<strong>ISM: US February Service Sector Activity Stays in Growth Territory on Rising New Orders, Job Growth, Faster Deliveries</strong>
–ISM’s Nieves: Still Need to See How Things Evolve in April-June Quarter After Strong Start to 2023–Nieves: Possible Negative Impact of Further Fed Tightening Not Reflected in ISM Data By Max Sato (MaceNews) – Business activity in the U.S. service sector stayed in positive territory in February after showing an earlier-than-usual seasonal rebound in January […]
Japan February Tokyo Core CPI Y/Y Rise Slows to 3.3% from 4.3% on Subsidies Aimed at Capping Utility Charges
–Total CPI Annual Rate Also Slows to 3.4%% after Hitting Over 41-Year High of 4.4% in January–Narrow CPI (Ex-Fresh Food, Energy) Annual Rate Rises to 3.2%, More Than 31-Year High By Max Sato (MaceNews) – Consumer prices in Tokyo, the leading indicator of the national average, posted year-on-year gains of above 3% in February in […]
<strong>Japan January Core CPI Up 4.2% Y/Y, Fresh 41-Year High, Markups in Food, Utilities, Smaller Hotel Fee Drop</strong>
–Core CPI (Ex-Fresh Food) Y/Y Rise Highest Since +4.2% in September 1981 –Core-Core CPI (Ex-Fresh Food, Energy) +3.2% Y/Y, Highest Since +3.2% in April 1982 –Total CPI +4.3% Y/Y, 41-Year High; Largest Since +4.3% in December 1981 By Max Sato (MaceNews) – Consumer inflation in Japan picked up its pace further in January, with the […]
FOMC Minutes Show a Few Participants Wanted a 50 BPS Hike
WASHINGTON (MaceNews) – The Federal Open Market Committee meeting that ended at the beginning of the month had wide – but not unanimous – agreement on a quarter-point rate hike with a “few” more impatient, wanting to get to the terminal rate sooner with a half-point increase, the minutes of the meeting showed Wednesday. That […]
<strong>Phil Fed’s Harker: Fed ‘Not Done Yet’ Raising Rates ‘But Likely Close’</strong>
– Should Keep Raising Funds Rate in 25 Bp Steps to Over 5%; Nor Sure How High – Will Get To Point in ‘23 When Rates ‘Restrictive Enough’ – FOMC Should ‘Proceed Cautiously’ Because Also Shrinking Balance Sheet – Sees Inflation Progress Despite CPI, But ‘Going to Take Time’ By Steven K. Beckner (MaceNews) – […]
BofA Global Research Fund Manager Survey: Recession Concerns Lowest Since June 2022
— Big Jump in Emerging Market Equity Holdings By Vicki Schmelzer NEW YORK (MaceNews) – Global investors polled in February were decidedly less fearful of recession and more upbeat about world growth, but were taking a wait-and-see attitude towards inflation, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. More […]
<strong>Japan Q4 Modest GDP Growth Led by Net Export Rise after Service Import Surge Caused Q3 Contraction</strong>
–Q4 GDP Rise Smaller Than Expected as Private Inventories Drop Sharply –Consumption Up on Eased Covid Rules, Travel Subsidies After Flat Growth in Q3 –Capex Posts Pullback as Expected but Potential Demand for Investments Solid –Q1 GDP Seen Supported by Consumption Amid Slowing Global Demand By Max Sato (MaceNews) – Japan’s gross domestic product for […]
<strong>Analysis: Japan PM Kishida Seeking Monetary Policy Balance Between Continuity and Gradual Shift from Abenomics</strong>
–Reports Say Kishida Picks Academic Kazuo Ueda to Succeed Kuroda By Max Sato (MaceNews) – Japanese Prime Minister Fumio Kishida appears to have picked an academic candidate with some policymaking experience to replace retiring Bank of Japan Governor Haruhiko Kuroda in a surprise choice that could prompt a gradual departure from the decade-old reflationary Abenomics […]
<strong>Japan January Producer Inflation Eases to Below 10% as Fuels, Lumber Prices Drop, Firmer Yen Lowers Import Costs</strong>
–Upwardly Revised +10.5% Y/Y in December 2022 Now 42-Year High By Max Sato (MaceNews) – Producer inflation in Japan eased in January as energy and commodity markets turned softer on slowing global demand and the recent rebound in the yen helped lower import costs, but the annual rate just under 10% indicates firms are still […]
<strong>Fed Policymakers Point Toward Possibly Higher Rates Than Previously Thought</strong>
By Steven K. Beckner (MaceNews) – Federal Reserve policymakers expressed a determination Wednesday to keep raising interest rates to combat inflation – possibly higher than previously projected. New York Federal Reserve Bank President John Williams said that, for now, a 25 basis point pace of rate hikes is appropriate, and he said rate cuts could […]