On Monday this week I did a blog post wherein I wondered which central bank would spike the punch bowl this week to keep the party going / stop it from ending. I did this because the Greedometers suggested stock market pain was once again on our doorstep.
On Tuesday morning my question was answered when the PBoC dropped bank reserve ratios in a surprise move. That bought a day of partying.
Having seen the party running out of gas today, this evening Mark Carney (Bank of England Prez) chimed in saying we should not expect a rate hike from the BoE at the next meeting –in May. I wonder how many hours or days of partying this will buy.
Lots of Fed speakers this week but no spiking of the punch bowl this week — no threats to not raise rates next month. Not yet.