Japan Govt Keeps View on Moderate Economic Recovery Backed by Consumer Spending, Business Investment Amid Higher Wage Growth
By Max Sato (MaceNews) – Japan’s government Wednesday maintained its overall assessment, saying the economy is recovering moderately as substantial wage hikes and Covid-era excess savings are supporting consumer spending while improving supply chains are shoring up business confidence and investment, according to its monthly report released by the Cabinet Office. Japanese policymakers expect robust […]
FOMC Seems Certain To Resume Rates Hikes July 26; What Comes Next Less Sure
By Steven K. Beckner (MaceNews) – Before Federal Reserve policymakers convened in mid-June, officials openly talked about wanting to “skip” raising interest rates at that Federal Open Market Committee meeting, and by all indications that’s just what the FOMC will have done. After taking a break from raising the federal funds rate at their June […]
Japan June Core CPI Y/Y Rise Picks Up to 3.3% from May’s 3.2% on Year
Electricity Charge Markups; Processed Food Prices Remain High –Total CPI +3.3% Y/Y, Also Up From +3.2% in May but Slowing from +3.5% Y/Y in April, 41-Year High of +4.3% in January –Core-Core CPI (Ex-Fresh Food, Energy) Annual Rate Eases to 4.2% from May’s Nearly 42-Year High of 4.3% By Max Sato (MaceNews) – Consumer inflation […]
BofA Global Research Fund Manager Survey: Global Investors Add to Cash, Equity Holdings in July
By Vicki Schmelzer NEW YORK (MaceNews) – Global investors added to cash and equity positions and pared bonds in July, in a recalibrating of current holdings more than a shift in mindset, according to the findings of Bank of America Global Research’s monthly fund manager survey, released Tuesday. Investor fear is still exceeds greed, the […]
Fed’s Beige Book Sees Economy Up Only ‘Slightly’ as Inflation at Modest Pace
WASHINGTON (MaceNews) – The national economy advanced but only slightly in the past six weeks, as price hikes were modest, hiring modest and manufacturing input costs “eased notably,” the Federal Reserve’s Beige Book survey suggested Wednesday. Five regional Fed bank districts reported slight growth, five noted no change and two – Philadelphia and San Francisco […]
White House and Other Schedules for Wednesday, July 12
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: COMPREHENSIVE TRIP GUIDANCE AND PRESS SCHEDULE FORWEDNESDAY, JULY 12, 2023 – THURSDAY, JULY 13, 2023 In the morning, the President will attend the Meeting of […]
Japan June Producer Inflation Eases Further to Fresh 2-Year Low of 4.1% from May’s 5.2% on Energy Subsidies, Falling Lumber Prices, Generally Easing Commodities
–June’s 4.1% Y/Y Rise Lowest Since 3.8% in April 2021 –December’s 10.6% Surge Remains Highest in 42 Years By Max Sato (MaceNews) – Producer inflation in Japan eased for the sixth straight month in June, hitting a fresh two-year low, as the government’s expanded utilities subsidies continued to cap energy costs and many commodities markets […]
Preview: Bank of Canada Expected to Raise Policy Rate 25 BP to 5% Wednesday but Outlook for Future Action Uncertain
By Max Sato (MaceNews) – The Bank of Canada is widely expected to top up its surprise June rate hike on Wednesday, taking the policy interest rate to a fresh 22-year high, but it remains uncertain whether the bank is done with 16 months of credit tightening aimed at guiding inflation lower to its 2% […]
Fed’s Daly, Mester Argue for Further Fed Rate Hikes To Reduce Inflation
– Daly: 2 Rate Hikes ‘A Very Reasonable Projection’; Could Do More or Less – Mester Urges ‘Somewhat Tighter Monetary Policy’ For ‘More Timely’ Inflation Fall – Daly: Banks Not Curbing Credit More Than Expected in Slowing Economy By Steven K. Beckner (MaceNews) – Senior Federal Reserve officials largely concurred Monday on the need for […]
FOMC Minutes See Near Unanimity on Need for Future Rate Hikes This Year But No Clues on Frequency
WASHINGTON (MaceNews) – The minutes of the most recent Federal Open Market Committee policy meeting Wednesday saw wide agreement on the need for more rate hikes this year but lacked clues on their frequency or intensity. While participants saw the balance of supply and demand improving over time, so far the progress against aggressive inflation […]