NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

MNI: BAKER HUGHES US RIG COUNT 605; OIL RIGS 499; GAS RIGS 102

BoE Data Watch

RBA Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BSP Preview - April 2024: Policy Hold Likely To Continue

The BSP is likely to keep a steady hand at next week’s policy meeting.

Asia Bank - PreviewHomepageEM Central Bank ReportsEM Central Bank PreviewBangko Sentral ng Pilipinas - PrevEmerging Market News

EXECUTIVE SUMMARY:

  • The BSP is likely to keep a steady hand at next week’s policy meeting. This would see the policy rate maintained at 6.50%, where it has been since October last year. Like elsewhere in the region, there is likely to be no rush for the BSP to shift to a dovish outlook/bias. Indeed the central bank pushed back the timing of this meeting so it could assess the March inflation print.
  • Recent trends around headline and core inflation are certainly more favourably compared to 2023 highs, but it still may be too soon to signal the “all clear” from an outlook standpoint. The BSP did lower its inflation assessment for this year at the last policy meeting (albeit modestly to 3.9% from 4.2%) but stated upside risks remain more dominant than downside ones in the near term.
  • The push out in Fed rate cut timing could also play into BSP thinking.

Click to view full preview:

BSP Preview - Apr 2024.pdf

169 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

EXECUTIVE SUMMARY:

  • The BSP is likely to keep a steady hand at next week’s policy meeting. This would see the policy rate maintained at 6.50%, where it has been since October last year. Like elsewhere in the region, there is likely to be no rush for the BSP to shift to a dovish outlook/bias. Indeed the central bank pushed back the timing of this meeting so it could assess the March inflation print.
  • Recent trends around headline and core inflation are certainly more favourably compared to 2023 highs, but it still may be too soon to signal the “all clear” from an outlook standpoint. The BSP did lower its inflation assessment for this year at the last policy meeting (albeit modestly to 3.9% from 4.2%) but stated upside risks remain more dominant than downside ones in the near term.
  • The push out in Fed rate cut timing could also play into BSP thinking.

Click to view full preview:

BSP Preview - Apr 2024.pdf