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if anything, slightly less of the consolidation was now planned during the committee’s three-year forecast period, with correspondingly more after that.
neutral
forward looking
certain
2,015
bank_of_england
4,545
the mas underlying inflation measure, which excludes accommodation and private road transport costs, will average around 2%.
neutral
forward looking
certain
2,010
monetary_authority_singapore
22,345
- equally important, the monetary board also noted that despite some moderation in economic activity in recent months, overall domestic demand conditions have generally held firm, supported by improved employment outturns and by ample liquidity and credit.
neutral
not forward looking
certain
2,022
bank_of_phillipines
5,716
both private consumption and investment remained robust with continuing momentum.
hawkish
forward looking
certain
2,012
bank_of_thailand
8,087
recently released data indicate a more significant rebalancing trend in the economic activity.
neutral
not forward looking
certain
2,018
central_bank_republic_of_turkey
14,833
at the same time, those members emphasised that in case these problems aggravated, an outflow of foreign capital could occur that would be conducive to a weakening of the zloty
hawkish
forward looking
uncertain
2,010
national_bank_poland
15,375
this included, in particular, its preparedness to adjust the purchase programme in terms of size and/or duration should the outlook become less favourable, or should financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation.
neutral
forward looking
uncertain
2,017
ecb
24,808
these factors more than offset the support from positive labour market conditions, and the full reopening of most economies and international borders
neutral
not forward looking
certain
2,022
bank_negara_malaysia
21,044
going forward, domestic demand will still remain the key driver of growth
neutral
forward looking
certain
2,014
bank_negara_malaysia
21,708
the acceleration in loans buoyed up domestic demand, while investments and employment showed signs of recovery but nevertheless remained weak.
dovish
not forward looking
certain
2,020
central_bank_republic_of_turkey
14,964
this development could lead to lower headline inflation, providing monetary authorities more room for flexibility.
dovish
forward looking
certain
2,008
bank_of_phillipines
5,473
to this end, while maintaining the residual financial conditions of the fcic 2, it would be necessary to adjust the access conditions, incorporating the new definitions of fogape, focusing on gross flows —as the aim was not necessarily to increase the companies’ leverage— and extend collaterals.
neutral
forward looking
certain
2,021
central_bank_of_chile
20,425
policy efforts from the ministry of the interior, ministry of finance, financial supervisory commission, and local governments under the healthy housing market plan are expected to show results over time
neutral
not forward looking
certain
2,022
central_bank_taiwan
23,635
the australian dollar had depreciated by around 5 per cent since the previous board meeting – in contrast to the resilience it had displayed in the period of heightened risk aversion earlier in the year.
hawkish
not forward looking
certain
2,012
reserve_bank_australia
7,045
however, along with a phased reopening of businesses, it was expected to pick up moderately, supported by various income support measures and demand stimulus measures.
dovish
forward looking
uncertain
2,020
bank_of_japan
1,399
most members highlighted that a slight improvement in economic activity is anticipated for the july– september period, although one member considered that currently there is scant information available to assess the evolution of the economy during this period.
neutral
forward looking
uncertain
2,019
bank_of_mexico
3,232
forecasts are based on the assumption that despite the tourism-induced slowdown in food demand and the support from the actions taken by the food committee, the base effect from unprocessed food prices, the probable effects of the adverse weather conditions on the food supply and the exchange rate developments will push the end-2017 food inflation upwards compared to the figures of the previous report.
hawkish
forward looking
certain
2,017
central_bank_republic_of_turkey
14,777
the baht weakened against the us dollar in line with regional currencies, primarily influenced by anticipations of fed funds rate cuts.
hawkish
not forward looking
uncertain
2,024
bank_of_thailand
8,151
the two monetary policy tools providing direct support for the real economy should be developed into market-oriented policy tools rendering inclusive financial support for micro and small businesses (msbs) and self-employed businesses.
dovish
forward looking
certain
2,021
peoples_bank_of_china
9,424
the target range for the three-month libor will remain unchanged at 0.000.25
neutral
not forward looking
certain
2,012
swiss_national_bank
2,599
regarding clothing, the recently seen pressures are expected to reverse due to early winter sales
neutral
forward looking
certain
2,003
brazil_copom
16,491
in the short run, however, inflation was expected to pick up again in the coming months, mainly owing to energy-related base effects.
hawkish
forward looking
certain
2,024
ecb
24,846
inflation during the first four months of 2007 averaged 2.4 and has continued its downward trend
neutral
not forward looking
certain
2,007
bank_negara_malaysia
21,977
in the meantime, growth was largely driven by consumption, in addition to a positive contribution of investment.
hawkish
not forward looking
certain
2,016
central_bank_of_egypt
17,721
should economic conditions evolve as expected, mas core inflation will rise gradually over the course of this year.
hawkish
forward looking
certain
2,018
monetary_authority_singapore
22,375
the risks regarding global and local economic activity have been accentuated by the impact of covid-19, and volatility in international financial markets has increased significantly
hawkish
not forward looking
certain
2,020
central_reserve_bank_peru
19,611
the world is changing in many important ways.
neutral
forward looking
uncertain
2,022
rbi
11,795
consequently, markets and analysts get increasingly certain that inflation may remain elevated through the greater part of 2022 and growth will slow further absent policy action to unclog supply bottlenecks.
hawkish
not forward looking
certain
2,021
rbi
11,061
despite this progress, canadians are still feeling the hardship of high inflation in their essential household expenses, with persistent price increases for food and shelter.
hawkish
forward looking
certain
2,023
bank_of_canada
10,527
(1) the japanese economy had been exhibiting signs of upward movement recently, as seen in the steady restoration of supply chains and improvement in consumer sentiment.
dovish
not forward looking
certain
2,011
bank_of_japan
1,091
all members agreed that the balance to future sustainability
neutral
not forward looking
certain
2,019
brazil_copom
16,613
there is some consensus growing around a milder slowdown than earlier feared, although geographical disparities complicate the prognosis.
neutral
forward looking
uncertain
2,023
rbi
11,597
a more rapid adaptation of the economy, accompanied by an active recovery of imports among other things may also have a disinflationary effect.
dovish
not forward looking
certain
2,022
central_bank_of_russia
13,901
looking ahead, members voiced some nuances related to the appropriate pace of the gradual normalisation.
neutral
forward looking
uncertain
2,022
ecb
24,158
world growth projections showed minor changes, although it was still necessary to bear in mind that several economies were performing somewhat better than expected.
neutral
forward looking
certain
2,024
central_bank_of_chile
20,484
moreover, while recent market volatility had not materially changed the assessment of the economic outlook, continued elevated uncertainty called for alertness and a readiness to respond, if necessary.
neutral
forward looking
uncertain
2,015
ecb
24,991
as it sets monetary policy, governing council will be particularly focused on these indicators, and the evolution of core inflation, to gauge the progress of cpi inflation back to target.
neutral
forward looking
uncertain
2,023
bank_of_canada
10,412
it was also noted that capacity utilization in the economy had grown in 2013 q1, and that in line with available forecasts gdp growth should not decrease further and it is expected to accelerate gradually over coming quarters
hawkish
forward looking
uncertain
2,013
national_bank_poland
15,602
one member noted in addition that volatile exchange rate may put upward pressure on inflation in the periods head.
hawkish
forward looking
uncertain
2,013
bank_of_thailand
8,208
the moderation in the rate on increase of home prices in recent months comes against the background of the continued increase in the number of building starts, the lagged effect of the increase in the interest rate, measures introduced by the bank of israel affecting mortgages, and steps taken by the ministry of finance in real estate taxation.
hawkish
not forward looking
certain
2,012
bank_of_israel
12,037
in this report, the board had updated the structural parameter estimates that were used to assess the state of the economy, their prospects and implications for monetary policy.
neutral
not forward looking
certain
2,019
central_bank_of_chile
20,663
this measure is mainly preventive in a context of strong dynamism of domestic demand, a situation in which withdrawing monetary stimulus is advisable in order to maintain inflation within the target range
hawkish
forward looking
certain
2,010
central_reserve_bank_peru
19,010
the sharp increase in international food and fuel prices since the second half of 2021, accentuated by international conflicts, has led to a sharp increase in global inflation in magnitudes not seen in many years and towards levels significantly higher than the inflation targets of central banks, although in most countries it started to decline
hawkish
not forward looking
certain
2,023
central_reserve_bank_peru
19,067
retail stocks continued to climb in january, but sales rose by more; the sector's inventory-sales ratio also edged lower, but it remained near the top of its range for the past twelve months.
neutral
not forward looking
certain
2,001
fomc
6,583
likewise, other categories relating to house cleaning, hygiene and wardrobe have started showing some rises.
neutral
not forward looking
certain
2,011
bank_of_colombia
387
as a result, the projection for medium-term headline cpi inflation has become firmer on the upside; it has moved closer to 5% and away from 4%, the latter being the mandated target of the mpc.
hawkish
forward looking
certain
2,018
rbi
11,367
this implied inflation above 2% for an extended period of time and raised the question of whether the deviations from the inflation target could still be described as “moderate” and “transitory”.
hawkish
forward looking
uncertain
2,022
ecb
24,971
members noted that unusual population trends during the pandemic had materially affected national housing market conditions and other parts of the economy, and would continue to do so for some time.
neutral
forward looking
certain
2,021
reserve_bank_australia
7,864
remained at a weak level, with indicators related to exports and domestic demand alternating between improving and worsening.
neutral
not forward looking
certain
2,013
bank_of_korea
18,899
the pboc has adopted a mix of policies to support coordinated regional development.
neutral
not forward looking
certain
2,024
peoples_bank_of_china
9,376
in view of the above and drawing upon the outcome of previous mpc meetings, the committee judges that current policy rates remain appropriate to maintain the prevailing tight monetary stance until a significant and sustained decline in inflation is realized.
hawkish
forward looking
certain
2,024
central_bank_of_egypt
17,144
similarly, economists polled by reuters on 27 february attached a mean probability of 80% to the committee leaving the repo rate unchanged.
neutral
forward looking
certain
2,002
bank_of_england
4,721
most members evaluated the domestic economy as maintaining its solid underlying trend of growth along the originally-projected growth path.
neutral
not forward looking
certain
2,011
bank_of_korea
18,548
domestic consumer price inflation in malaysia increased to 3 percent in april 2008 and is primarily being driven by higher food prices
hawkish
not forward looking
certain
2,008
bank_negara_malaysia
21,071
the positive performance of the psei can be attributed to improved investor sentiment owing largely to the faster than-expected q3 2022 gdp growth and sustained reports of positive corporate earnings.
dovish
not forward looking
certain
2,022
bank_of_phillipines
5,677
the member judged that, although the base rate had been already lowered to the still had room for a further rate cut considering the level of the policy rates of major countries.
dovish
forward looking
uncertain
2,020
bank_of_korea
18,826
several board directors gave their views about the requirement that land loan borrowers should commit to begin construction work within a specific time frame
neutral
not forward looking
certain
2,021
central_bank_taiwan
23,320
the outlook for the economy, and particularly the relative movement in demand and supply during the recovery from the pandemic, remained unusually uncertain.
neutral
not forward looking
certain
2,021
bank_of_england
4,039
the outlook remains uncertain, however, and risks of a more pronounced slowdown in global growth persist
neutral
forward looking
uncertain
2,019
brazil_copom
16,290
the staff's revised central forecast for gdp growth was broadly similar to that at the time of the august statement on monetary policy.
neutral
forward looking
certain
2,010
reserve_bank_australia
7,900
real gdp had grown by 0.3%, quarter on quarter, in the fourth quarter of 2021 (according to eurostat’s flash estimate) following a growth rate of 2.3%, quarter on quarter, in the third quarter.
hawkish
not forward looking
certain
2,022
ecb
24,788
this is mainly driven by the planned reserve fund spending to finance the budget deficit and the ensuing changeover in the banking sector to a liquidity surplus.
neutral
not forward looking
certain
2,016
central_bank_of_russia
13,478
these forecasts are based on expectations that the interest rate will be increased.
hawkish
forward looking
certain
2,011
bank_of_israel
12,880
at the same time, in germany polands main trading partner economic growth accelerated
hawkish
not forward looking
certain
2,014
national_bank_poland
15,909
on the one hand, it was consistent with the path judged necessary for inflation convergence in the report’s central scenario, and at the same time it allowed room for additional hikes of a smaller magnitude that could be calibrated with information of the months ahead.
hawkish
forward looking
uncertain
2,022
central_bank_of_chile
20,134
moreover, the diffusion index for the services sector indicated that increases continued to spread across the sector.
hawkish
not forward looking
certain
2,024
central_bank_republic_of_turkey
14,779
the balance of credit to households decreased by 0.4 percent in december, and in the whole of 2010 it increased by 8.9 percent.
hawkish
not forward looking
certain
2,011
bank_of_israel
12,612
the member presented the view that, fortunately, the labor market maintained a strong recovery trend despite these conditions.
hawkish
not forward looking
certain
2,023
bank_of_korea
18,130
the 10-year nominal interest rate had exceeded 6.5%, a rate unseen in more than a decade.
hawkish
not forward looking
certain
2,021
central_bank_of_chile
20,692
expectations of inflation in 12 months continued declining and fell from 2.48 percent in november to 2.30 percent in december 2017; iii
dovish
forward looking
certain
2,018
central_reserve_bank_peru
19,709
consequently, in order to ensure price stability in the long term, the snb will probably have to continue its policy of interest rate normalisation
neutral
forward looking
certain
2,007
swiss_national_bank
2,218
the mpc is not on any pre-set course, which means that monetary policy decisions will continue to depend on evolving conditions and their implications on the overall outlook to domestic inflation and growth
neutral
forward looking
uncertain
2,022
bank_negara_malaysia
21,740
cpi-all items inflation fell to 0.5% from 0.8% over the same period.
dovish
not forward looking
certain
2,017
monetary_authority_singapore
22,368
this return to growth reflects the relaxation of necessary containment measures put in place to slow the spread of the coronavirus, combined with extraordinary fiscal and monetary policy support.
dovish
not forward looking
certain
2,020
bank_of_canada
10,755
many participants noted that, since the committee's previous meeting, the economy appeared to have lost some momentum and pointed to a number of factors supporting that view including recent weak indicators for business confidence, business spending and manufacturing activity; trade developments; and signs of slowing global economic growth.
dovish
not forward looking
uncertain
2,019
fomc
6,266
nevertheless, they believe estimate of its extension, a possible acceleration of that the brazilian economy nowadays shows greater the pace is equivalent to greater frontloading of the capacity to respond to occasional negative cycle
neutral
forward looking
uncertain
2,017
brazil_copom
16,314
as for the latter, there was no doubt that the economy was adjusting.
neutral
not forward looking
certain
2,023
central_bank_of_chile
20,102
overall gdp growth is projected at 2.5-3.5% in 2013, and is unlikely to be significantly different in 2014.
neutral
forward looking
uncertain
2,013
monetary_authority_singapore
22,795
global macroeconomic data presented a mixed picture this month.
neutral
not forward looking
uncertain
2,012
bank_of_israel
12,859
core inflation was 3.4 percent, but it should be taken into account that this includes some food products such as milk, beef, and eating out-related prices
neutral
not forward looking
certain
2,008
central_reserve_bank_peru
19,684
most continued registering weakness, with levels lower than those prior to the pandemic, as well as a heterogeneous behavior among subsectors.
dovish
not forward looking
certain
2,022
bank_of_mexico
3,068
accordingly, the committee has decided to keep the policy rate unchanged, while enhancing flexibility in liquidity management and continuing with liquidity measures until inflation outlook displays a significant improvement.
neutral
forward looking
certain
2,020
central_bank_republic_of_turkey
14,097
the experience so far with the negative interest rate policy shows that a combination of the negative interest rate on current account balances at the bank and jgb purchases is effective for yield curve control.
dovish
not forward looking
certain
2,016
bank_of_japan
1,771
with that, the continued decline in investment in residential construction, and the decline in goods and services exports in the second quarter were noted.
dovish
not forward looking
certain
2,018
bank_of_israel
12,343
the government would thoroughly fulfill its role specified in the joint statement, such as promoting measures to strengthen the competitiveness and growth potential of the economy and those aimed at establishing a sustainable fiscal structure.
dovish
forward looking
certain
2,018
bank_of_japan
1,185
the member noted that consumer price inflation had decelerated in-line with the forecast, and expected it to reach the target level in the second half of to increases in oil prices and the exchange rate.
hawkish
forward looking
certain
2,024
bank_of_korea
18,767
the current stance of monetary policy will therefore be maintained to support growth
dovish
forward looking
certain
2,004
bank_negara_malaysia
21,314
it is worth noting that, due to the basis of statistical comparison and to the normal agricultural cycle, the downward trend in annual food inflation could revert in the following months inflation expectations to december 2017 obtained from the monthly survey to financial analysts lowered, posting at 4.16%.
neutral
forward looking
certain
2,017
bank_of_colombia
984
some important measures of price inflation, after adjustment to exclude their volatile food and energy components, had shown a flat or even a declining trend in recent quarters.
dovish
not forward looking
certain
1,996
fomc
6,672
the highlights of the discussions of the 9 february 2006 meeting were approved by the monetary board during its meeting held on 9 march 2006. namely: the deputy governor for the monetary stability sector, the deputy governor for supervision and examination sector, the managing director of the treasury department, and the director of the department of economic research.
irrelevant
not forward looking
certain
2,006
bank_of_phillipines
5,193
continued employment and wage growth, as well as policy measures, will continue to support household spending
dovish
forward looking
certain
2,024
bank_negara_malaysia
21,358
it also announced its intention of ending its program of purchases of mortgage backed securities (mbs) at the end of march, as planned, but left itself the freedom to renew its intervention in the market if necessary.
neutral
forward looking
certain
2,010
bank_of_israel
12,050
an unwinding of taxes on petroleum products by both the centre and the states could ease the cost push pressures.
dovish
forward looking
certain
2,021
rbi
11,205
financial reform and innovation should be pressed ahead to improve the competitiveness of financial institutions and the efficiency of the financial markets in resources allocation, and to streamline the transmission mechanism for the conduct of moderately loose monetary policy.
dovish
forward looking
certain
2,008
peoples_bank_of_china
9,883
in the past, such a dip in the housing market had tended to go hand-in-hand with a softening in consumption growth.
dovish
not forward looking
certain
2,017
bank_of_england
4,902
elevated inflation expectations increase the inertia of underlying inflation.
hawkish
not forward looking
certain
2,024
central_bank_of_russia
13,495
as deflation was primarily caused by supply-side factors, in the opinion of those members of the council, it was boosting households purchasing power and reducing corporate costs, thus supporting domestic economic growth
dovish
not forward looking
certain
2,015
national_bank_poland
15,383
it was also highlighted that the current elevated inflation was driven, to a great extent, by factors beyond the impact of the domestic monetary policy
neutral
not forward looking
certain
2,012
national_bank_poland
15,306
the s&p 500 index rose about 1-1/2 percent over the intermeeting period, as earnings reports from a range of companies appeared to indicate that profits in the second quarter had increased modestly relative to the first quarter.
neutral
not forward looking
certain
2,014
fomc
6,558
for 2023, growth had been revised up, reflecting the expected fading of supply bottlenecks, the continued global recovery and an unwinding of accumulated savings.
hawkish
forward looking
uncertain
2,022
ecb
24,928