Hold, hike or cut?

PHILIPPINES - Report 25 Mar 2015 by Romeo Bernardo and Christine Tang

It is a foregone conclusion that Thursday’s meeting of the Monetary Board of the BSP will see policy rates on hold.What divides market players is whether policy rates will remain steady for the rest of the year, or whether hikes or cuts are in store. The April issue of Focus Economics shows that of 21 respondents, 14 forecast steady rates, 6 an increase, and 1 a decrease. Events to date, including the missing “patient” in the Fed Chair’s statement last week and the launch of the ECB’s stimulus program, have yet to change our view that local policy rates will remain where they are this year....

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