Japan March Producer Inflation Eases Further to 7.2% from February’s 8.3% on Energy Subsidies, Slumping Lumber Prices
–December’s Revised 10.6% Y/Y Rise Remains Highest in 42 Years By Max Sato (MaceNews) – Producer inflation in Japan eased for the third straight month in March as the government’s expanded utilities subsidies continued to cap energy costs and slowing global demand has cooled off commodities markets, data released Wednesday by the Bank of Japan […]
Preview: Bank of Canada Seen Keeping Rates Steady in Conditional Pause Amid Tight Labor Market, Slowing Global Demand
By Max Sato (MaceNews) – The Bank of Canada is expected to maintain its policy interest rate – the target for overnight lending rates – at 4.50 percent on Wednesday in what its policymakers call a “conditional” pause during the current tightening cycle that began in March last year. The labor market remains tight and […]
Chi Fed’s Goolsbee: Less Need For Rate Hikes if Bank Credit Conditions Tighten
By Steven K. Beckner (MaceNews) – New Chicago Federal Reserve Bank President Austan Goolsbee cautioned Tuesday against raising interest rates “too aggressively,” because probable credit tightening in wake of recent bank failures is likely to make the Fed’s anti-inflation job “easier” and leave it with fewer rate hikes to have to implement.. Goolsbee, a voting […]
BOJ’s New Governor Ueda Sees No Need to Change Yield Curve Control Policy Framework or Accord with Government
By Max Sato (MaceNews) – Bank of Japan Governor Kazuo Ueda said it is “appropriate” to continue seeking stable and sustainable 2% inflation under the bank’s yield curve control policy framework, indicating that there will be no major change to the current monetary easing stance at the April 27-28 meeting. He told an inaugural news […]
White House and Other Schedules for Friday, March 31
WASHINGTON (MaceNews) – The following are Friday’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 FRIDAY, MARCH 31, 2023 In the morning, the President and the First Lady will travel to Rolling Fork, Mississippi. The departure from the South Lawn will be open press. The […]
Bank of Canada’s Gravelle: Too Early to Discuss Normalizing High Rates as Inflation Remains Above Target
–BOC’s Gravelle: Quantitative Tightening Likely to End in late 2024 to Early 2025 By Max Sato (MaceNews) – It is too early to discuss normalizing the Bank of Canada’s high policy interest rate because consumer inflation at 5.2% remains well above its 2% target, although it has eased from its recent peak of 8.1% hit […]
<strong>Japan February Core CPI Annual Rate Slows to 3.1% from January’s 41-Year High of 4.2% as Government Expands Subsidies for Utilities </strong>
–Total CPI Slows to +3.3% Y/Y from 41-Year High of +4.3% in January, Also as Expected –Core-Core CPI (Ex-Fresh Food, Energy) Hits 41-Year High of +3.5% Y/Y, Largest Gain Since +3.5% in January 1982 By Max Sato (MaceNews) – Consumer inflation in Japan slowed significantly to just above 3% in February in two key measures […]
<strong>FOMC Lifts Funds Rate 25 BP; ‘Additional Policy Firming May Be Appropriate’</strong>
– FOMC Participants Leave Median Projected Rate for End of 2023 at 5.1% – Powell Sees Bank Credit Tightening ‘Substituting’ For Some Fed Rate Hikes – Powell: 2023 Rate Cuts ‘Not in Our Baseline’; Will Tighten More If Needed: By Steven K. Beckner (MaceNews) – Pulling its monetary punches in the wake of unanticipated financial […]
<strong>FOMC Apt to Raise Rates Again but Bank Failures Raise Doubt</strong>
– Once Predisposed Toward More Aggressive Moves, Fed Must Now Weigh Financial Risks By Steven K. Beckner (MaceNews) – The Federal Reserve finds itself in an awkward situation as it approaches its mid-March monetary policy meeting. Less than a week ago, it seemed, the Federal Reserve’s policy making Federal Open Market Committee was on the […]
<strong>White House and Other Schedules for Wednesday, March 15</strong>
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, MARCH 15, 2023 In the morning, the President will receive the President’s Daily Brief. This meeting will be closed […]