Goldman Sachs - "UNITED STATES: FOMC
CURRENT SITUATION The Fed funds rate is at 0%-0.25%. The Fed initiated a new round of asset purchases and extended its rate guidance on September 13, 2012.
NEXT MEETING Oct. 30 Dec.18
EXPECTATION We expect the Fed to keep the funds rate near 0% through 2015, and to continue asset purchases until 2Q2014.
JAPAN: BoJ Monetary Policy Board
CURRENT SITUATION The overnight call rate is at 0%-0.1%. The BoJ significantly extended asset purchases, as well as the related maturity horizon, on April 4, 2013.
NEXT MEETING Oct. 4 Oct. 31
EXPECTATION We expect the BoJ to keep the policy rate near 0% through at least 2016, and to expand its monetary easing efforts through ongoing asset purchases.
EURO AREA: ECB Governing Council
CURRENT SITUATION The refi/deposit rates are at 0.50%/0.00%. The ECB announced the OMT programme for conditional purchases of Euro area sovereign bonds in Sept. 2012 and cut the refi rate by 25bp on May 2, 2013.
NEXT MEETING Oct. 2 Nov.7
EXPECTATION We expect the ECB to keep policy rates on hold at least through mid-2015. If, however, activity were to weaken further significantly, a rate cut and/or credit easing could become potential options.
UK: BoE Monetary Policy Committee
CURRENT SITUATION The BoE policy rate is currently at 0.5%. The BoE announced threshold-based forward guidance for the path of the policy rate on August 7, 2013.
NEXT MEETING Oct. 10 Nov.7
EXPECTATION We expect the BoE to keep the policy rate unchanged until mid-2016, with the possibility of further unconventional easing ahead."