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December 12, 2024
As expected, today the ECB lowered interest rates by 25bp and revised down growth and inflation forecasts. Lagarde did not give many clues on the next steps but reaffirmed that the disinflationary process is on track. We maintain four more cuts for the first half of 2025 to 2% (depo).
October 17, 2024
The ECB cut its key interest rates by 25 basis points, as expected, following signals given by Lagarde in September in her speech at the European Parliament, due to lower inflation and weak activity data. We expect another 25 basis point cut in December.
September 12, 2024
today’s ECB meeting did not offer much new information, as widely expected, apart from making the second rate cut this year. With virtually no hints today, this meeting supports our expectation of a very gradual cycle of rate cuts, with one more rate cut in December.
August 13, 2021
The Board of the Central Bank decided to increase the monetary policy rate by 0,25% to 0,50% in August. The Bank maintains an expansive stance but will pay special attention to inflation expectations to consider modifications to the policy stance.
April 9, 2021
The Board of the Central Bank decided to maintain the monetary policy rate at 0,25% in April. The Bank renewed its commitment to maintain a strongly expansive stance for a prolonged period and stated that the higher inflation observed in March is transitory.
February 10, 2021
Two important reasons could contribute to the recent interbank liquidity crunch: the PBoC’s intention to alert the recent soaring stock market, and more importantly, the temporary failure of the central bank’s calibrated liquidity operation model under the recent challenging market environment.
September 11, 2020
The Board of the Central Bank decided to maintain the monetary policy rate at 0,25% in September. The Bank renewed its commitment to maintain a strongly expansive stance for a prolonged period and placed emphasis on its efforts to provide liquidity to the market.
June 12, 2020
The Board of the Central Bank decided to maintain the monetary policy rate at 0,25% in June. The Bank renewed its commitment to maintain a strongly expansive stance for a prolonged period and showed greater concern for inflation, estimating it will fall below the target range this year.
December 4, 2017
We apply the natural language processing or computational linguistics (NLP) to the analysis of the communication policy (i.e statements and minutes) of the Central Bank of Turkey (CBRT). While previous literature has focused on Developed countries, we extend the NLP analysis to the Central Banks of the Emerging Markets using the Dynamic Topic Modelling approach.
