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quantitative easing
China not happy about more quantitative easing
19 Oct. China’s news agency reported: The United States seems again planning to abandon the world on its track to economic recovery with the Federal Reserve’s latest hints on further monetary easing policy. At a Fed meeting Friday, Chairman Ben Bernanke implied the possibility of a second round of quantitative easing, or QE2, which is [...]
ECB on interest rates and refinancing
02 Sep. ECB statement: Based on its regular economic and monetary analyses, the Governing Council continues to view the current key ECB interest rates as appropriate. It therefore decided to leave the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 1.00%, [...]
Bank of England buying commercial paper again
14 Jun. The Bank of England is buying sterling commercial paper again, for the first time since Q2 2009, indicating heightened market fears over sovereign risk. The Bank said: Although there were no asset purchases financed by central bank reserves, the Bank continued to purchase sterling commercial paper and operate as a buyer and seller [...]
Bank of England warns crisis not over
12 May. The Bank of England warned that the financial crisis was not yet over and the possiblity of further quantitative easing. As the Bank published its latest quarterly Inflation Report, Mervyn King said: “The financial crisis is far from over. As debt has moved from the financial to the public sector, the banking crisis [...]
Snippet: BoE Monetary Policy Committee decision
10 May. The Bank of England’s Monetary Policy Committee voted to maintain the Bank Rate paid on commercial bank reserves at 0.5%. The MPC also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The latest inflation projections will appear in the Inflation Report to [...]
Snippet: ECB takes a big step
10 May. The European Central Bank decided on several measures to address the severe tensions in certain market segments which are hampering the monetary policy transmission mechanism and thereby the effective conduct of monetary policy oriented towards price stability in the medium term. The measures will not affect the stance of monetary policy. The ECB, [...]
Snippet: Fed takes steps on tightening tools
01 May. The US Federal Reserve took steps toward creating tools that could help it eventually withdraw the billions of dollars it pumped into the economy to support economic recovery. The Fed has authorized a term deposit facility, similar to certificates of deposits banks offer their customers, that could be used by the Fed to [...]
Snippet: BoE and ECB hold interest rates
09 Apr. Through its Monetary Policy Committee Decision, the Bank of England has kept the interest rate on hold and announced no change to current monetary policy. The cost of borrowing has now stayed at 0.5% for more than a year as the Bank’s Monetary Policy Committee attempts to keep a fragile recovery on track. [...]
Fed exit fraught with dangers
The Federal Reserve has not been clear enough about how it intends to unwind its unprecedented monetary easing campaign, and some of the tools it expects to use may not work, monetary experts will tell Congress. John Taylor, a Stanford University economist and author of a key central banking rule of thumb, will testify before [...]
Is UK quantitative easing working?
“Quantitative easing (QE)” is an important task: the need to make monetary policy effective when interest rates are close to zero. The world’s leading central banks, including the Bank of England, have taken such actions. But is UK policy working? Yes, but not quite enough. The argument about quantitative easing is polarised: some critics wail [...]
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