ANALYSIS

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INTEREST RATE DECISIONS


05.08.2010 - The ECB`s Governing Council sees the current level of the refinancing tender rate as appropriate. Price development is still treated as moderate in medium-term horizon, that is why the rate, according to Jean-Claude Trichet, should be held at 1%. In his official interview, Trichet welcomed results of stress tests exercise, which was prepared and conducted by the Committee of European Banking Supervisors. Next time the Governing Council will meet on September 2.

03.08.2010 - At its meeting today, the Board of Reserve Bank of Australia decided to leave the cash rate unchanged at 4.5% rate.

The Bank expects global growth to be about trend over the coming year. Global outlook remains somewhat more uncertain than a few months ago and this is reflected in the volatility of financial prices. Commodity prices are off their peaks but those most important for Australia remain at very high levels, and the terms of trade are around their peak of two years ago. Recent data for inflation were consistent with the Bankís May forecasts, with underlying inflation declining to about 2ĺ per cent, the lowest rate for about three years.

With growth likely to be close to trend, inflation close to target and the global outlook remaining somewhat uncertain, the Board judged this setting of monetary policy to be appropriate.

29.07.2010 - The RBNZ governing board decided to lift its Official Cash rate by 0.25% to 3% level. However, it his official statement after the announcement Alan Bollard, the RBNZ governor, said the pace of rate increases will be more moderate in future than was projected in the June statement as the outlook for economic growth has softened somewhat. The second straight hike was predicted by market analysts. The New Zealand Kiwi plunged versus other major Forex currencies. Next time the governing board, headed by Alan Bollard, will meet on September 15.

20.07.2010 - The Bank of Canada governing council, headed by Mark Carney, today raised its overnight rate by one-quarter of one percentage point to 3/4 per cent. Today`s decision leaves considerable monetary stimulus in place, as the government expects to achieve the 2% inflation target in light of the significant economic growth in Canada and the surge of domestic spending. The next monetary policy decision of BOC is due n September 8, however, most analysts predict that the Bank will maintain its rate on hold till the end of the year.

15.07.2010 - Today The Bank of Japan made a decision to maintain its key interest rate at its record low of 0.1%, signaling the recovery in 2011 will be 1.9% instead of 2% expansion predicted earlier. In its statement the BOJ states that the second world`s largest economy is recovering at a moderate pace fueled by high growth rates in developing countries. The BOJ has not lifted the key policy rate since December 2008. The next key policy decision is due on August 10.

08.07.2010 - The Bank of Englandís Monetary Policy Committee, headed by Mervyn King, unanimously decided to maintain its key interest rate at its low of 0.5%. The decision matched all expectations. Besides, the Committee maintained the size of Asset Purchase Program at 200 billion GBP. In the official statement the Bank mentions that the UK economy remains very fragile in spite of modest economic growth worldwide. Next time the Committee will meet on August 5.

08.07.2010 - The Governing Council of the ECB followed an example shown by the Bank of England and restrained itself from rate hikes as economic recovery in euro-area remains uneven. According to Jean-Claude Trichet, the current rate is appropriate for euro-area. Besides, price developments are expected to remain moderate in medium-term future. In his speech Trichet emphasized on necessity to establish crisis management framework that minimises moral hazard.

06.07.2010 - Today the Governing Board of RBA, headed by Glenn Stevens, made a decision not to raise its benchmark interest rate. The rate as expected by the analysts remains at 4.5% and further hikes closer to normal levels are postponed. In its official monetary policy report the Reserve Bank of Australia indicates that global economic recovery remains uneven. The labor market in Australia develops in line with forecast and business activity displays signs of stabilization.

01.07.2010 - The Swedish Riksbank today made a decision to gradually raise its key repo rate as Swedish economy is now improving after severe downturn. According to the official monetary policy report, Swedish exports and investment gets benefit from global recovery, however, its pace is now far from forecasts. Swedish employment is constantly rising, but unemployment level remains high at this point. The target for inflation remains at 2 percent level.

24.06.2010 - The US Federal Open Market Committee, as widely expected, voted to maintain its target range for the federal funds rate at 0.25%. The FOMC anticipates to hold the key rate at exceptionally low level for extended period. The inflation is predicted to be subdued for some period of time as prices for energy and commodities have recently declined. The financial markets, especially abroad, still do not favor strong recovery. Next time the FOMC is set to meet on August 10, however, a rate hike is not forecast until 2011.

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