Japan January Producer Inflation Remains Tame with 0.2% Y/Y Rise as Subsidies Trim Utility Costs, Global Demand for Lumber, Steel Remains Soft
—Producer Prices Mark 35th Straight Y/Y Gain but Recent Figures Stay Lowest Since 0.9% Drop in February 2021–Producer Prices Flat Month on Month; Firmer Prices for Utilities, Electric Machines Offset Lower Costs for Farm Produce, Fuels By Max Sato (MaceNews) – Producer inflation in Japan rose 0.2% on the year in January, coming in higher […]
White House and Other Schedules for Monday, Feb 12
WASHINGTON (MaceNews) – The following are Monday’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 MONDAY, FEBRUARY 12, 2024 In the morning, the President will receive the President’s Daily Brief. This meeting will be closed […]
IMF: BOJ Should Consider Unwinding Monetary Easing Under Yield Curve Control Framework Now
–IMF: BOJ Then Should Gradually Raise Interest Rates–IMF Critical of Kishida Government’s ‘Untargeted’ Economic Stimulus Package By Max Sato (MaceNews) – The Bank of Japan should consider unwinding its large-scale monetary easing now by exiting the seven-year-old yield curve control framework, the International Monetary Fund said Friday, noting that easing in the past decade has […]
Japan December Household Spending Posts 10th Straight Y/Y Drop as Inflation Bites, Milder Weather Dampens Demand for Winter Clothing, Heaters
–Households Seeking Savings by Switching to Low-Cost Mobile Phone Plans–Eating Out Continues Growing, Vehicle Purchases, Car Services Rebound–Real Household Income Posts 15th Straight Y/Y Drop on Elevated Costs By Max Sato (MaceNews) – Japan’s real household spending posted its 10th straight drop on the year in December, down a deeper-than-expected 2.5%, following a 2.9% dip […]
US January ISM Manufacturing in Contraction for 15th Straight Month but Picks Up Toward Growth on Unexpected Jump in New Orders, Stable Output
–ISM Manufacturing Index 49.1 Vs. Downwardly Revised 47.1 in December–ISM’s Fiore: This Could be Beginning of Growth–Fiore: Still Bullish Main Index Will Go Above Neutral Line of 50 in March–Fiore: Customer Inventories Still Too Low, Positive for Future New Orders–Fiore: Member Firms Generally Agree to Pay Higher Prices in January By Max Sato (MaceNews) – […]
FOMC Abandons Tightening Bias For Neutral Stance While Holding Rates Steady
– Powell: Unlikely FOMC Would Cut Rates As Soon As March Meeting- FOMC Now Speaks of ‘Any Adjustments’ To Federal Funds Rate – FOMC Advises No Rate Cuts Until Confident Inflation Sustainably On Way to 2% – FOMC: Risks ‘Moving Into Better Balance,’ But Outlook ‘Uncertain’ – FOMC Gives No Sign Ready to Dial Back […]
TRANSCRIPT: Fed’s Powell Dampens Hopes for March Rate Cut
WASHINGTON (MaceNews) – The following is a transcript of Federal Reserve Chair Jerome Powell’s news conference Wednesday, following the meeting of the Federal Open Market Committee: CHAIRMAN JEROME POWELL: Good afternoon. My colleagues and I remain squarely focus on our dual mandate to promote maximum employment and stable prices for the American people. The economy […]
FOMC Warns More Progress on Inflation Needed Before Any Rate Cuts
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday added a warning to its stand-still policy statement, saying it does not “expect” to cut rates until it has “gained greater confidence” that inflation is moving sustainably lower toward the 2% target. The statement follows: Recent indicators suggest that economic activity has been expanding at a […]
Japan January Tokyo Core CPI Annual Rate Eases Sharply on Further Energy Price Drop, Slower Food Markups, Hotel Fee Rise
–Total CPI, Core (Ex-Fresh Food), Both +1.6% Y/Y, Slowest in 22 Months–Core-Core CPI (Ex-Fresh Food, Energy) Moderates to 11-Month Low of +3.1% By Max Sato (MaceNews) – Consumer inflation in Tokyo, the leading indicator of the national average, eased at a much faster pace than expected in January in all three key measures as food […]
Bank of Canada Keeps Policy Rate at 5%, Softens Hawkish Tone Amid Slowing Economy but Warns About High Wage Growth
–Governing Council Still Concerned About Inflationary Risks, Particularly Persistent Underlying Price Pressures –BoC Statement Stops Saying It Remains Prepared to Hike Policy Rate Further if Needed–Governor Macklem: Premature to Discuss Lowering Interest Rates By Max Sato (MaceNews) – The Bank of Canada on Wednesday maintained its policy interest rate — the target for overnight […]