FOMC Warns More Progress on Inflation Needed Before Any Rate Cuts
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday added a warning to its stand-still policy statement, saying it does not “expect” to cut rates until it has “gained greater confidence” that inflation is moving sustainably lower toward the 2% target. The statement follows: Recent indicators suggest that economic activity has been expanding at a […]
White House and Other Schedules for Wednesday, Jan 31
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 31, 2023 In the morning, the President will receive the President’s Daily Brief. This meeting will be closed press. In […]
Bank of Japan January Meeting Summary Shows Shift Toward More Specific Debate About Exit from Large Monetary Easing
–Members Continue to Link Timing of Exit to Clearer Signs of Sustained Wage Growth–A Few Members Warn About Falling Behind Curve in Unwinding Stimulus By Max Sato (MaceNews) – Bank of Japan board members continued to discuss the need to carefully unwind the bank’s monetary easing measures, with many linking the timing of an exit […]
Bank of Canada Keeps Policy Rate at 5%, Softens Hawkish Tone Amid Slowing Economy but Warns About High Wage Growth
–Governing Council Still Concerned About Inflationary Risks, Particularly Persistent Underlying Price Pressures –BoC Statement Stops Saying It Remains Prepared to Hike Policy Rate Further if Needed–Governor Macklem: Premature to Discuss Lowering Interest Rates By Max Sato (MaceNews) – The Bank of Canada on Wednesday maintained its policy interest rate — the target for overnight […]
Preview: Bank of Canada Expected to Keep Policy Rate at 5% amid Sticky Inflation
–Governing Council Likely to Remain Concerned About Inflationary Risk–Governor Macklem Has Repeatedly Said It is Too Early to Discuss a Rate Cut By Max Sato (MaceNews) – The Bank of Canada is widely expected to maintain its policy interest rate — the target for overnight lending rates — at 5.0% on Wednesday for the fourth […]
BOJ Keeps Easing Stance Under Yield Curve Control Framework as Policymakers Look for Clearer Signs of Sustained Wage Growth
–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 expected, to maintain its seven-year-old yield curve control framework and retain its guidance […]
Preview: Bank of Japan Unlikely to Begin Unwinding Large-Scale Easing Until It Can Clearly Foresee Sustained Growth in Wages, Service Prices in Fiscal 2024
By Max Sato (MaceNews) – The Bank of Japan board is widely expected to retain its guidance in a unanimous vote at its Jan. 22-23 meeting that the bank will “patiently continue with monetary easing” in order to “achieve the price stability target of 2% in a sustainable and stable manner, accompanied by wage increases.” […]
Fed’s Beige Book Survey Finds Little Additional Momentum as National Economy Generally Retains Status Quo
–Five Districts Fine Price Increases ‘Subsided’ WASHINGTON (MaceNews) – The Federal Reserve’s survey of economic activity coast-to-coast Wednesday saw little significant change in the past six weeks although consumers met or exceeded expectations and some retailers were finding their profit margins squeezed by consumer sensitivity to higher prices. The survey, to be among the data […]
Fed’s Waller: More Confident FOMC Can Start Cutting Funds Rate in 2024
– Rate Cuts Should Be Done ‘Carefully and Methodically’; ‘Take Our Time’ – Exact Timing of Rate Cuts Not Crucial; Should Await More Inflation Evidence – Should Start to Think About Tapering Quantitative Tightening Later in 2024 – Shouldn’t Slow Pace of MBS Run-off By Steven K. Beckner (MaceNews) – Federal Reserve Governor Christopher Waller […]
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 […]