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Bank of Japan and Central Bank Independence

October 04, 2012
The Bank of Japan is the fourth G10 central bank that meets this week.  The Bank of England and the European Central Bank did nothing as expected.  The Reserve Bank of Australia did not just deliver a 25 bp as indicative prices in the derivatives market had favored, even if many economists were taken by surprise, but it kept the door open to addi…
Bank of Japan and Central Bank Independence Bank of Japan and Central Bank Independence Reviewed by Marc Chandler on October 04, 2012 Rating: 5
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Fox Business: Future of the Euro Fox Business: Future of the Euro Reviewed by magonomics on October 04, 2012 Rating: 5
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Thoughts on the ECB

October 04, 2012
The most important thing that ECB President Draghi has said in his prepared remarks was the reluctance to reschedule Greek bond holdings on grounds that would be tantamount to monetary financing.   
Really?  Buying the bonds in the first place did not count as monetary financing but extending the maturities, say for the ones that come due say in …
Thoughts on the ECB Thoughts on the ECB Reviewed by Marc Chandler on October 04, 2012 Rating: 5
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Churn Burn Continues

October 03, 2012
The US dollar is narrowly mixed as North American operators return to their posts.  Initial gains were seen in Asia, as the market ostensibly reacted to reports that Spanish Prime Minister Rajoy denied earlier reports that a formal request was imminent.  Color us skeptical.  Such denials were seen near the US open yesterday.  
It seems more likel…
Churn Burn Continues Churn Burn Continues Reviewed by Marc Chandler on October 03, 2012 Rating: 5
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Preview BOE and ECB Meetings

October 03, 2012
The Bank of England and the European Central Bank meets tomorrow.  A strong case can be made that the economic conditions and outlook warrant additional monetary easing.  

After the UK economy contracted for three consecutive quarters, it may have stagnated in Q3.  It has reached a sub-optimal equilibrium.  Price pressures have eased considerably.…
Preview BOE and ECB Meetings Preview BOE and ECB Meetings Reviewed by Marc Chandler on October 03, 2012 Rating: 5
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