UBS On-Air: Paul Donovan Daily Audio 'The art of doing nothing'

Several central banks have been demonstrating masterful inactivity recently. The world leader at masterful inactivity is the Bank of Japan, which did nothing overnight. The Bank of England and the Swiss National Bank both left policy rates unchanged yesterday. Differences in inflation mean inactivity by the Bank of Japan continues a loose policy stance, but real borrowing costs rise with inactivity by the Bank of England and the Swiss National Bank.