Bank of Japan

On March 6th, officials from Bank of Japan came to the unanimous decision of keeping the target interest rates steady at 0.50 percent. This vote to keep policy steady has sustained a long period of neutrality as the last change to rates was back in February, 2007 when Governor Toshihiko Fukui announced the last 25 basis point hike

Reserve Bank of New Zealand

RBNZ Governor Alan Bollard held adamant about keeping the official cash rate at 8.25 percent when he announced the rate bank’s rate decision on April 23rd. Despite the hawkish stance though, the policy authority did caution that a slowdown was inevitable, as economic growth had already deteriorated since their last meeting in March

Bank of Canada

On April 21, 2009, the Bank of Canada surprised markets with yet another rate reduction, bringing the overnight lending rate 25 bps lower to 0.25 percent. While the cut was unexpected by economists, a closer analysis of economic data that preceded the decision supports the move for further easing. A slew of reports suggest that the economy is indeed contracting at a much faster pace than originally predicted. GDP fell over 0.7 percent in January.

Reserve Bank of Australia

On June 2, 2009, the Reserve Bank of Australia held its benchmark rate at three percent for the second time as the policy board returns to its wait-and-see approach to recovery. The central bank has lowered the cash rate target 425 basis points from a high of 7.25% last March as economic activity decelerates and inflation evaporates.

Swiss National Bank

The Swiss National Bank continued its easing regime at its quarterly meeting on March 12, 2009. While maintaining the range of 0.0 percent to 0.75, they moved their target lower to 0.25 percent. This is a level unseen in over ten years

Bank of England

The Bank of England’s Monetary Policy Committee’s May 7th meeting resulted in a vote to maintain the official Bank Rate at 0.50%. The MPC also voted to increase the size of its Asset Purchase Programme by £50 billion, to a total of £125 billion

European Central Bank

On May 5, 2009, the European Central Bank announced that it would reduce both the main refinancing rate as well as the marginal lending facility rate by twenty-five and fifty basis points respectively. This brings the new rates to record lows of 1.0 percent and 1.75 percent