexpectedly high inflation has been one of the most analyzed and discussed topics in 2022. Its causes and consequences have been at the very heart of the economic debate. And although its determining factors have not yet been unequivocally identified, its effects are already visible.
2022 has been a dismal year for the fixed income market in general, including sovereign bonds. As the year draws to a close, bond prices, which move inversely to their yields, have fallen by an average of about 15% globally.
The crisis of 2022 has central banks striving to avoid the sins of the 1970s, fiscal policy resisting to avoid repeating the mistakes of 2009 and 2012, and the new international order trying to learn lessons from what happened 100 years ago.
However, the Fed is not convinced that inflation is “on a sustained downward path”, and thus, it will try to reverse the recent downshift of the yield curve.
Following a series of more aggressive 75 bp hikes at previous meetings, last week the ECB raised interest rates by just 50 bp, following in the footsteps the Federal Reserve and the Bank of England. In doing so, it is trying to strike the right…
At its December meeting, Banco de la República increased the monetary policy rate by 100 basis points, bringing it to 12.0%. Although the vote was mostly for a 100bp increase, there was one vote for a 125bp increase and another for a 25bp increase.
Banxico lifted the policy rate by 50bp, to 10.50% and strongly hinted that the end of the tightening cycle is in sight .
