Tagged: BOJ

The Day Today 19 Feb 2015

* ECB give Greece an extra 3.3bn EUR in ELA, to be reviewed in 2 weeks * Fed Minutes: prefer to keep rates lower for longer (Hilsenrath), and dollar strength “expected to be a persistent source of restraint” on exports * They also discussed looking at “trimmed mean measures of inflation” as deflation has been…

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What happens to Japan when everyone else is doing a Japan

Strange things are afoot in the Japanese bond market. Yesterday, China cut the reserve ratio requirement for banks by 50bp, the first RRR cut since May 2012 (the third of the BRICs to ease this year, following India’s surprise January 25bp cut and Russia’s 200bp cut last week). We already know that yields are plummeting in the developed…

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The Day Today 21 Jan 2015

* Bill White, the man who predicted the financial crisis, warns the current situation is even worse: “We are holding a tiger by the tail”; and that more QE won’t work: “Sovereign bond yields haven’t been so low since the ‘Black Plague’: how much more bang can you get for your buck?” * Greece deposit flight…

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The New Year’s Day Today

— Over the holiday, main stories: Greek elections now coming in Jan; ECB debate continues: Knot says no proposal for sovereign QE yet but Praet says current measures not enough and there will be negative CPI prints for a number of months that they can’t look through; Spanish CPI missed estimates, -1.1% YoY vs -0.7%…

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Hands up if you’re not easing

So China cuts rates for the first time in 2 years, Abe stakes his political reputation on aggressive stimulus in Japan, and Mario Draghi rolls out another speech to bounce the ECB into action. A little more digging, however, and it’s not quite as straightforward as the free money party of 2009 onwards. It’s easing,…

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