Itaú BBA - Global Monetary Policy Monitor
  • Global Monetary Policy Monitor_Sep18  

    The number of central banks tightening monetary policy has increased significantly, reinforcing the global trend of fewer stimuli observed since April

  • Global Monetary Policy Monitor  

    In July, there were monetary policy decisions in 19 of the 33 countries we monitor, with a hike in Canada and additional stimulus in China.

  • Global Monetary Policy Monitor  

    The number of central banks tightening monetary policy in June reiterated the trend of less stimulus observed since April

  • Global Monetary Policy Monitor  

    Amid volatility and pressure on emerging markets, the month of May was marked by extra-ordinary monetary policy meetings

  • Global Monetary Policy Monitor  

    In April, there were rate hikes in Argentina and Turkey and a rate cut in Colombia.

  • Global Monetary Policy Monitor  

    In March, there were interest rate reductions in Brazil, Peru, Russia and South Africa, and a rate hike in the U.S.

  • Central banks withdrew stimuli again  

    The number of central banks raising rates was higher than the number of CBs cutting rates, maintaining the stimuli-reduction trend seen since the end of 2017.

  • LatAm countries cut rates again in January  

    In January, the economies increasing rates have again become outnumbered by those cutting rates.

  • Less monetary stimuli in the end of 2017  

    The number of central banks increasing interest rates was higher in December than the ones that cut rates, for the second consecutive time.

  • More central banks tightening monetary policy  

    For the first time since Feb. 2016, the number of central banks that increased rates was higher than the ones that cut rates.

  • Emerging markets keep reducing rates (except Argentina)  

    There were monetary policy decisions in 20 of the 33 countries we monitor, with rate cuts in 3 emerging economies

  • Rate cuts in Latin America have become less widespread  

    In Latin America, well-behaved exchange rates and spare capacity still leave room for monetary easing.

  • More easing ahead in LatAm  

    Well-behaved exchange rates and spare capacity leave room for additional monetary easing in most LatAm countries.

  • Latin America still in easing mode  

    In Latin America, there is still room for interest rate cuts in most countries under our coverage.

  • Looser monetary policy stance in Latin America  

    The number of central banks reducing policy rates was equal once again to the number of central banks hiking rates.

  • Easing bias remain in emerging markets  

    Brazil, Chile, Colombia and Peru cut interest rates, while Mexico hiked rates again.

  • Interest rate paths diverge in Latin America  

    In April, there were monetary policy decisions in 19 of the 33 countries we monitor.

  • Mexico and South America in opposite trends  

    In March, there were monetary policy decisions in 26 of the 33 countries we monitor.

  • Interest rate differential with the U.S. to narrow further in South America  

    We expect the monetary easing process to continue in South America and the Fed to hike interest rates in March.

  • Lower interest rates in South America  

    We expect the easing process to continue in South America.

  • South America in easing mode  

    Despite the outlook for a more austere monetary policy in the U.S., South American central banks are cutting interest rates.

  • A more challenging environment for monetary easing in Latin America  

    In November, 18 of the 33 countries we monitor held policy decisions. In Latin America, the overall monetary policy stance is becoming more expansionary.

  • Few movements in October, still expansionary  

    In October, there were monetary policy decisions in 17 of the 33 countries we monitor. The global trend remains expansionary.

  • CBs in advanced economies maintain stimulus in September  

    In September, central banks in US, Japan and Europe maintained monetary stimulus.

  • Global trend remains expansionary, but Fed likely to hike rates in 2016  

    In August, monetary policy decisions were made in 19 of the 33 countries we monitor, and the global trend remains expansionary

  • Less stimulus than expected  

    Still expansionary bias globally, more neutral bias in Latam.

  • Expansionist trend continues, but not in Latin America  

    The highlight has been announcements from the world’s main central banks of a more supportive monetary policy.

  • Global trend remains expansionist  

    In May, monetary policy decisions were made in 19 of the 31 countries we monitor.

  • Global bias is still expansionary, but stabilizing  

    The environment continued to benefit global financial conditions, especially for Latin America

  • Additional Stimulus  

    The expansionary bias in global monetary policy continues. This environment has benefitted Latin America.

  • Expansionary bias globally, Latin America still on the opposite track  

    Global monetary policy has become more expansionary since the start of the year, Latin America continues on the opposite track.

  • Central banks in advanced countries react to global uncertainties  

    The highlight was the (likely coordinated) reaction of central banks in advanced countries towards global growth uncertainties.

  • Divergence among developed countries, less stimulus in Latin America  

    The highlight was the divergence between the interest rate hike in the US and the additional stimulus in the euro zone.

  • Little activity in November, great expectations for December  

    In November, only two countries changed monetary stances. In December, the focus will shift to the divergence between the US and Europe.

  • China and LatAm in Opposite Directions  

    In Latin America Chile hiked rates by 0.25%, and Colombia there was a 0.50% surprise hike (market expectations were 0.25%).

  • Latam Central Banks react to higher inflation  

    The depreciation of exchange rates have been pressuring inflation in Latin America, unsettling central banks in the region.

  • Central Banks on Hold, Except for China  

    Amid the turbulence in local markets, China’s Central Bank cut interest rates and the rate of reserve requirements.

  • The majority of central banks still stimulating their economies  

    Five central banks cut interest rates. Brazil stands on contractionary side, however, clearly signaling the end of the tightening cycle.

  • B hikes, RICs cut  

    In June, we have again observed an increase in the number of central banks adding monetary stimulus.

  • Few movement in May, still expansionary  

    In May, 17 of the countries we cover announced monetary policy decisions. Only 2 of them changed their monetary policy.

  • Expansionary policies, except for Latam  

    As in previous months, most movements were on the expansionary side.

  • Global Trend Remains Expansionary, Except in Brazil  

    In March, monetary policy decisions were made in 27 of the 31 countries under our coverage.

  • Expansionary Trend Continued in February  

    Six central banks cut their benchmark interest rates. Four of them surprised market expectations.

  • Central Banks Ease, Brazil Tightens  

    The trend continued in February, as the Reserve Bank of Australia cut its interest rate by 0.25pp on Feb 3.

  • Few Changes, Except for Russia  

    Monetary policy decisions were made during December in 25 countries or regions that we cover (including the euro zone and the UK).

  • Stable Interest Rates in November, Except for a Cut in China and a Hike in Indonesia.  

    Monetary policy decisions were made in November in 22 countries or regions that we cover.

  • Surprises in Both Directions  

    Monetary policy decisions were made in 22 countries (or regions, in the case of the eurozone and the UK) in our coverage universe in October.

  • Expansionary Bias in September  

    Monetary policy decisions took place in 27 countries (or regions) in our coverage in September.

  • Few surprises in August  

    In August, there were monetary policy decisions in 13 of the countries we cover.

  • Two-way road for global monetary policy  

    Monetary policy movements in the world usually take one common direction

  • Further interest rate cuts, Mexico surprises  

    In June, monetary policy decisions were made in 23 countries under our coverage.

  • Brazil Interrupts Tightening Cycle; Surprising Rate Cut in Turkey  

    In May, monetary policy decisions were made in 18 countries we cover.

  • Colombia surprising tightening  

    In April, monetary policy decisions were made in 20 of the countries we cover

  • Central Banks in Steady trend  

    Monetary policy decisions were announced in 20 of the countries we cover in March

  • Few Changes, Mostly Expansionary  

    Monetary policy decisions were made in 20 countries under our coverage in February.

  • Turbulence Pressures Emerging Central Banks  

    Monetary policy decisions were made in 16 countries under our coverage in January.

  • Central Banks on hold  

    Nineteen countries announced monetary policy decisions in December, but only Hungary and Sweden changed their monetary policy target rate, both downward.

  • Brazil and Indonesia are the exception  

    In November, 16 countries announced monetary policy decisions, six of them changing the monetary policy rate.

  • Monetary Policy decoupling in EME  

    In October, 20 countries (out of 24 covered) had monetary policy decisions.


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