News/Monetary Policy
Inflation no longer a threat to eurozone
EUROPE - Wim Duisenberg, president of the European Central Bank, said yesterday, Thursday, the bank's decision to cut interest rates by 50 basis points to 3.25 per cent reflected both a need to prop up battered confidence, and the bank's belief that…
FOMC: 'Mild and short contraction' of US econ seen
US - Federal Reserve policymakers expect a "relatively mild and short" U.S. recession, but they're inclined to keep cutting interest rates to banish the prospect of a nastier downturn, minutes of their recent policy meetings suggest.
IMF sees continued gloom for Germany
GERMANY - The German economy should recover from its slowdown in the first half of next year, but business confidence is frail and the government has little room to pursue fiscal expansion, the International Monetary Fund said yesterday, Wednesday.
News release from the Bank of England
NEWS RELEASE - Bank Of England Reduces Interest Rates by 0.50% to 4.0%, 8 November.
Bank of England cuts rates by 0.5%
UK - The Bank of England on Thursday cut Britain's interest rates half a point, taking its key repo rate to a 37-year low of 4.0 percent, in a bid to insulate the country from the threat of global recession.
ECB Press Release - Monetary policy decisions
PRESS RELEASE - European Central Bank press release on interest rate decisions, 8 November.
ECB lowers interest rates to 3.25%
EUROPE - The European Central Bank (ECB) has slashed its key interest rate by half a percentage point to 3.25%, its fourth cut this year and bigger than many economists had dared to hope.
Canada's Dodge - Bank still has room to manoeuvre
CANADA - Bank of Canada Governor David Dodge said Wednesday that a high degree of uncertainty continues to hang over the Canadian economy, which is likely to remain weak for much of the next year.
ECB decide on new rate setting schedule for future
EUROPE - Currency market participants welcomed Thursday the European Central Bank's decision to start limiting its interest rate decisions to once a month.
Federal Reserve cuts rates to lowest since 1961
UNITED STATES - Struggling to reverse the slide in the U.S. economy, or at least to slow it, the Federal Reserve cut short-term interest rates on Tuesday by half a percentage point, to 2 percent, the lowest level since the 1960s.
Australia leaves interest rates unchanged
AUSTRALIA - Australia's central bank has opted to keep its interest rates unchanged on Wednesday despite the US Federal Reserve cutting its key overnight rates by 50 basis points to its lowest level in 40 years.
Federal Reserve Press Release
PRESS RELEASE - Monetary policy decisions by the Federal Reserve Board, 6 November.
Duisenberg gives green light for ECB rate cut
EUROPE - European Central Bank President Wim Duisenberg appeared Monday to give the green light for an interest rate cut this week as euro-zone finance officials sounded a cautious note about the economic outlook for the 12-member bloc.
Australian economy stronger than US - Costello
AUSTRALIA - Australian Treasurer Peter Costello said Wednesday that a decision by the Reserve Bank to keep interest rates steady after its board meeting Tuesday isn't surprising given the country is in the midst of an election campaign.
Fed expected to cut rates by another half-point
US - The US Federal Reserve is poised to cut interest rates today for the tenth time this year, extending its most aggressive rate-cutting campaign in recent history amid yet more evidence of proliferating weakness in the world's economic power.
Asian nations agree free-trade zone
ASIA - South East Asian nations and China have agreed to set up the world's biggest free-trade area within 10 years.
Consumer spending falls in Japan
JAPAN - Japanese households spent less in September in spite of falling prices and government attempts to boost consumer spending, official figures show.
Eurozone inflation dip may smooth ECB move
EUROPE - Annual inflation in the eurozone dipped to 2.4 per cent last month from 2.5 per cent in September, according to a provisional estimate released Monday.
IMF cuts forecast for growth in France
FRANCE - The International Monetary Fund, blaming the effects of the September 11 terrorist attacks in the US, has cut its forecast for French economic growth next year to around 1.6 per cent from an earlier prediction of 2.1 per cent.
Early euro vote for UK in doubt
UK - Chancellor of the Exchequer, in the UK, Gordon Brown poured cold water yesterday on expectations the British government was leaning toward holding a referendum on joining the European single currency during the current parliament.
BOJ Suda - Weak yen is remedy to stop price falls
JAPAN - Bank of Japan board member Miyako Suda said Monday she believes a weak yen is an appropriate remedy to stop Japan's price declines.
Buba Welteke - ECB rate policy no hinder to growth
GERMANY - The European Central Bank's interest rates aren't an obstacle to growth, long-term and real interest rates are low and the ECB must avoid letting long-term inflation expectations build up, Deutsche Bundesbank President Ernst Welteke repeated,…
Bank of Japan is pressured to take action
JAPAN - Japanese lawmakers tightened the screws on the Bank of Japan by advancing legislation that would force it to take more aggressive action to stimulate the world's second-largest economy.
Envisaged scenarios of the euro changeover
RESEARCH - Regular report of the European Central Bank on Envisaged scenarios of the euro area for the 2002 cash changeover as at 26 October.