TAILIEUCHUNG - Banks go ‘all in’ with policy stimulus

State and local tax systems are regressive: they tax low-income households at higher rates than high-income households. This issue has come to light as some states, looking for ways to respond to the collapse in tax revenue following the “Great Recession,” have turned to tax increases targeted at high-income households. Alongside the budget cuts that were adopted by every state, this new tax revenue can help sustain public spending on vital services, including education, public safety, and infrastructure. . | RBC RBC ECONOMICS I RESEARCH Inside. Overview .page 1 Interest rate outlook .page 5 Economic outlook .page 6 Currency outlook .page 7 Central bank watch .page 8 Q1 growth rebound inflation 9 FINANCIAL MARKETS MONTHLY April 5 2013 Banks go all in with policy stimulus Central banks around the world are providing a united front by keeping monetary policy extraordinarily stimulative and waiting for the returns to show up in faster economic activity. This tactic is not without risks although it has yet to instigate any worrying inflation pressures. In fact the aim of this week s aggressive policy easing in Japan is to break the persistent run of deflation with the Bank of Japan BoJ aiming to get the inflation rate to . The BoJ s announcement that it will increase the size and lengthen the maturity of its bond buying program while shifting its operational target to the monetary base from the overnight rate exceeded investor expectations. The Reserve Bank of Australia RBA the European Central Bank ECB and the Bank of England BoE left policy unchanged at their meetings this week with the Bank of Canada BoC and US Federal Reserve likely to follow the same course at their meetings later in the month. This steady as she goes monetary policy stance was echoed in financial markets with 10-year bond yields outside of Germany and Japan holding in recent ranges and the MSCI World stock index clocking in another gain in March. Data bumping along US economic reports in the past month indicated that despite the concern about the effect that the January 1 US payroll tax increases and March 1 implementation of sequestration the economy likely grew at a faster than 3 pace in the first quarter of 2013. In Canada the January real GDP report similarly set up for a strengthening in growth following two consecutive quarters of Central bank near-term bias Dawn Desjardins Assistant Chief Economist 416-974-6919 David Onyett-Jeffries CFA Economist .

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