h********r
发帖数: 928 | 1 The Fed is considering a range of tools to boost growth, William Dudley, the
president of the New York Fed Bank, said in a speech Monday, hinting at the
option of a third round of quantitative easing.
“The Fed seems to be pushing the global agenda towards continued dovishness
and accommodation and easing,” Hastings said. The Fed also is “pressuring
the global yield curve lower in order to force easing around the world,
which would of course prevent the U.S. dollar /quotes/zigman/1652083 DXY +0.
08% from declining too much against other currencies.”
The need to push the yield curve lower, he added, is “logical” since,
regardless of how Europe and Italy play out this week, “there is a need for
global central bank collaboration on more stimulus and more long-term
funding of various initiatives.”
Doves fly free
Currently, central banks with a dovish stance on monetary policy include
Turkey, Canada, Brazil, Australia, Hungary, Norway, England and India. China
may also be hinting at easier monetary conditions.
“Central banks have yet to realize that the cumulative effect of their
policies has been to create an economic roller coaster,” said Michael
Bechara, managing director at risk-management firm Granite Consulting Group.
“We are now nearing the top of the track and they are seeing the steep
descent ahead — hence the dovishness.”
Nicolas Godt/MarketWatch
The Reserve Bank of India in Mumbai. Last week, Brazil’s central bank
chopped another half-percentage point off the benchmark interest rate,
sending it to 11.5%. The bank in late August unexpectedly cut the rate by
that same amount.
Following the move, BNP Paribas cut its 2011 GDP growth forecast for Brazil
on Friday to 2.8% from 3.5%, with Marcelo Carvalho, who heads Latin American
research at the banking group, noting that weak growth will “whet policy
makers’ appetite for aggressive rate cuts.” Read more on Brazil’s
economic outlook
Comforting move
Even central banks in emerging markets, which were recently hawkish — plagued by fears of inflation amid strong growth — are starting to turn dovish.
The Reserve Bank of India on Tuesday hiked interest rates by a quarter-point, as expected, but it lowered the growth forecast for the year and hinted that a pause is likely at its December meeting. Read more on India’s rate-policy decision.
“The tone of the accompanying statement was more dovish with a greater emphasis on downside risks to growth and signs of optimism that inflation pressures will start to ease in coming months,” said Brian Jackson, a strategist at RBC, in a note Tuesday.
In its statement, the RBI said that data suggests the “inflation momentum” has turned lower and if the “inflation trajectory conforms to projections, further rate hikes may not be warranted.”
For some emerging markets where macroeconomic risks are clearly to the downside, “central banks will be more comfortable cutting rates to stimulate growth,” said Matt Lasov, director of global research at Frontier Strategy Group.
“The strategy will work better in emerging markets where rates have room to move and, in turn, will positively impact consumption,” he said.
In China, following recent data showing that CPI inflation has peaked and growth has moderated further, the People’s Bank of China has begun to “fine-tune its policies to create easier monetary conditions,” according to Dariusz Kowalczyk, strategist for Asia excluding Japan at Credit Agricole.
China’s central bank has been trying to push money-market rates higher since June, which may be taken as a move to foster easier monetary conditions, he said in a recent research note.
The move in China toward creating easier monetary conditions “does not signal a major easing in the form of a cut in policy rates or reserve requirement ratio or re-pegging of the [yuan] to the U.S. dollar, but a minor adjustment to create easier liquidity conditions in the money market,” Kowalczyk said.
Easing monetary policies now, however, will do little good for the economic outlook much further out — at least until a more long-term solution is identified.
Said Granite Consulting’s Bechara: As central banks “prepare another shot of loose money to stave off the descent of the [economic] roller coaster, we can only hope that at some point they will realize that we need an actual cure for our underlying economic problems — and not another shot of cortisone-like loose money, which makes things feel good for a short time but sets up the next fall.” | d********0
发帖数: 5142 | | Z****g
发帖数: 13731 | 3 麻烦你让活剥睡个好觉好不好，人屁股刚清凉一下
the
the
dovishness
pressuring
0.
for
【在 h********r 的大作中提到】
: The Fed is considering a range of tools to boost growth, William Dudley, the
: president of the New York Fed Bank, said in a speech Monday, hinting at the
: option of a third round of quantitative easing.
: “The Fed seems to be pushing the global agenda towards continued dovishness
: and accommodation and easing,” Hastings said. The Fed also is “pressuring
: the global yield curve lower in order to force easing around the world,
: which would of course prevent the U.S. dollar /quotes/zigman/1652083 DXY +0.
: 08% from declining too much against other currencies.”
: The need to push the yield curve lower, he added, is “logical” since,
: regardless of how Europe and Italy play out this week, “there is a need for
| h********r
发帖数: 928 | 4 he covered,
he is not a frog
【在 Z****g 的大作中提到】
: 麻烦你让活剥睡个好觉好不好，人屁股刚清凉一下
:
: the
: the
: dovishness
: pressuring
: 0.
: for
| c*****r
发帖数: 8227 | | e**s
发帖数: 4638 | 6 Market Extra Archives | Email alerts
Oct. 25, 2011, 5:18 p.m. EDT
Central banks’ new thinking could boost markets
Interest rates move lower worldwide as inflation fears ebb | Z****g
发帖数: 13731 | 7 哦，两套宅子到手了吧
【在 h********r 的大作中提到】
: he covered,
: he is not a frog
| d********0
发帖数: 5142 | 8 新闻是一小时前刚出的，如果你昨天看到了，应该是别的谣言。
1 hour ago – The Fed is considering a range of tools to boost growth,
William Dudley, the president of the New York Fed Bank, said in a speech
Monday, ...
【在 c*****r 的大作中提到】
: 咋，从昨天穿越回来了？
| t***y
发帖数: 2276 | 9 墙姐NB，一分钟不到就把文章看完了?
我看了一下，觉得谣言编造痕迹非常明显。 | d********0
发帖数: 5142 | 10 黄金又得冲上云霄了，赶紧买呀，下一个1800指日可待了～～～～LOL | | | d********0
发帖数: 5142 | 11 rumor都是uncertain的，但有些rumor是为了试探市场反应的。如果市场反应良性循环
，那么可行性更大。
宁可信其有，不可信其无。
【在 t***y 的大作中提到】
: 墙姐NB，一分钟不到就把文章看完了?
: 我看了一下，觉得谣言编造痕迹非常明显。
| w*********i
发帖数: 3092 | | c*****r
发帖数: 8227 | 13 嘿嘿。。。
said in a speech Monday, ...
【在 d********0 的大作中提到】
: rumor都是uncertain的，但有些rumor是为了试探市场反应的。如果市场反应良性循环
: ，那么可行性更大。
: 宁可信其有，不可信其无。
| b*****n
发帖数: 1492 | 14 不要乱说。我今天问了hobo。空仓都在。没有cover.
【在 h********r 的大作中提到】
: he covered,
: he is not a frog
| k********8
发帖数: 7948 | 15 very beautiful...
bear's集结号吹响了
就在今晚 | I********d
发帖数: 354 | 16 你又要被降级了，昨天的news昨天已经high过。 |
|
