<strong>US ISM: 2023 Outlook Unclear as Firms See Revenue Growth Despite Higher Interest Rates</strong>
–ISM’s Fiore: Manufacturers See Stable Business Plans, Fed Policy Not Heavily Restrictive–ISM’S Fiore: US Manufacturers Expect Dollar to Firm in 2023; Stronger Dollar Net Negative for Exports–ISM’s Nieves: Both Manufacturing, Service Sectors See Continued Growth into 2023 By Max Sato (MaceNews) – Supply management executives at U.S. manufacturers and service providers continue to expect their […]
BofA Global Research Fund Manager Survey: Investors Less Pessimistic About 2023 Prospects
— Inflation Expected to Decline — First Bond Overweight Since April 2009 By Vicki Schmelzer NEW YORK (MaceNews) – Global investors polled at year-end were decidedly less pessimistic about 2023 prospects especially for inflation, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. In December, a net 68% of managers […]
US Consumer Inflation Expectations Down in November from October as Gas/Food/Rent Price Expectations Retreat: NY Fed
NEW YORK (MaceNews) – US consumer inflation expectations fell back in November after bumping up in October from September, amid scaled-back expectations for gas/food/rent price rises, according to a survey from the Federal Reserve Bank of New York. The median expectation for inflation one year ahead among survey respondents eased to 5.2% in November from […]
<strong>Japan November Producer Inflation Eases Only Slightly as Utilities Up Nearly 50% Y/Y, Iron and Steel Prices Remain Elevated </strong>
–September’s Annal Rate Revised to +10.3% from +10.2%, Remains Highest in 41 Years –Weak Yen Continues Boosting Import Costs for Producers but at Slower Pace Amid Dollar Pullback By Max Sato (MaceNews) – Producer inflation in Japan eased only slightly in November from an upwardly revised gain in October and a 41-year high in September […]
<strong>Japan Govt Keeps Economic Pickup View Despite Q3 GDP Contraction </strong>
By Max Sato (MaceNews) – Japan’s government Thursday maintained its economic recovery outlook despite the latest GDP data showing an unexpected slump in total domestic output in the July-September quarter caused by a surge in imports amid the sharp depreciation of the yen, according to its monthly report released by the Cabinet Office. The dollar […]
<strong>Italy’s EUR35 Billion Budget Law to Be Almost Totally Deficit-Funded; More Funding Likely Needed in Q2</strong> –<strong> Sources</strong>
–Flat tax for VAT-holders raised to EUR 85,000 income –Measures to cushion impact of energy costs are the biggest share of spending –‘Citizenship wage’ for jobless slashed; retirement age cut By Silvia Marchetti ROME (MaceNews) – Italy’s government budget plan for 2023 is set to total EUR 35 billion, including pro-growth measures and subsidies to […]
<strong>Japan October Core CPI Surges 3.6% Y/Y to Hit 40-Year High on Food Markups, Mobile Communications Fee Rebound </strong>
–Processed Food Now Largest Inflation Factor as Energy’s Contribution Shrinks –Core CPI (Ex-Fresh Food) Y/Y Rise Highest Since +3.6% in February 1982 With or Without Sales Tax Hike Impact –Core-Core CPI (Ex-Fresh Food, Energy) +2.5% Y/Y, 30-Year High Excluding Impact of 2014, 1997 Sales Tax Hikes –Total CPI Jumps 3.7% Y/Y, 31-Year High Excluding Effects […]
<strong>White House and Other Schedules for Thursday, Nov 17</strong>
WASHINGTON (MaceNews) – The following are Thursday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. data and Federal Reserve events: DAILY GUIDANCE AND PRESS SCHEDULE FOR THURSDAY, NOVEMBER 17, 2022 In the afternoon, the President will receive the President’s Daily Brief. This meeting will be closed press. In-Town […]
US Consumer Inflation Expectations, Unemployment Worries Rise in October, NY Fed Reports
NEW YORK (MaceNews) – US consumer inflation expectations bumped up in October from September, paced by much higher expected gas prices, according to a survey from the Federal Reserve Bank of New York. The median expectation for inflation one year ahead among survey respondents rose to 5.94% in October from 5.44% in September and 5.75% […]
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 […]