It connotes that whatever the central bank policy might be, it will drive a market outcome; whatever the market outcome, it was driven
by a central bank policy.
Driven by a debt binge by the E&P space, which was enabled
by the central bank policy, the U.S. oil industry was able to achieve record oil production.
Excessive liquidity - creation
by central bank policies has created a dangerous liquidity mismatch.
Investors may find credit spreads and the corresponding risk premiums to be an attractive means of earning positive real returns while real yields on government bonds are being repressed
by central bank policies.
Between the perennial risks of the unregulated shadow banking sector and speculation fueled
by central bank policies to the prospect of a sudden crackdown on whatever the bureaucrats designate as «corruption,» the world's second largest stock market — and second largest economy — has been excessively interesting.
Not exact matches
Under this hypothetical
policy, governments transfer money directly to taxpayers to encourage spending, a handout funded
by issuing bonds with a coupon of zero and no maturity date, which
central banks buy.
The euro, which has been knocked
by weaker - than - expected economic data and growing doubts about when the European
Central Bank will normalize its monetary
policy, fell 0.67 percent against the greenback to $ 1.998.
Many on Bay Street and Wall Street actually prefer the Canadian
central bank's commitment to talking with one voice, compared to the mixed messages sent
by the Fed's freewheeling
policy makers.
Lane added some texture to the
central bank's decision to increase interest rates, saying
policy makers were encouraged
by «widespread strength» in exports and business investment.
A former member of the
Bank of England (BOE) told CNBC it's «unwise» for the central bank to stick to a long - term policy strategy in case it gets wrong - footed by new economic d
Bank of England (BOE) told CNBC it's «unwise» for the
central bank to stick to a long - term policy strategy in case it gets wrong - footed by new economic d
bank to stick to a long - term
policy strategy in case it gets wrong - footed
by new economic data.
This comes after years of record low rates across the globe due to aggressive monetary
policy by central banks.
The yield on the U.S. 10 - year Treasury jumped to its highest level since 2014 on Friday morning, underlining a wider move in bond markets caused
by central banks moving away from financial crisis
policies.
Though the European
Central Bank has been encouraged
by the economy's momentum, it's still pursuing crisis - era stimulus
policies to get the annual rate of inflation back to its goal of just below 2 percent.
Ahead of a
Bank of Japan leadership change,
central bankers are considering the possibility of shifting
policy closer to the quantitative easing campaign of the last decade, hoping it will give
policy the kick demanded
by Prime Minister Shinzo Abe.
That debate takes place internally at the
central bank, where contrasting views are regularly articulated
by members of the Federal Open Market Committee (FOMC) as our Federal Reserve (Fed) policymakers attempt to steer monetary
policy with regard to interest rates.
Powell said individual Fed members will be crafting new projections at the
central bank's meeting in March, which would be influenced
by federal government's ambitious fiscal
policies including tax cuts.
He has implemented a massive stimulus
policy by cutting the
central bank's benchmark interest rate to negative, keeping the 10 - year Japanese government bond yield near 0 percent in an effort to control the yield curve and stepping up the Bank of Japan's asset purcha
bank's benchmark interest rate to negative, keeping the 10 - year Japanese government bond yield near 0 percent in an effort to control the yield curve and stepping up the
Bank of Japan's asset purcha
Bank of Japan's asset purchases.
The
policies are likely to have deleterious impacts, including creating inflation that must be stomped out
by the
central bank.
The most important
policy action for mitigating the damage of a recession is for the
central bank to keep interest rates low, according to the respondents, followed
by increasing spending on transportation and other infrastructure projects.
The Philippine
central bank has set up a separate cyber security surveillance division to craft cyber security
policies and conduct surveillance work, monitor cyber threats and test the ability of supervised institutions to manage cyber security issues, Nestor Espenilla
central bank deputy governor in charge of
banking supervision, said in a lecture organized
by the
bank.
Gundlach has been critical of negative interest rate
policies used
by central banks outside of the US such as the Bank of Japan and the European Centra
central banks outside of the US such as the
Bank of Japan and the European
CentralCentral Bank.
History has shown that market and economic volatility can be subdued —
by central bank edict, monetary
policy, or the adoption of hedges — for only so long.
OSLO - Norway
Central Bank holds Announcement of the Executive Board's interest rate decision and publication of Monetary
Policy followed
by press conference 0900 GMT STOCKHOLM - Riksbank executive board meeting 0800 GMT.
If Yellen's Fed fails to convince Wall Street about the
policy path, a rate increase could trigger financial turmoil of the sort seen in 2013, when investors were caught off guard
by the
central bank signaling an end to its bond - buying program.
Gold fell on Thursday as the European
Central Bank's reaffirmation of its ultra-easy
policy stance pushed the euro lower against the dollar, although moves were muted before a news conference
by ECB chief Mario Draghi.
In the currency markets, the differing messages of the world's major
central banks on inflation and monetary
policy prodded the dollar higher against the yen ahead of a series of appearances
by U.S. Federal Reserve officials this week.
This is part of the long - running worry that the new monetary
policy activism inspired
by the financial crisis threatens
central banks» political independence.
«I believe policymakers should have been much more aggressive in tightening
policy and rejecting the fiscal impropriety associated with this most recent tax cut... The die has been cast
by the Fed and other
central banks and future
policy prescriptions are predictable.»
The U.S.
central bank's monetary -
policy committee raised benchmark borrowing costs
by a quarter percentage point to a range of 1.5 % to 1.75 %, in Jerome Powell's first meeting as Fed chairman.
If a
central bank eases monetary
policy, it stimulates the economy, largely
by encouraging households and companies to borrow more and pushing up the prices of many types of financial assets.
Some
central banks, including the Bank of England and the European Central Bank, condition their forecasts on paths implied by financial market prices; others, including the Sveriges Riksbank and the Norges Bank, condition their forecasts on staff expectations of the future policy interes
central banks, including the
Bank of England and the European
Central Bank, condition their forecasts on paths implied by financial market prices; others, including the Sveriges Riksbank and the Norges Bank, condition their forecasts on staff expectations of the future policy interes
Central Bank, condition their forecasts on paths implied
by financial market prices; others, including the Sveriges Riksbank and the Norges
Bank, condition their forecasts on staff expectations of the future
policy interest rate.
This might mean, for example, that the
central bank would need to run a more stimulative
policy than it would have otherwise to offset the effect of macroprudential
policies, and the macroprudential authority would impose more stringent measures than it would have otherwise to counteract the leverage and risk taking generated
by looser monetary
policy.
After all, when a
central bank influences the cost of financing through changes in the
policy interest rate, its actions affect the economy
by changing asset prices, encouraging or discouraging risk taking, and influencing credit flows.
The notion is that
by pursuing a slightly tighter monetary
policy, the
central bank would take out insurance against the risk that the rise in asset prices is a bubble and that its busting would be disruptive.
With the global economy «floating on an ocean of credit,» the current acceleration of credit via
central bank policies will likely produce a positive rate of real economic growth this year for most developed countries, PIMCO chief Bill Gross writes in his latest monthly commentary, but «the structural distortions brought about
by zero bound interest rates will limit that growth and induce serious risks in future years.»
Controlled inflationary pressures also support our expectation of further
policy accommodation
by Asian
central banks.
The
central bank knows that every period a fraction 1 / n of the sticky price firms will cut their prices
by 5 %, and to offset this it loosens monetary
policy just a little so that the flexible price firms raise their prices
by (5 / n) %.
News can affect yields
by offering market participants insight into economic fundamentals and shaping their expectations of
central banks» future monetary
policy decisions.
Over 2018, we expect the direction of European fixed income markets to be determined principally
by European
Central Bank (ECB) monetary
policy and the political backdrop, in much the same way as these two factors have dominated 2017.
Because of QEs, the associated «twist,» and similar
policies by the
Bank of England (BOE), Bank of Japan (BOJ) and Eropean Central Bank (ECB), he adds, several trillion dollars of «base money» has been added to global central bank vau
Bank of England (BOE),
Bank of Japan (BOJ) and Eropean Central Bank (ECB), he adds, several trillion dollars of «base money» has been added to global central bank vau
Bank of Japan (BOJ) and Eropean
Central Bank (ECB), he adds, several trillion dollars of «base money» has been added to global central bank
Central Bank (ECB), he adds, several trillion dollars of «base money» has been added to global central bank vau
Bank (ECB), he adds, several trillion dollars of «base money» has been added to global
central bank
central bank vau
bank vaults.
By conducting
policy in a transparent way and communicating what is important in determining the
central bank's reaction function, I think policymakers can strike the best balance between a monetary
policy that fully incorporates the complexity of the world as it is, while, at the same time, retaining considerable clarity about how the FOMC is likely to respond to changing circumstances.
Negative interest rate
policies are another unconventional tool currently being employed
by many
central banks.
For now, that volatility is being suppressed
by, in many instances, ultra-accommodative
central bank policies throughout the developed economies.
These accelerated periods coincided with recessions and economic weakness, during which expansionary monetary
policy was deployed
by the
central bank.
He was then followed
by the European
Central Bank and the central bank of Japan that are introducing their own monetary stimulus po
Central Bank and the central bank of Japan that are introducing their own monetary stimulus polic
Bank and the
central bank of Japan that are introducing their own monetary stimulus po
central bank of Japan that are introducing their own monetary stimulus polic
bank of Japan that are introducing their own monetary stimulus
policies.
The
policy response
by inflation - targeting
central banks has been very rapid as the crisis has unfolded, notwithstanding the fact that in some cases, the current level of inflation was above the target range.
Jacob Frenkel, 70, is the original economist - turned -
policy - maker, the first to blaze a trail well - travelled now
by Ben Bernanke and several others, from seminar room to chairman's office of a
central bank.
The decision
by the
central bank's
policy setting panel was in line with the expectations of markets and economists, who had given only low odds to governor Mark Carney removing a mild bias towards raising rates sometime.
Those who worry that the increase in reserves caused
by cash transfers to households will cause inflation or create major
central bank balance sheet problems down the road, no longer need to oppose this
policy.
Others have objected that cash transfers — even if implemented
by central banks — are really «fiscal» not «monetary»
policy.