US TARIFFS STATE OF PLAY: EU Signs On; China, Not Yet; Tariff Regime Fragile As Most of the Transition Lies Ahead
By Denny Gulino WASHINGTON (MaceNews) – Thursday’s 10a ET oral arguments in the U.S. Court of Appeals for the Federal Circuit is one of the several legal challenges of President Trump’s “reciprocal tariffs,” a stark reminder that much of the entire U.S. tariff regime could suddenly collapse, requiring the refund of all the billions of […]
Bank of Canada Pauses for 3rd Straight Meeting amid Sticky Core Inflation, Resilient Economy and Uncertain Trade Row Impact on Growth, Prices
–BOC Keeps Policy Rate at Roughly Neutral 2.75% After 7 Rate Cuts Totaling 225 Basis Points from June 2024 Until March 2025BOC: May Need a Rate Cut If Slower Growth, Easing Trade Friction Lead to More Controlled Inflation–Governor Macklem: Still Proceeding Carefully, Hard to Be as Forward-Looking as Normal–Mackem: Taking Policy Decision One Meeting at […]
TRANSCRIPT: Fed’s Powell Stays Away From Promises of a September Rate Cut
.WASHINGTON (MaceNews) – The following is a rough transcript of Wednesday afternoon’s post-FOMC meeting news conference with Federal Reserve Chair Jerome Powell: Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low and the labor market is at or near maximum employment. Inflation has been running somewhat above our 2% […]
FOMC Sees Two Governors Dissent, Favoring a Quarter Point Rate Cut
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday, while keeping rates steady, saw the first double dissent in decades as Michelle Bowman and Chris Waller, as expected, favored a quarter point rate cut at this meeting. Otherwise, the policy statement made no reference to the likelihood of any future rate cut. It repeated uncertainty […]
Preview: Bank of Canada Set to Pause for 3rd Straight Meeting amid Sticky Core Inflation, Uncertainty over US Trade Row Impact on Growth, Costs
–BOC Widely Expected to Keep Policy Rate at 2.75% Wednesday After 7 Rate Cuts Totaling 225 Basis Points from June 2024 Until March 2025–Focus is on Whether Bank will Continue to ‘Proceed Carefully’ and Remain ‘Less Forward-Looking Than Usual’ By Max Sato (MaceNews) – The Bank of Canada is widely expected to maintain its policy […]
Japan Expects Gradual Economic Recovery in Light of Trade Accord with US but Warns Drag from Trump Tariffs Still Needs Close Watch
By Max Sato (MaceNews) – Japan’s government is looking at the bright side of trade rows in the wake of a bilateral deal with the Trump administration, sticking to its long-held conviction that the economy is expected stay on a “modest recovery” track but also warned that uncertainty remains. In its monthly report for July […]
Japan Weekahead: PM Ishiba’s Fate Up in the Air After His Minority Government Suffers Setback in Upper House Election; BOJ to Stand Pat as Trade Rows Cloud Growth Outlook
–June Industrial Output Seen Flat, Retail Sales Sluggish, Setting Soft Tone for Q2 GDP Due August 15–June Jobless Rate to Remain Low and Stable at 2.5%, Job Creation Continues for Nearly 3 Years amid Labor Shortages By Max Sato (MaceNews) – Here are the key Japanese economic and political events for the coming week. Prime […]
Preview: Bank of Japan to Keep 0.5% Policy Rate for 4th Straight Meeting in Gradual Tightening Process
–Trump Tariffs Cloud Growth Outlook Despite Bilateral Trade Accord By Max Sato (MaceNews) – The Bank of Japan’s nine-member board is widely expected to vote unanimously to maintain the target for the overnight interest rate at 0.5% for the fourth straight time at its meeting on July 30-31 amid uncertainty over trade conflicts and geopolitical […]
Potential Powell Successor Warsh Urges Fed Rate Cuts, Balance Sheet Slashing, Regime Change
By Steven K. Beckner (MaceNews) – Former Federal Reserve Governor Kevin Warsh, one of the leading candidates to succeed Fed Chair Jerome Powell, urged both interest rate cuts and balance shrinkage as he virtually campaigned for Powell’s job in a television interview Thursday night. Warsh, who was a member of the Fed board of governors […]
Report: Japan PM Ishiba to Step Down by end-August to Take the Blame for Historic Election Loss; Ishiba Stresses US Trade Accord Mutually Beneficial
–Mainichi Exclusive: Resignation May Come Sooner Amid Calls from Within Ruling Party, Opposition Camp By Max Sato (MaceNews) – Japanese Prime Minister Shigeru Ishiba has decided to step down by the end of August after leading the ruling Liberal Democratic Party to a historic defeat in Sunday’s Upper House election, the Mainichi Shimbun daily reported […]