{"id":437116,"date":"2011-06-06T23:00:50","date_gmt":"2011-06-06T23:00:50","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/06\/economic-outlook-rate-rulings-in-spotlight\/"},"modified":"2011-06-06T23:00:50","modified_gmt":"2011-06-06T23:00:50","slug":"economic-outlook-rate-rulings-in-spotlight","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/06\/economic-outlook-rate-rulings-in-spotlight\/","title":{"rendered":"Economic outlook: Rate rulings in spotlight"},"content":{"rendered":"
\n

By Amaka Abayomi<\/p>\n

Interest rate announcements from the European Central Bank, the Bank of England and the Reserve Bank of Australia dominate the economic agenda this week.<\/p>\n

Although the ECB\u2019s main refinancing rate is expected to be left at 1.25 per cent on Thursday, investors will look for clarity on the central bank\u2019s next move at the press conference.<\/p>\n

At its May meeting, when it lifted the rate by 25 basis points, Jean-Claude Trichet, ECB president, signalled the bank would remain \u201cvigilant\u201d to the risks of inflation.<\/p>\n

This usually signals a further rate rise at the meeting after next. Should Mr Trichet indicate at Thursday\u2019s meeting that \u201cstrong vigilance\u201d is needed, it will surely mean a further 25bp rise in July.<\/p>\n

It will come as little surprise to see the Bank of England leave its main rate at 0.5 per cent on Thursday, given the stuttering recovery in the UK economy.<\/p>\n

First-quarter growth failed to pick up from the 0.5 per cent seen in the flash estimate when revised data were published last month.<\/p>\n

And recent purchasing managers\u2019 surveys have shown disappointing trends in the manufacturing and services sectors.<\/p>\n

Meanwhile, the balance in the monetary policy committee seems to be shifting back to the dovish camp after Paul Fisher last week revealed in an interview that he would consider voting for further quantitative easing if the economy suddenly turned lower.<\/p>\n

After the departure from the MPC of Andrew Sentance last month, only two hawks calling for a rate rise remain: Martin Weale and Spencer Dale.<\/p>\n

Australia\u2019s central bankers signalled in the minutes from the RBA policy committee\u2019s last meeting that rates would need to move higher \u201cat some point\u201d to contain inflation.<\/p>\n

But given the natural disasters, including the Queensland floods, during the first quarter, much remains uncertain about the growth rate.<\/p>\n

HSBC analysts think this will prompt the RBA on Tuesday to keep rates on hold at 4.75 per cent.<\/p>\n

Following the recent softness of manufacturing purchasing managers\u2019 data recently, industrial production figures from Germany and the UK will be scoured for further evidence of any slowdown in activity.<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

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By Amaka Abayomi Interest rate announcements from the European Central Bank, the Bank of England and the Reserve Bank of Australia dominate the economic agenda this week. Although the ECB\u2019s main refinancing rate is expected to be left at 1.25 per cent on Thursday, investors will look for clarity on the central bank\u2019s next move at the press conference. At its May meeting, when it lifted the rate by 25 basis points, Jean-Claude Trichet, ECB president, signalled the bank would remain \u201cvigilant\u201d to the risks of inflation. <\/p>\n","protected":false},"author":0,"featured_media":437117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":{"0":"post-437116","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"yoast_head":"\nEconomic outlook: Rate rulings in spotlight - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/06\/06\/economic-outlook-rate-rulings-in-spotlight\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Economic outlook: Rate rulings in spotlight - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Amaka Abayomi Interest rate announcements from the European Central Bank, the Bank of England and the Reserve Bank of Australia dominate the economic agenda this week. 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