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Monday, 13 July 2020 23:22 WIB

Bank of England Governor Andrew Bailey said financial institutions must have plans in place now for the end-2021 deadline for dropping Libor (London Interbank Offered Rate), the discredited interest rate benchmark used to price trillions of dollars of financial contracts. Bailey acknowledged there had been calls to step back from the Libor transition as a priority because of the shock to global financials markets caused by the coronavirus crisis. "But in my view, what we saw in financial markets in March in response to the shock of Covid only reinforces the importance of removing the...

RECENT NEWS
ECB Meeting Account Shows Officials Far Apart on Stimulus
Thursday, 10 October 2019 19:52 WIB | Bank Sentral Eropa ECB

European Central Bank officials were far apart on the elements of the monetary stimulus package that led to public acrimony after last months decision. The account of the Sept. 11-12 meeting showed some members of the Governing Council were ready to back an even deeper cut in interest rates in exchange for dropping the proposal to restart bond purchases. Others needed convincing about reducing rates at all because of concern about the possibility of increasingly adverse effects. œA number of reservations were expressed about individual elements of the proposed policy package,...

FOMC minutes: Most fed policymakers believed 25 basis point cut needed
Thursday, 10 October 2019 01:22 WIB | Federal Reserve FOMC

According to the minutes from the Federal Open Market Committee's (FOMC) September 17-18 monetary policy meeting, most policymakers believed that a 25 basis points rate cut was needed citing economic outlook, risk management and inflation objectives. The US Dollar Index largely ignored the statement and was last flat on the day at 99.12. Below are some other key take aways as reported by Reuters. "Several participants said statistical models on the likelihood of a recession in medium-term had increased notably in recent months." "Policymakers generally more concerned about risks...

Powell Speech: Fed's Strategy And Tools Have Been, And Remain, Effective
Wednesday, 9 October 2019 22:25 WIB | The Fed

While speaking to a group of local business and community leaders at the Federal Reserve Systems Fed Listens program, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, repeated that the Fed's strategy and tools have been, and remain, effective. "It's important for the Fed to keep inflation around the target so there is room to move monetary policy and to keep expectations anchored," Powell added. "Historically strong job market is benefitting low and moderate-income communities." Source : FXstreet

Breaking: Fed's Powell says there is no reason why expansion can't continue
Wednesday, 9 October 2019 03:19 WIB | Federal Reserve

While responding to questions from the audience following his prepared speech at an event organised by the National Association of Business Economists in Denver, Federal Open Market Committee (FOMC) Chairman Jerome Powell said that there was no reason why the monetary expansion could not continue. With the initial market reaction, the US Dollar Index retreated from its session highs and was last up 0.16% on the day at 99.14. "The Fed will use rate cuts, forward guidance, and QE as appropriate," Powell added. "The short-term yield curve control is something that is worth looking...

Australia Cuts Key Rate as Global Threats, Unemployment Rise
Tuesday, 1 October 2019 12:10 WIB | Moneter RBA

Australia's central bank lowered interest rates for the third time this year as it tries to shield the economy from a slew of offshore risks, and signaled it could ease even further. Reserve Bank chief Philip Lowe reduced the cash rate by 25 basis points to 0.75%, as predicted by money markets and most economists, bringing the lower bound of policy into view and raising the prospect of unconventional measures. The RBA's move is also designed to prevent a rebound in the depreciating currency that might have been triggered if it stood pat while global...

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FISCAL
Fed's Powell: 'Medical Metrics' Most Important Data for U.S. Economy Now: CBS
Monday, 18 May 2020 08:06 WIB

The most important data for the U.S. economy right now are the "medical metrics around the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said Sunday night in broadcast remarks...

MONETARY
RBA cuts Official Cash Rate by 25 bps to 0.50%, AUD/USD jumps
Tuesday, 3 March 2020 10:38 WIB

At its March monetary policy meeting on Tuesday, the Reserve Bank of Australia (RBA) cut its official cash rate (OCR) by 25bps to a record low of 0.50%, as they weighed in the coronavirus outbreak...