Accommodating monetary policy

I had argued that the MPC had better take a cue and begin to take steps to drop the MPR, albeit notionally, otherwise just as the president had given his support for the anti-devaluation stance of the CBN, it would not be farfetched if one extrapolated to expect that he would similarly speak up in condemnation of the MPC if it continued to fail to align with the expectation of most compatriots in this connection.I say most compatriots are in agreement with the thrust to diversify the economy advisedly because, as should be expected, there are those not in agreement as we would soon make clear as we track reactions trailing the announcement of this redirection in policy stance by the CBN.The paper combines the theoretical analysis with empirical studies.Because in transitional economies the particular channels of monetary policy are diverse, continually changing, and uncertain reduce-form evidence are used to evaluate the empirical evidence.But it should be surprising and indeed beggars belief that the benchmark interest rates remained unchanged for a long period of six years!It is impossible for this experience to be repeated in advanced economies of the world.

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In the European Union, it is not for non-professional investors as defined in the MIFID or in each local regulation for the general public and nor for "US Person". There is no guarantee that any targeted performance or forecast will be achieved.It’s therefore all-but certain that the Bank of Japan’s monetary policy meeting on April 26/27 will end with all its monetary settings unchanged; potentially a negative factor for the Japanese Yen.After falling steadily this year, USD/JPY has shown signs of stabilizing and even rising modestly over the past few days and that weaker trend for the Yen – partly in response to Kuroda’s comments – could well continue.To make such an assessment, the Committee looks at a wide range of economic information – the official economic statistical releases and financial market indicators, as well as the information I and other FOMC participants garner by speaking with business contacts in our regions.When the FOMC says its decisions are “data-dependent,” I view this as shorthand for this more comprehensive process of parsing economic and financial information to determine current economic conditions, and then assessing what that information implies about the economic outlook and the risks around that outlook. growth is estimated to have increased at an average pace of about 2-1/4 percent over the first three quarters of 2015.

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