Bank of Canada Q4 Survey: Business Outlook Indicator Posts 1st Rise in 8 Quarters but High Prices, Wage Growth Seen Hindering Quick Return to 2% Inflation Target
–Firms’ Inflation Expectations Slowly Trending Down but Above 3% Over Next 2 Years–Consumers’ Near-Term Inflation Outlook Little Changed Around 4% –Businesses, Households Concerned about Economic Outlook Amid High Borrowing Costs By Max Sato Sentiment among companies in Canada picked up slightly in October-December for the first rise in eight quarters amid slowly easing labor shortages […]
Analysis: FOMC Minutes Suggest Gradual, Cautious Approach To 2024 Rate Cuts
By Steven K. Beckner (MaceNews) – At their final meeting of 2023, Federal Reserve officials reached a consensus that they had likely raised short-term interest rates as high as they needed to go but they were not eager to begin cutting rates as dramatically as many had hoped, minutes of the Dec. 12-13 Federal Open […]
FOMC Minutes Show Minimal Discussion of Future Rate Cuts With Any Future Hikes Data Dependent
WASHINGTON (MaceNews) – The minutes of the December Federal Open Market Committee Wednesday showed the actual discussion of any rate cuts was vanishingly scarce and that any future rate hikes, while the fed funds level was at or near its peak, would be data dependent. The portion of the minutes devoted to the views of […]
White House and Other Schedules for Wednesday, Jan 3
WASHINGTON (MaceNews) – The following are Wednesday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data and Federal Reserve events: DAILY GUIDANCE AND PRESS SCHEDULE FOR WEDNESDAY, JANUARY 3, 2024 In the afternoon, the President will receive the President’s Daily Brief. This meeting in the Oval […]
Bank of Japan December Meeting Summary: Wait to See Signs of Sustained Wage Hikes in Fiscal 2024 Before Considering Rate Hike
–Members Agree BOJ Needs to Maintain Easing to Support Positive Wages-to-Prices Cycle –A Few Members Warn Against Being Complacent about Upside Risks to Inflation By Max Sato (MaceNews) – Bank of Japan board members argued that they should wait until next spring (from March to May) to confirm whether annual labor talks will lead to […]
BOJ Keeps Easing Stance Under Yield Curve Control Framework After Making It More Flexible in Oct, July
–BOJ Repeats: To ‘Patiently’ Pursue Stable 2% Inflation –BOJ Maintains Negative Short-Term Rate, Zero Long-Term Rate; Keeps 1% Loose Upside Limit on 10-Year JGB Yield By Max Sato (MaceNews) – The Bank of Japan said Tuesday its policy board decided unanimously, as widely expected, to maintain its seven-year-old yield curve control framework and retain its […]
FOMC Holds Rates Steady; Indicates Funds Rate Has Peaked at 5.25-5.50%
– FOMC Retains Tightening Bias; Powell says Will Hike Rates Further If Needed – Officials Project Funds Rate Will Fall To 4.6% by End of 2024; 3.6% End 2025 – Officials Leave Longer Run Funds Rate Estimate Unchanged at 2.5% – Powell: FOMC Not Talking About Altering Quantitative Tightening By Steven K. Beckner (MaceNews) – […]
TRANSCRIPT: Fed’s Powell Said the FOMC Participants Did Discuss the ‘Next Question’ of Rate Cuts At This Meeting
WASHINGTON (MaceNews) – Federal Reserve Chair Jerome Powell Wednesday said the Federal Open Market participants did discuss rate cuts at its latest meeting and that as the inflation rate approaches the 2% target policy must become less restrictive to avoid overshooting. The transcript of his post-FOMC news conference follows: OPENING STATEMENT and Q&A:
FOMC Keeps Rates Unchanged as Expected, Retains Tightening Bias But Says Assessing Need for ‘Any’ Additional Firming
WASHINGTON (MaceNews) – The latest policy statement of the Federal Open Market Committee follows: Recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation has eased over […]
Analysis: Bank of Japan Cautious About Lifting Negative Short-Term Rate Target Until Confirming Path to Higher Wages in April
By Max Sato (MaceNews) – Bank of Japan policymakers are expected to maintain the current easing stance for now as they are likely to refrain from raising interest rates at least until April, when they may be able to see a clearer sign that wages will continue rising substantially in the next fiscal year. In […]