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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
US NY Empire State manufacturing index unexpectedly dropped in March
In the US, the NY Empire State manufacturing index unexpectedly dropped to a level of -21.50 in March, compared to a level of 12.90 in the previous month.
RBA minutes: Officials ready to ease monetary policy, if required
Minutes of the Reserve Bank of Australia’s (RBA) latest meeting signalled that the policymakers are prepared to ease monetary policy further to support Australia’s economy. Moreover, board members indicated that the coronavirus would have significantly affected the country’s national finances and that a near term containment of the virus was considered “very unlikely”. Meanwhile, the central bank expects first quarter growth to be noticeably weaker than previously anticipated.
BoJ keeps its key interest rate unchanged
The Bank of Japan (BoJ), in its latest monetary policy meeting, kept its key interest rate unchanged at -0.10%, as widely expected. However, the central bank announced that it would expand its stock purchases, bonds, other assets and provide zero interest one-year loans to companies running short of cash, to combat the impact of the coronavirus outbreak. Additionally, BoJ Governor, Haruhiko Kuroda, stated that the central bank would closely monitor the impact of COVID-19 and would not hesitate to take additional easing measures, if necessary.
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