ECB Continued to Mop Up Excess Liquidity as Growth Outlook Improved ECB's monetary decisions in March are broadly inline with expectations. The central bank left the main refinancing rate unchanged at 1% while fine-tuning the funding operation frameworks. The ECB staff's forecast on 2011 GDP was modestly revised upward. Focus of the press conference was on the gradual phasing-out of our non-standard operational measures. Full Report Here... BOC Kept Policy Rate at 0.25% but Delivered More Hawkish Statement As expected, the Bank of Canada left the overnight rate target at 0.25%. Moreover, the central bank reiterated 'conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target'. Full Report Here... RBA Raised Cash Rate to 4%, Resuming the Tightening Cycle After pausing in February, the RBA resumed its tightening cycle in March by announcing to raise its cash rate by +25 bps to 4%. In the accompanying statement, the central bank stated that interest rates to most borrowers 'remain lower than average' and 'growth is likely to be close to trend and inflation close to target over the coming year, it is appropriate for interest rates to be closer to average'. Full Report Here... | 
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