29th February 2020 By David Barwick - LONDON (EconoStream) – A more generous definition of the European Central Bank’s policy-relevant medium-term horizon could conceivably be appropriate in view of supply-side shocks that hamper the restoration of price...
29 February 2020
25th February 2020 By David Barwick - NEW YORK (EconoStream) – The European Central Bank sees its current policy stance as providing the stimulus a return to price stability requires, but is ready to make any needed adjustments, ECB Executive Board member...
25 February 2020
At the meeting, which took place January 22-23 and thus before the coronavirus outbreak captured international attention, there was no mention made of the disease and China’s role in the discussion was only in the context of the recent “phase-one” trade agreement between it and the U.S.
21 February 2020
By David Barwick - FRANKFURT (EconoStream) - Economic uncertainty implies a continued need for strong monetary policy support in the Eurozone, European Central Bank Vice President Luis de Guindos said Thursday.
20 February 2020
By David Barwick - BRUSSELS (EconoStream) – With inflation still too low and growth only moderate, the Eurozone continues to need monetary policy support, European Central Bank Executive Board member Fabio Panetta said Tuesday.
20 February 2020
EconoStream's subjective views on the hawks and doves at the European Central Bank (ECB), the US Federal Reserve's Federal Open Market Committee (FOMC) and the Bank of England (BoE) and a recap on the current and future voting members. We get asked all the time questions like "is the Fed's Rosengren a hawk or a dove?", "who are the doves on the ECB?" and "are the voters on the FOMC this year more dovish or hawkish?". Here we answer all these questions.
19 February 2020
6th February 2020 Japan’s Government Pension Investment Fund — the world’s largest pension fund — buys the US dollar/ yen (buy US$/sell yen) and then use those proceeds to buys short-end US Treasuries on an unhedged basis, when the US$/yen is about Y108,...
7 February 2020
Risk off mentality in the markets reached a recent peak on Friday with focus in particular on risks around the further spread of Coronavirus. At the close of Friday, OIS markets were predicting 2 full 25bp FOMC interest rate cuts over the next year (see below for a full explanation of what this means).
6 February 2020
The market retains a dovish bias to its expectations – the next move is expected to be a cut rather than a hike, but now the market sees limited chance of a cut at the March meeting, is 50/50 for a cut at the next Monetary Policy Report meeting in May while just 26bp of cuts are priced in by year end – 7bp less than was the case earlier this week.
31 January 2020
31st January 2020 Gilts were slammed by the BoE meeting, which turned out to be a modestly hawkish-hold. Vote was 7-2 to keep stable. Bank spoke of rebound in global growth and bounce in the UK. The next cut is now only fully priced for December...
31 January 2020
The January FOMC meeting played out largely as-expected with the target range unchanged but the Reverse Repo Rate (RRP) & Interest on Excess Reserves (IOER) adjusted higher by +5bps. Market reaction saw yields slide further across the curve...
30 January 2020
29th January 2020 Thursday, January 30th: Policy Decision & MPR release: 12:00 GMT; Press conference 12:30 GMT Current Policy: Bank Rate: 0.75%; Asset Purchase Programme: £435bn; Corp Bond Purchases: up to £10bn In Brief:
28th January 2020 FOMC: At 14:00NY/18:00LDN – Rate decision and statement release. No updated SEPs or ‘dots’. Chair Powell’s press conference will begin at 14:30EST/19:30GMT. In Brief -target range to be left unchanged at 1.50-1.75 in a unanimous decision...
28 January 2020
21st January 2020 Policy Announcement: Thursday Jan 23rd, 12:45 BST / 07:45 ET; Press Conf: 13:30 BST / 08:30 ET Current Rates: Deposit -0.50%, Main Refinancing 0.00%, Marginal Lending Facility 0.25%. In Brief:
30th May 2018 By Steven K. Beckner Unmistakable, albeit anecdotal, signs of intensifying wage-price pressures are on display in the Fed's "beige book" survey of conditions in its 12 districts through May 21. The findings, summarized by the Cleveland...
31 May 2018
By Steven K. Beckner Unmistakable, albeit anecdotal, signs of intensifying wage-price pressures are on display in the Fed's "beige book" survey of conditions in its 12 districts through May 21. The findings, summarized by the Cleveland Federal Reserve...
30 May 2018
29th May 2018 By Steven K. Beckner The Federal Reserve primarily pursues a domestic mandate of maximum employment and price stability, and its policymaking Federal Open Market Committee has been projecting at least three federal funds rate hikes this...
29 May 2018
- Hint At Coming Communication Changes 23rd May 2018 By Steven K. Beckner The long-awaited arrival of 2% inflation cheered Federal Reserve policymakers at their May 1-2 Federal Open Market Committee meeting and confirmed their inclination to raise...
24 May 2018
15th May 2018 By Steven K. Beckner Nothing terribly revealing emerged from Tuesday's confirmation hearing for two of President Trump's nominees to fill seats on the short-handed Federal Reserve Board. Richard Clarida, nominated to succeed Stanley...
16 May 2018