Tuesday, March 17, 2015

The Bank of Japan maintained its massive ¥80T stimulus program today despite a tumbling inflation rate, indicating that a steady economic recovery will help it achieve its price target without immediate, additional monetary easing. Heading south, the RBA released minutes to its March 3 meeting when it kept its benchmark interest rate on hold after lowering it in February, saying some time was needed for "the economy to adjust to the earlier change" - but left the door wide open for another cut. The FOMC also begins its two-day meeting on interest rate policy this morning, with nearly all believing that the Fed will delete the word "patient" from its statement.