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UK private sector output continues to rise at a solid pace in March
March data pointed to another solid upturn in output levels across the UK private sector, with the rate of expansion only fractionally slower than February’s nine-month high. This largely reflected increasing business activity in the service economy. Manufacturing production nonetheless turned a corner in March, ending a twelve-month period of decline, amid the fastest rise in new orders since May 2022. Input prices continued to rise at a sharp pace in March, with the rate of inflation the second-fastest since August 2023. Service providers reported elevated wage pressures as the main factor leading to strong cost ... (full story)
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Norges Bank’s Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.5 percent at its meeting on 20 March. “The policy rate will likely ...
post: SNB'S JORDAN: WILL ADJUST MONETARY POLICY AGAIN IF NECESSARY.Introductory remarks, news conference Ladies and gentlemen As Chairman of the Governing Board, it is my pleasure to welcome you to the news conference of the Swiss National Bank. I would also like to welcome all those who are joining us today online. I extend a special welcome to Antoine Martin. This is his first press conference as a Member of the Governing Board. After our introductory remarks, we will take questions from journalists as usual. Questions can also be asked by telephone. Monetary policy decision I will begin with our monetary policy decision. We have decided to lower the SNB policy rate by 0.25 percentage points to 1.5%. The change applies from tomorrow, 22 March 2024. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 1.0% above this threshold. We also remain willing to be active in the foreign exchange market as necessary. The easing of our monetary policy has been made possible because the fight against inflation over the past two and a half years has been effective. For some months now, inflation has been back below 2% and thus in the range we equate with price stability. According to our new forecast, inflation is also likely to remain in this range over the next few years. With our decision, we are taking into account the reduced inflationary pressure as well as the appreciation of the Swiss franc in real terms over the past year. The policy rate cut also supports economic activity. Today’s easing thus ensures that monetary conditions remain appropriate. We will continue to monitor the development of inflation closely. We will adjust our monetary policy again if necessary to ensure inflation remains within the range consistent with price stability ov
At its meeting on 7 March 2024, the Governing Council decided to keep the three key ECB interest rates unchanged. Since its monetary policy meeting on 25 January 2024, inflation ...
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A gangbusters jobs reading for February has confirmed the labour market remains red hot despite a broader economic slowdown. The economy added a blockbuster 116,500 jobs in ...
video AUDUSD had been losing ground since the beginning of March, dropping below its descending 50- and 200-day simple moving averages (SMAs). However, the pair managed to pause ...
post: Turkish Central Bank Hikes One Week Repo Rate By 500Bps At 50.00% (Expected Unchanged)Press Release on Interest Rates (2024-14) The Monetary Policy Committee (the Committee) has decided to raise the policy rate (the one-week repo auction rate) from 45 percent to 50 percent. The Committee has also decided to adjust the monetary policy operational framework by setting the Central Bank overnight borrowing and lending rates 300 basis points below and above the one-week repo auction rate, respectively. In February, led by services inflation, the underlying trend of monthly inflation was higher than expected. While imports of consumption goods and gold slowed down and contributed to the improvement in the current account balance, other recent indicators imply that domestic demand remains resilient. Stickiness in services inflation, inflation expectations, geopolitical risks, and food prices keep inflation pressures alive. The Committee closely monitors the alignment of inflation expectations and pricing behavior with projections, and the impact of wage increases on inflation. In response to the deterioration in the inflation outlook, the Committee decided to raise the policy rate. Tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed, and inflation expectations converge to the projected forecast range. Monetary policy stance will be tightened in case a significant and persistent deterioration in inflation is foreseen. The decisiveness regarding tight monetary stance will bring down the underlying trend of monthly inflation through moderation in domestic demand, real appreciation in Turkish lira, and improvement in inflation expectations. Consequen
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- Posted: Mar 21, 2024 5:31am
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