With assistance from Kati Pohjanpalo and Niclas Rolander. “The Committee does not want to raise the policy rate more than is necessary to tackle the high level of inflation.” “Monetary policy is now having a tightening effect on the economy,” Norges Bank policymakers said. Switzerland’s growth already stalled in the second quarter, and the SNB now predicts it will be “weak for the rest of the year.” In Norway meanwhile, expansion has also slowed, and officials are increasingly conscious that their actions are contributing to that. The Riksbank on Thursday predicted that the biggest Nordic economy now faces two years of contraction, shrinking 0.8% in 2023 followed by another drop in gross domestic product of 0.1%. Lagarde last week told reporters that “the difficult times are now,” in a quarter when officials’ new forecasts show the euro zone is currently stagnating. Investor focus will now turn to London, where BOE officials will decide whether to call a halt to a string of 14 consecutive rate increases.Ī surprise slowdown in inflation to an 18-month low on the eve of the decision fueled doubts among traders that policymakers will follow through on a hike that was previously expected with greater confidence in financial markets.Įarlier this month, Governor Andrew Bailey hinted that tightening may not have further to run, as he said borrowing costs are probably “near the top of the cycle.”įor all European economies, cooling or even contracting economies are increasingly worrying policymakers. “We will not hesitate to tighten our monetary policy further if necessary.” “It takes a certain amount of time for increases in the SNB policy rate and the appreciation of the Swiss franc to fully transmit to economic activity and inflation,” he told reporters. His intention to keep rates “higher for longer” found eager echoes throughout Europe. Meanwhile in the US, Federal Reserve Chair Jerome Powell said on Wednesday that officials will now shift to “proceed carefully,” suggesting tightening is almost finished. The long wait for the mobile counterpart of the space-based MMORPG, EVE Online, finally ended as CCP and NetEase have just released EVE Echoes globally. She declined to exclude another move if needed. That would chime with the neighboring euro zone, where European Central Bank President Christine Lagarde last week signaled that borrowing costs will be left to work through the economy for now after a close-run rate hike. While diverging in detail and immediate direction, the overarching theme in the announcements from all three countries, each of whose currencies features among the 10 most-traded in the world, is of a mature tightening phase that may not have much longer to run. The trio of central banks at the periphery of the euro region offered investors a prelude of action just hours before a suspenseful decision by Bank of England officials who are also weighing the tradeoff between persisting inflation pressures and languishing growth. Its Norwegian neighbor also raised and hinted that only one more increase will be needed to quell inflation.īoth the Swiss and the Swedes signaled that they’ll keep selling foreign currencies, a policy that will further reduce balance sheets and could help contain imported price growth. Sweden’s Riksbank lifted borrowing costs and said that another step is possible, but far from certain. The Swiss National Bank surprised investors by avoiding a hike while refusing to rule out more action. ‘Dead Space’ Co-Creator Departs Startup After Newest Game FlopsĬisco to Buy Splunk for $28 Billion in Giant AI-Powered Data Bet India Suspends Visas, Canada Pulls Diplomats Amid TensionsĮx-Goldman Bankers Make a Fortune With Controversial Bet on Coal So for the moment, those are all the data i can provide.(Bloomberg) - Central banks from Switzerland to the Nordics delivered contrasting monetary moves with a converging message of higher-for-longer interest rates and limited appetite to keep tightening. I know most of you want those above, but at the moment i cannot implement those as it will take too much time between updates. There is no history, there is no volume, there is no buy price. The price is calculated using an average of the lowest 3 sell orders If you want to support the project, but don't want to do it on patreon, please send me a message. The link is also on the website.Īt the moment, the costs are paid from my own pocket. Hi all, I have a working market data tool, but it doesn't contain all items just yet.Īll data is updated every hour and it also has an API with csv support.
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