Bank of Canada Hikes Key Rate by 50 Bps to 3.75%, Balancing Between Too High Inflation and Slower Demand 
–BOC Governing Council Still Believes Interest Rates Need to Rise Further –BOC: Canadian Economy in Excess Demand, Labor Markets Tight –Governor Macklem: Getting Closer to End of Tightening but Not Over Yet–Macklem: Future Tightening Could Mean Large or Normal Rate Hike By Max Sato (MaceNews) – The Bank of Canada on Wednesday raised its policy […]
Japan Appears to Have Sold Dollars in Stealth Intervention to Slow Yen’s Slide
–Currency Intervention Suspected as Dollar Slumps from Above Y151 to Under Y146 in New York Friday –Vice Finance Minister Kanda Declines Comment to Reporters in Tokyo–Yen Remains Weak Amid Wide US-Japan Rate Gap; BOJ Seen Keeping Easy Stance By Max Sato (MaceNews) – The Japanese government and the Bank of Japan appear to have stepped […]
BofA Global Research Fund Manager Survey: Cash Levels at 2001 Highs As Investors See Economic Weakness, Consider Eventual Fed Pivot
– – Inflation is Chief Concern; Rising Fear of Systemic Credit Event By Vicki Schmelzer NEW YORK (MaceNews) – Fund managers’ cash levels rose in October to highs last seen in 2001 as investors feared economic weakness and pondered the timing of an eventual Federal Reserve policy pivot, according to the findings of Bank of […]
Fed Gov. Cook: Fed Will Keep Monetary Policy Restrictive ‘Until the Job Is Done’
– San Francisco Fed’s Daly Says Raise Rates To ‘Appropriate’ Level Then ‘Look Around’ By Steven K. Beckner (MaceNews) – Federal Reserve Governor Lisa Cook expressed a strong commitment to reducing inflation Friday, pledging to support a more restrictive monetary policy until inflation is brought down. Meanwhile, San Francisco Federal Reserve Bank President Mary Daly […]
Fed’s Mester: Monetary Policy ‘Not Yet Restrictive’; Needs Be So ‘For Some Time’
– Risks of Doing ‘Too Little’ Tightening Outweigh Risks of ‘Doing Too Much’ – Won’t Back Slower Tightening Pace Until She Sees Inflation Moving Down By Steven K. Beckner (MaceNews) – Despite 300 basis points of short-term interest rate hikes, monetary policy is still not restrictive, and the Federal Reserve needs to keep raising rates […]
Chicago Fed’s Evans: Fed Must Make Policy More Restrictive but Not ‘Overdo’ It
– Fed Should Look for Place to ‘Rest’ in Raising Rates By Steven K. Beckner (MaceNews) – Chicago Federal Reserve Bank President said Monday that the Fed needs to keep making monetary policy more “restrictive,” but warned against “overdoing” its interest rate increases and suggested it should look for a place to “rest” or pause […]
Analysis: Choice of Italy’s Next Finance Minister Key for Incoming Government’s Credibility, ‘Fight’ Against ECB Rate Hikes Ahead
–ECB’s Panetta a possible candidate By Silvia Marchetti ROME (MaceNews) – The choice of who will be Italy’s next economy and finance minister will be key in determining the winning center-right coalition’s credibility on world markets, and its power in campaigning against more European Central Bank rate hikes. The center-right alliance, which includes the far-right […]
Fed Gov. Waller: ‘Slightly Restrictive’ Monetary Policy Needs Become More So
– Inflation Too High to Consider Pause in Rate Hikes By Steven K. Beckner (MaceNews) – Lacking “meaningful progress” against inflation and any “trade-off” between inflation and unemployment, U.S. monetary policy should move “aggressively” from “slightly restrictive” to more restrictive, Federal Reserve Governor Christopher Waller said Thursday evening. Waller, known as one of the more […]
Cleveland Fed’s Mester: Fed Ready To Launch ‘FedNow’ Payments System Mid-2023
– Fed Digital Currency Further Off: Fed Studying Monetary, Other Implications By Steven K. Beckner (MaceNews) – Cleveland Federal Reserve Bank President Loretta Mester said Tuesday that the Fed will launch a new instant payments system or “FedNow” in a matter of months, but said the Fed has not yet decided whether it makes sense […]
St. Louis Fed’s Bullard: Strong Labor Market Gives Fed ‘Room to Maneuver’
– To Reduce Inflation Rates Must Rise ‘Pretty Rapidly,’ Stay ‘Higher For Longer’ – Slower Growth Raises Recession Risk In Event Of Shock; Might Require Adjustment – Once Appropriate Rate Level Reached Can Move To ‘Ordinary,” Data-Dependent Policy By Steven K. Beckner (MaceNews) – Were some “shock” to tip the U.S. economy into recession, the […]