Financial Markets Look to Central Banks on Quantitative Easing Policy
Economics / Economic Recovery Nov 02, 2009 - 02:55 AM GMTToday's main economic data releases are the US ISM manufacturing and UK PMI manufacturing surveys for October, both expected to register modest improvements. Final October PMI data are published for the euro-zone, following the recent 'flash' estimates.
All three major western central banks meet to discuss monetary policy this week. Arguably of most interest will be the Bank of England’s decision on whether or not to extend its programme of asset purchases, particularly in the light of recent disappointing Q3 GDP data. In the US, attention will be focused on the FOMC’s policy statement, where we expect the Fed to repeat that interest rates are likely to remain at low levels for an extended period. October nonfarm payrolls data are also published this week, following September’s disappointing outturn. Finally, the ECB looks set to leave its key refinancing rate on hold, with markets becoming more focused on possible ‘exit strategies’ for unconventional, rather than conventional, monetary policy tools.
Lloyds TSB Corporate Markets Economic Research
For more information: Emile Abu-Shakra Manager, Media Relations Lloyds TSB Group Media Relations Tel 020 7356 1878 http://www.lloydstsbcorporatemarkets.com/
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