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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (2953)	3/26/2004 4:57:02 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Gas prices don't scare off SUV buyers DETROIT — Near-record gasoline prices haven't hurt sales of the thirstiest sport-utility vehicles, and a new survey found that two-thirds of consumers wouldn't buy more fuel-efficient vehicles even if prices passed $3 a gallon. usatoday.com Ford mouthpiece quoted as saying people will not leave their SUVs until gas is over $5.00

To: CalculatedRisk who wrote (2953)	3/26/2004 5:08:39 PM
From: mishedlo	Respond to of 116555

Slovakia central bank cuts key rates 50 pts to 4.00 pct Friday, March 26, 2004 8:06:34 PM BRATISLAVA - The Slovak central bank cut key interest rates by 50 basis in a bid to curb the rising crown and help boost domestic demand, the SITA news service reported The one-day sterilization repo rate will drop to 4.0 pct from 4.5 and the one-day refinancing rate will be lowered to 7.0 pct from 7.5. The the two-week sterilization repo rate falls to 5.5 pct from 6.0, it said The bank last lowered interest rates in December, cutting them by 25 basis points fxstreet.com

To: CalculatedRisk who wrote (2953)	3/26/2004 5:11:58 PM
From: mishedlo	Respond to of 116555

Riksbank Bergstrom:Data Show Some Scope for Easier Mon Policy Friday, March 26, 2004 1:14:00 PM FRANKFURT - The latest Swedish economic data show that there is "some scope" to ease monetary policy further, Riksbank Deputy Governor Villy Bergstrom said in a speech text Friday. Bergstrom is the third Riksbank board member in the last week to signal that the central bank is likely to cut rates at its next meeting on Thursday. The market expects the Riksbank to agree a 25 basis point rate cut in the repo rate to 2.25%, after a similar cut on February 5. The rate decision will be announced at 06:00 GMT. Bergstrom said that the moderate wage increases included in the wage deals reached so far this year helped increase leeway for monetary policy. "This year's wage bargaining rounds, which cover the greater part of the private sector and the entire central government sector, are in full swing," he said. "However, the wage agreements for the industrial sector have mostly been concluded now, which paves the way for stable bargaining. "Payroll expenses account for 70% of the value added in the economy and have vital significance for the development of costs and prices and thereby also for monetary policy. Wage bargaining rounds therefore entail a risk of wage agreements being signed at levels that are not compatible with the Riksbank's annual inflation target of 2%." "The fact that the central wage agreements in the industrial sector have been signed at moderate levels, together with factors such as the relatively slow recovery in the economy and the weak labour market imply that this will not be the case, although there is still some risk with the local wage bargaining. Recent statistics indicate there is some scope to conduct a more expansionary monetary policy and the outcome of the wage bargaining rounds so far does not appear to prevent this," he said. fxstreet.com