Wednesday, April 29, 2009

Prognostication Is A Risky Business

Surprise, surprise - BNM hasn't cut the OPR this time. My worry on this has generally been on whether the monetary transmission channel is working properly. They seem to think it is, despite the relatively slow movement of average lending rates downward, as well as factorng in the impact of fiscal stimulus kicking in by July.

I guess we'll see.

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