Daily Archives: April 3, 2012

Robin Harding

The March FOMC minutes mark a step back from further Fed easing along multiple dimensions. The signal is pretty clear and becomes even more so once you think behind the words. In January:

“A few members observed that, in their judgment, current and prospective economic conditions – including elevated unemployment and inflation at or below the Committee’s objective – could warrant the initiation of additional securities purchases before long. Other members indicated that such policy action could become necessary if the economy lost momentum or if inflation seemed likely to remain below its mandate-consistent rate of 2 percent over the medium run.”

 

Claire Jones

The Basel Committee on Banking Supervision on Tuesday issued the latest round of its reports on how implementation of the Basel standards was going among each the 27 countries that make up the committee’s members.

There were some signs of improvement since October, when the last set of scorecards was released.

Seventeen countries have now published draft regulation on Basel III – up from 11 out of 27 last autumn – though nine of them are covered by the European Union’s draft bill. But Saudi Arabia remains the only one of the 27 countries to have published a final rule. 

Claire Jones

If imitation is indeed the sincerest form of flattery, then there has been a lot of cooing by Europe’s central bankers over the ECB’s three-year longer term refinancing operation of late.

Both the Hungarian and Danish central banks have launched auctions of central bank cash in recent weeks which bear a striking resemblance to the Ltro.

Will others follow suit?