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BOJ March monetary policy meeting minutes – full text

  
  Analysis
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Bank of Japan Minutes not shedding too much further light on policy deliberations

Headlines via Reuters:

 

  • members agreed YCC exerting intended policy effect
  • some members said review confirmed some fluctuations in bond yields won’t diminish impact of monetary easing
  • some members said must scrutinise financial system developments due to accumulating side-effects of easing on banking system
  • members agreed BOJ must respond flexibly, effectively without hesitation to changes in economic, price and financial developments
  • a few members said appropriate to stress anew that excessive falls in super-long bond yields could hurt economy in long run

 

 

The full text is here if you wish

 

Bank of Japan Minutes not shedding too much further light on policy deliberations

Brazil raises benchmark lending rate 75 basis points to 3.50%

  
  Analysis

Banco Central do Brasil hikes the benchmark rate, as expected

 

  • the policy decision was unanimous
  • sees another policy adjustment of same magnitude at next meeting
  • reaffirms commitment to “partial normalization” process
  • elevated fiscal risk continues to create upward asymmetry to the balance of inflation risks
  • current inflation shocks are temporary, but will continue to closely monitor their evolution
  • uncertainty about economic growth remains larger than usual, but normality should return gradually
  • 75 bps rate hike at next meeting depends on the evolution of economic activity, the balance of risks, inflation outlook and expectations
  • adjustment is compatible with inflation converging to target over the relevant horizon, which includes 2022

 

The summary above is via Reuters, bolding is mine. BCB sees the rise in inflation as temporary but is hiking anyway ….the BCB is not a global trend setter for major central banks, but makes ya think ….

Banco Central do Brasil hikes the benchmark rate, as expected 

S&P 500 finishes flat after a lively ride, Nasdaq down 0.4%

  
Analysis, US Market

Up and down but unchanged at the end

SPX chart
Closing changes from the main bourses:
  • S&P 500 +3 points to 4167
  • Nasdaq -0.4%
  • Dow +0.3%
  • Russell 2000 -0.4%
  • Toronto TSX +0.6%
There were some twists and turns on the journey to nowhere. The index started 20 points higher then gave it all back and more. Then hit a session high a noon and chopped along around there before falling again in the last hour to finish unchanged.
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