Price Data and U.S. Policy Opacity June 20, 2025 U.S. policies in a variety of areas have become less clear. The Trump administration is keeping the numbers on immigrant round-ups and deportations close to the vest. Business owners have become more vocal about the havoc to business operations that ICE activity is producing. Whether or…
25-Basis Point Central Bank Interest Rate Cuts in the Philippines and Norway June 19, 2025 The Central Bank of the Philippines’ policy interest rate was cut today by 25 basis points to 5.25%, a 30-month low. This move was the fifth quarter percentage point drop since last August. Consumer price inflation of 1.3% last month…
Brazilian Interest Rate Hike June 19, 2025 The Central Bank of Brazil’s Selic interest rate was increased by another 25 basis points to 15.0%, which represents its greatest elevation in a little more than a decade. The vote was unanimous, and the new rate is up from 10.5% as recently as last September. Brazilian CPI…
Swiss Interest Rate Cut to Zero Percent June 19, 2025 The Swiss National Bank policy interest rate as expected was sliced 25 basis points to zero percent, its lowest level since September 2022 and down from a peak of 1.75% reached in June 2023 and maintained until an initial cut in March 2024. Swiss consumer…
A U.S. Holiday and Many Central Bank Policy Reviews June 19, 2025 In spite of the current U.S. govenment’s crusade against DEI, June 19 remains a federal holiday commemorating the end of slavery in 1865. Banks, the U.S. stock exchanges and non-essential federal offices are shut. In overnight trading abroad, the dollar rose 0.8% against…
FOMC Statement, Projections and Press Conference June 18, 2025 Statement: No significant changes were made from the May 7 statement. Swings in net exports were observed but do not change the strong continuing pace of growth. Unemployment remains low; labor markets are still solid; and inflation remains somewhat elevated. The federal funds target was not…
June 2025 FOMC Meeting Preview June 18, 2025 The Federal Reserve’s federal funds target was cut at the last three scheduled FOMC meetings in 2024 by a total of 100 basis points to a range of 4.25-4.50% but has been left at that level at each of the first three policy reviews this year. Amid…
Swedish Interest Rate Cut June 18, 2025 The Swedish Riksbank’s rate cut from 2.25% to 2.0% had been widely expected. It was the first change since a 25-basis point cut in January. At 2.0%, the new rate is half the peak of 4.0% from September 2023 to May 2024 and at its lowest level since…
No Change in Japanese Central Bank Interest Rate… Again June 17, 2025 The Bank of Japan’s short-term interest rate was yet again left at the very accommodative level of 0.50% that has been policy since a 25-basis point hike in January. This extended pause had been anticipated and was decided unanimously by the nine-person Board…
Several Central Banks Deterred from Cutting Interest Rates by Geopolitical Strains and Tariff Policy Uncertainty June 17, 2025 The policy interest rate of the State Bank of Pakistan was maintained at 11.0%. That’s just half of the 22.0% peak level during the 12 months ending in June 2024 but still twice the 5.75% low touched…