Tuesday, October 14, 2008

Central banks to ease policy rates further - so thinks RBC economists

Central banks to ease policy rates further reports RBC

The immediate reaction to the co-ordinated central bank rate cut was cool, with global equity markets languishing and the cost of funding staying high. Persistent uncertainty kept investors focused on the safety of government bonds, resulting in interest rates on these securities remaining well below earlier forecasts.

The IMF, in its semi-annual outlook, aggressively cut back the forecast for world GDP growth in 2009 to 3% from 3.9%, highlighting that "the downturn in the advanced economies is continuing to deepen". The prospect of a lengthy and widespread economic downturn will likely prompt global central banks to shift policy rates to more stimulative levels and we look for most major economies we follow to lower policy rates further.

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