BofA Global Research Fund Manager Survey: Recession Likely Despite Reduced Inflation Concern
By Vicki Schmelzer NEW YORK (MaceNews) – Despite diminishing inflation concerns, global investors saw recession as a likely outcome in the coming year, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. In November, a net 85% of fund managers looked for lower global consumer price inflation in the coming […]
FOMC Lifts FFR 75 BP to 3.75-4.0%; Projects More Rate Hikes
Powell Says Slower Pace of Hikes Could Come in Next Two Meetings But Powell Says Rates May Have To Go Higher Than Projected in September And Powell Says It’s ‘Very Premature’ To Talk About Pausing Rate Hikes Also Warns Against ‘Mistake’ Of Loosening Monetary Policy ‘Prematurely’ FOMC Says Funds Rate Needs To Get ‘Sufficiently Restrictive’ […]
Japan Appears to Have Sold Dollars in Stealth Intervention to Slow Yen’s Slide
–Currency Intervention Suspected as Dollar Slumps from Above Y151 to Under Y146 in New York Friday –Vice Finance Minister Kanda Declines Comment to Reporters in Tokyo–Yen Remains Weak Amid Wide US-Japan Rate Gap; BOJ Seen Keeping Easy Stance By Max Sato (MaceNews) – The Japanese government and the Bank of Japan appear to have stepped […]
BofA Global Research Fund Manager Survey: Cash Levels at 2001 Highs As Investors See Economic Weakness, Consider Eventual Fed Pivot
– – Inflation is Chief Concern; Rising Fear of Systemic Credit Event By Vicki Schmelzer NEW YORK (MaceNews) – Fund managers’ cash levels rose in October to highs last seen in 2001 as investors feared economic weakness and pondered the timing of an eventual Federal Reserve policy pivot, according to the findings of Bank of […]
Fed Gov. Waller: ‘Slightly Restrictive’ Monetary Policy Needs Become More So
– Inflation Too High to Consider Pause in Rate Hikes By Steven K. Beckner (MaceNews) – Lacking “meaningful progress” against inflation and any “trade-off” between inflation and unemployment, U.S. monetary policy should move “aggressively” from “slightly restrictive” to more restrictive, Federal Reserve Governor Christopher Waller said Thursday evening. Waller, known as one of the more […]
Italy To Issue Shorter Maturities in Q4 to Offset Higher Borrowing Costs; USD Issuance on Hold – Govt. Sources
–Weak Euro Means ‘Not Good Moment’ for USD Debt By Silvia Marchetti ROME (MaceNews) – Italy plans to issue more short- and medium-term debt in the fourth quarter to cope with surging borrowing costs, and U.S. dollar debt issuance is on hold, according to outgoing ruling coalition sources. The new debt securities will have 3-, […]
Japan MOF Data Shows Large Y2.84 Trln Yen-Buying Intervention on Sept. 22, First in 24 Years
By Max Sato (MaceNews) – Japan’s yen-buying operation conducted on Sept. 22 to keep lopsided market forces from weakening the yen further against the dollar, totaled a large Y2.838 trillion ($20.3 billion), according to monthly data released Friday by the Ministry of Finance for the period from August 30 through September 28. The intervention, the […]
Sterling Drops to All-time Low Vs. Dollar; Gilt Yields Surge Above 4%
–Speculation of Emergency Bank of England Action Lifts the Pound from $1.0350 –Market Disorder Follows Friday’s Tax-Cutting Fiscal Statement By Laurie Laird LONDON (MaceNews) – Sterling plunged to an all-time low against the dollar early on Monday, following a weekend pledge from the nation’s top finance minister to extend tax cuts beyond the £45billion announced […]
Japan Intervenes in Forex Market to Stop One-Sided, Rapid Yen Fall
–Finance Minister Suzuki Says Govt Steps in To Stem Speculative Move –MOF Suzuki: To Take Necessary Steps on Excessive Fluctuations –BOJ Kuroda: No Need to Change Basic Yield Curve Control Easing Guideline for 2 to 3 Years –BOJ Kuroda Before Intervention: YCC Designed to Correct Tight Yen Funds in Event of Yen-Buying FX Operations –BOJ […]
Japan Seeking to Keep Yen Bears at Bay with Threat of Forex Intervention
–Tokyo Would Need Washington’s Consent and Help to Have Much Impact -US Has No Compelling Reason Yet to Step into FX Market–Japan’s Dollar Selling Ammunition Limited to Its Foreign Reserves By Max Sato (MaceNews) – Japanese policymakers are using verbal warnings and inquiries on market levels to stop the yen from depreciating rapidly against the […]