Posts Tagged ‘MPC’
October 6, 2011
(Another day older and deeper in debt.)
No surprises from the ECB as they held rates at 1.5% as Trichet ended his reign at the helm of European banking by paying homage to the FONZ: Never admit that you were wrong. The ECB did announce that it was extending its policy of providing liquidity to EUROZONE banks at extremely low rates for a period of 12 and 13 months in an effort to prevent any immediate bank run. Also, the ECB announced that it would buy up to 40 billion euro of covered bonds, but that should not be a big deal for covered bonds are the best collateral so many banks will probably not be running for funding posting the highest rated debt.
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Tags:BOE, bonds, Canada, Dollar, Dow, ECB, equity, Eurozone, FTSE, Gilts, long bond, Loonie, Mervyn King, MPC, nonfarm payrolls, QE, RORO, S&P, stocks, U.S., unemployment, zero interest rate
Posted in BOE, Canada, Central Banks, ECB, unemployment, United States | Leave a Comment »
April 7, 2011
As expected, the Bank of England held rates at 50 basis points and the ECB moved to raise rates to 1.25 percent. BOE Governor KING does not hold news conferences post-announcement so we will have to wait to find out if the MONETARY POLICY COMMITTEE (MPC) voted 5-3-1 again. Also, with inflation in the U.K. above the targeted level, Mr.King will be writing another to the ECHEQUER to explain why the BOE kept rates at the present level and held back from raising as prescribed by its mandate.
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Tags:BOE, ECB, EMU, Euro, Euro Zone. D-Mark, Fed, Greece, inverted, Ireland, Mervyn King, MPC, PIIGS, Portugal, Pound, Trichet
Posted in Currency, ECB, Europe, UK | 10 Comments »
February 10, 2011
As expected, the Bank of England held the overnight lending rate at 0.5 percent. The POUND held its ground and actually rallied against the other major currencies. The U.K. yield curve steepened a touch but basically rested as it has been very active of late–it widened out with the MPC acquiescing to the recent rise in CPI numbers. The markets will have to wait until February 23 to find out the breakdown of the nine-member panel voting record. In the U.S., the JOBLESS CLAIMS number was much better than expected as the number dropped to a two-and-a-half-year low. The credit markets were numb to this data point as it has been so volatile due to weather-related effects.
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Tags:Axel Weber, BOE, bonds, CPI, Debka, ECB, Egypt, G-20, G-7, jobless claims, MPC, Mubarak, PIIGS, Pound
Posted in Debt Market, ECB, Germany, UK | 8 Comments »
February 9, 2011
Today, Ben Bernanke went before the new sheriffs in Washington and he maintained the importance of the FED‘s dual mandate. He let Paul Ryan and his comrades unequivocably know that the dual mandate will be fulfilled. Yes, Chairman Bernanke appeared to sign on to the desire of the Republicans’ “mandate” for fiscal rectitude but that is always to be expected from a FED chairman.
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Tags:10-Year Treasury Note auction, 3-Year Treasury Note, 50 basis points, BOE, dual mandate, Equities, Fed, Mervyn King, MPC, Paul Ryan, QE2, shadow banking committee
Posted in Debt Market, Federal Reserve, UK | Leave a Comment »