Japan Week Ahead: July Data to Show Mixed Start to Q3 after BOJ Deputy Governor Himino Downplays Weak Q2 GDP Growth, Keeps September Rate Hike Talk Alive
–July Factory Output to Show Pullback After Recent Gains, Heat Wave Props Up Retail Sales, Sluggish Household Spending Continues amid High Costs By Max Sato (MaceNews) – Financial markets have largely priced in a follow-up interest rate hike by the Bank of Japan in September, with only a three-month interval instead of an earlier expectation […]
Richmond Fed’s Barkin Wants To ‘Wait and See’ How Economy Evolves
– Keep Monetary Policy ‘Modestly Restrictive’ Til Confident Inflation Headed to 2% By Steven K. Beckner (MaceNews) – Richmond Federal Reserve Bank President Thomas Barkin warned Tuesday against a premature resumption of interest rate reductions in the current climate of continued excessive inflation and great uncertainty. Barkin said he favors keeping monetary policy “modestly restrictive” […]
Bank of Canada’s Rogers: Non-Bank Leverage, Ability to Supply Liquidity Pose Risks to Financial System
–Canadian Financial System ‘Resilient’ So Far but BOC Monitoring Risks –High House Prices, Household Debt Are Vulnerabilities for Financial System –Rising Mortgage Costs Tough on Some Canadians but Higher Rates to Bring Down Inflation By Max Sato (MaceNews) – Non-bank financial institutions manage a large share of assets for Canadians but are excluded from the […]
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 […]
Bank of Canada’s Beaudry: To Take Whatever Actions Needed to Bring Inflation Down to 2% Target
–BOC Deputy Governor Beaudry: Canada’s Aug CPI Eased to 7% Y/Y Rise But Still Too High By Max Sato (MaceNews) – The Bank of Canada’s policymakers will take whatever actions necessary to bring still too high inflation back to its 2% target and maintain people’s confidence in the bank’s price stability mandate, Deputy Governor Paul […]
BofA Global Research Fund Manager Survey: Investors Hopeful Inflation/Rate Shocks to Dissipate Soon
-Investors Stay Watchful For Recession By Vicki Schmelzer NEW YORK (MaceNews) – Global investors polled in August were hopeful that inflation and rate shocks will dissipate in the coming quarters, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. At the same time, investors remained on high alert for recession, […]
BofA Global Research Fund Manager Survey: Investors Gloomy as US Stocks Enter Bear Market
–Stagflation fears rise By Vicki Schmelzer NEW YORK (MaceNews) – Global investor sentiment turned dire in June as U.S. stocks entered bear market territory, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. “History is no guide to future performance but if it were, today’s bear market would end on […]
Fed’s Brainard Suggests Dollar Could Suffer If Fed Doesn’t Issue Its Own Digital Currency
By Steven K. Beckner (MaceNews) – Federal Reserve Governor Lael Brainard linked the development of a digital central bank currency to preservation of the U.S. dollar’s primacy in international trade and finance Friday. The Fed is not ready to announce the issuance of a digital currency, but Brainard said the Fed is well along the […]
Italy Pushes Digital Euro, Aims to Strengthen Single Currency in Post-Covid World- Sources
By Silvia Marchetti ROME (MaceNews) – Italy is pushing for a “speedy” creation of a digital euro in a bid to strengthen the single currency, and it has now become a top post-Covid priority for the financial system, according to ruling coalition sources. “The pandemic has accelerated the process: there’s been a significant boost in […]
Text of Joint Announcement by Regulators on Bank Handling of Crypto Assets
WASHINGTON (MaceNews) – The following is the text of the joint announcement of the Federal Reserve, FDIC and OCC on future regulatory work on bank handling of crypto assets: Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency November 23, 2021 Joint Statement on Crypto-Asset Policy Sprint […]