ECB Raises Key Rates by 50 Basis Points, Deviating from Forward Guidance
–Approval of Anti-Fragmentation Tool Allowed Front-Loaded Tightening, Says President Christine Lagarde –Lagarde does not provide forward guidance, says ECB data-dependent By Laurie Laird LONDON (MaceNews) – The European Central Bank raised interest rates by a much-higher than expected 50 basis points following its governing council meeting on Thursday, deviating from the carefully-worded forward guidance issued […]
BOJ Keeps Easing Stance; Revises Up CPI Forecast, Sees Slower FY22 GDP Growth
By Max Sato (MaceNews) – The Bank of Japan said Thursday it is maintaining its super-low interest rate targets along the yield curve and large asset purchases, as expected, to help the economy fully recover from the pandemic-caused slump and anchor inflation around its stable 2% target. To keep speculative market forces from pushing the […]
BofA Global Research Fund Manager Survey: Global Growth Optimism at All-Time Low
— Cash Levels ‘Highest Since 9/11’ — Equity Allocation ‘Lowest Since Lehman’ By Vicki Schmelzer NEW YORK (MaceNews) – Optimism about global growth prospects fell to an all-time low in July, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. Investor cash levels are the “highest since 9/11” and equity […]
White House and Other Schedules for Thursday, July 14
WASHINGTON (MaceNews) – The following are Thursday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as US data and Federal Reserve events: Thursday, July 14, 2022 In the morning, the President will participate in a bilateral meeting with Prime Minister Yair Lapid of Israel. This meeting will be […]
FED’S BEIGE BK: ‘CONCERNS OVER AN INCREASED RISK OF RECESSION’
WASHINGTON (MaceNews) – The normally bland Beige Book survey of economic activity coast-to-coast included some dark clouds of pessimism in its latest iteration Wednesday, seeing increased risks of recession and “growing signs of a slowdown in demand.” The survey, for review at the next Federal Open Market Committee meeting toward the end of the month, […]
Bank of Canada Jacks Up Rate by 100 Bps to 2.5% as Bank ‘Front-loads’ Rate Hikes
–BOC: Interest Rates Need to Rise Further, Pace Up to Economic Assessment –BOC: Canadian Economy in Excess Demand, Inflation High and Broad –BOC Revises Up CPI Forecasts for Next Few Years, Sees Slower GDP Growth By Max Sato (MaceNews) – The Bank of Canada on Wednesday surprised the markets by jacking up its policy interest […]
White House and Other Schedules for Wednesday, July 13
WASHINGTON (MaceNews) – The following are Wednesday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as US data and Federal Reserve events: COMPREHENSIVE TRIP GUIDANCE AND PRESS SCHEDULE FOR ISRAEL AND THE WEST BANK Wednesday, July 13, 2022 In the afternoon, the President will arrive in Tel Aviv, Israel […]
Japan June Producer Inflation Eases Slightly on Slower Lumber, Steel Gains; Fuels Pick Up Again
By Max Sato (MaceNews) – Producer inflation in Japan eased slightly in June after hitting a 41-year high in April as year-on-year gains in the costs for lumber and wood products as well as iron and steel slowed, while the prices of gasoline and other fuels picked up the pace of increase again, data released […]
BOI’s Visco: Second Rate Hike in September ‘Appropriate’ if Long-Term Inflation Forecasts Do Not Improve
ROME (MaceNews) – Bank of Italy Governor Ignazio Visco said on Friday that a second rate hike in September by the European Central Bank could be “appropriate” if long-term inflation forecasts do not improve. Talking at Italy’s annual banking lobby ABI conference, Visco argued, however, that monetary policy normalization, particularly including any additional rate hikes […]
Japan May Household Spending Dips as Supply Crunch Dents Car Output, People Cooking Less
–Households Dining Out, Traveling More, Limiting Y/Y Drop in May Vs. April, March –Govt Official: Cannot Yet Say If Rising Inflation Hurting Spending; Covid, Weather Also Affect Consumers –Real Household Income Falls For 2nd Straight Month as Inflation Bites By Max Sato (MaceNews) – Japan’s real household spending unexpectedly fell on year for the third […]