German Economic Sentiment Plunges on Ukraine, Sanctions, ZEW Reports
ZURICH (MaceNews) – Economic sentiment in Germany fell by a historic margin in March, as the war in Ukraine and resulting sanctions against Russia pushed the ZEW institute’s measure of economic sentiment into sharply negative territory. The ZEW measure of economic sentiment plunged 93.6 points in March to a reading of -39.3 from the February […]
ECB Cuts Asset Purchases, Could Exit QE in Q3
— Rate Hikes to Come ‘Some Time After’ Asset Purchases End LONDON (MaceNews) – The European Central Bank surprised forecasters, announcing a reduction in asset purchases over the second quarter and raising the possibility of a rate hike this year, following the conclusion of Thursday’s governing council meeting. Purchases under the long-running Asset Purchase Programme will […]
Japan February Producer Prices Up 9.3% Y/Y Amid High Energy Costs, Supply Bottlenecks
–Japan Producer Prices Post Rises 0.8% M/M for 2nd Straight Rise By Max Sato (MaceNews) – Producer prices in Japan continued climbing from year-earlier levels in February amid lingering global supply constraints and high fuel and electricity costs, with the pace of increase hitting a fresh 41-year high partly in reaction to a slight dip […]
Analysis: Oil Falls Back as Speculators Take Profit, Market Players Reassess Ukraine Situation
By Vicki Schmelzer (MaceNews) – Crude oil prices have backed down from recent highs as speculative accounts take profit and market players reassess the situation in Ukraine. News that the International Energy Agency members would release more crude oil stocks and hopes for progress in Thursday’s Russia-Ukraine talks appeared to spur long liquidation Wednesday, along […]
FOMC Set to Proceed ‘Carefully’ on Road to Tighter Monetary Policy, But Ultimate Destination Unclear
– Must Decide Pace of Rate Hikes, Where Neutral Is, and Whether Neutral Is High Enough – Fed Getting Closer to Balance Sheet Reduction But Funds Rate Primary Policy Tool By Steven K. Beckner (MaceNews) – It seemed virtually a foregone conclusion that the Federal Reserve would start raising short-term interest rates in mid-March after Jerome Powell’s […]
Bank of Canada’s Macklem: Won’t Rule Out 50 bp Rate Hike in Future If Needed
–BOC Governor: To Tighten Policy ‘In a Deliberate and Careful Way’ By Max Sato (MaceNews) – Bank of Canada Governor Tiff Macklem said Thursday that he won’t rule out the possibility of the bank raising the policy interest rate by a faster pace of 50 basis points than its decision Wednesday to conduct the first […]
Bank of Canada Hikes Policy Rate To 0.50% From Record Low 0.25% To Fight Inflation
–BOC Keeps Reinvesting in Government Bonds on Its Balance Sheet –BOC: Russia’s Invasion of Ukraine ‘A Major New Source of Uncertainty’–BOC: Expect Further Rate Hikes As Economic Growth, Inflation Pressures Continue –BOC: To Consider Start of Quantitative Tightening Based on Economic Assessment By Max Sato (MaceNews) – The Bank of Canada on Wednesday raised its […]
Italy Government May Revise Fiscal Outlook, Cut Growth Forecasts Due to Ukraine Crisis – Sources
By Silvia Marchetti ROME (MaceNews) – Italy’s government could cut growth forecasts for this year and potentially raise deficit targets in the wake of the Ukraine crisis and its repercussions on the Italian economy, according to ruling coalition sources. “The extent of such impact is still to be fully weighed, but we might need to […]
US ISM Manufacturing Index Rebounds in February on New Orders
–ISM: Conflict in Ukraine Unlikely To Hurt US Manufacturing Expansion –ISM Concerned Rising Energy Prices To Provide Headwinds To US Economy –ISM Survey Shows Supply Chain Constraints Remain, Backlogs Grow By Max Sato (MaceNews) – US manufacturing activity rebounded in February after Covid restrictions caused by the Omicron variant slowed the sector’s growth in January, […]
UPDATE: Pres Biden Upgrades Sanctions Vs Russia; ‘It’s a War Without a Cause’
By Frank Csongos and Denny Gulino WASHINGTON (MaceNews) – President Joe Biden announced Thursday new economic sanctions on Russia to punish its military invasion of Ukraine. Biden denounced Russian President Vladimir Putin of waging “naked aggression” and pledged Russia will bear the consequences. “It’s a war without a cause,” he said. Biden said the U.S. […]