RBC - Central Bank Watch: Fed committed to maintain stimulative policy; RBA next move likely in August


source: RBC

"Bank of Canada: The BoC held rates steady in June and reiterated that "some modest withdrawal of the present considerable monetary policy stimulus may become appropriate" as long as growth continues and excess supply is absorbed.
Federal Reserve: The Fed remains committed to maintaining stimulative policy as a means to bolster growth and reduce unemployment with another purchase program still on the table.
Bank of England: The BoE left both rates and its asset purchase target unchanged at this week’s MPC meeting with policy likely to remain on hold unless there is evidence of a marked deterioration in the UK growth outlook.
European Central Bank: The ECB left rates steady at this week’s meeting, though the accompanying statement carried a more dovish tone reflecting deteriorating conditions in the region.
Reserve Bank of Australia: The RBA cut the Official Cash Rate by 25bp to 3.50% in June and we now expect that rates will be cut further to 2.75% over the next 12 months, with the next move likely in August.
Reserve Bank of New Zealand: Further easing by the RBNZ is not our base case but we expect the current accommodative stance of policy to remain through 2013." Dawn Desjardins, Assistant Chief Economist at Royal Bank of Canada.

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