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Bank of Canada Agreed at Last Meeting to Revisit Hikes Later
Some members of the Bank of Canada’s governing council argued at their last meeting that borrowing costs would need to rise further to bring inflation to heel, but policymakers agreed they “should be patient” and hold rates steady for now, before revisiting tightening in the future. Officials decided to keep the benchmark overnight interest rate at 5% on Oct. 25 and reiterate that they’re prepared to hike again, given slower-than-expected progress on restoring price stability and mounting near-term inflation risks. Still, according to a summary of deliberations released Wednesday, the six-person governing ... (full story)
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The EUR/JPY is edging into its highest bids in over 15 years, trading north of 161.50 and looking for more. The Japanese Yen (JPY) has struggled recently, being all but abandoned ...
I’m so pleased and honored to speak at this event commemorating the Research & Statistics Centennial. It’s great to see so many friends, colleagues, and—especially—the many mentors who have had such an impact on this institution, and on me personally. Research & Statistics—affectionally known as R&S—is almost as old as the Federal Reserve itself. It has certainly made its mark over the past 100 years—and it continues to do so today. This is a testament to the leadership, high professional standards, and dedication to the Federal Reserve’s mission ingrained in generations of R&S employees. Other speakers will discuss key aspects of the evolution and contributions of R&S over the past century. I will focus my remarks on the past 30 years. This corresponds to my own time as a researcher and policymaker—as a member of R&S for the first seven years, then as a consumer of R&S products while at the San Francisco and New York Feds. In that time, the theory and practice of monetary policy have changed dramatically. Equally striking are the ways that transformation has influenced R&S research and analysis, and the ways the work of R&S has, in turn, influenced monetary policy. Before I go any further, I need to give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. It Was 30 Years Ago Today… To get a full appreciation of all that’s happened in the past 30 years, I want to take you back to 1993. On a personal note, that was when I fir post: FED'S WILLIAMS DOESN'T COMMENT ON RATE OUTLOOK IN PREPARED TEXT. post: FED’S WILLIAMS SEES GREAT EVOLUTION IN HOW US CENTRAL BANK APPROACHES ECONOMY, POLICY
The euro zone is nearly certain to experience a recession by the end of 2023, former European Central Bank President Mario Draghi said, according to the Financial Times. Speaking ...
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Pan-European market infrastructure Euronext today published its results for the third quarter of 2023. FX trading reported €6.4 million of revenue in Q3 2023, down 11.4% from the ...
Israel’s military offensive in Gaza has no time limits to achieve the objective of destroying Hamas, according to a top member of the country’s war cabinet. “There are no ...
Thank you, Stacey, and thank you to the organizers for a thought-provoking conference. Provoking thought and discussion are very fitting ways to mark the centenary of the Division of Research and Statistics (R&S). In keeping with the conference theme, I have organized my remarks around the past, present, and future of R&S. My reflection on the past, while idiosyncratic, is also, I believe, indicative of a through line that characterizes the division historically. For me, that past begins in 1983, when I came to the Board as a newly minted college graduate to be a research assistant (RA) in the Government Finance Section, now known as Fiscal Analysis. One of our primary tasks was to keep track of the volatile, and somewhat unpredictable, fluctuations in tax receipts. The daily numbers were transmitted not by computer, but by telephone. Other data retrieval required RAs to go to the Treasury directly in the luxurious conveyance of a D.C. taxicab, reimbursed by the Board—a little perk that, as it happened, never came my way. In our section, though, it was a lot of time on the phone, and the two economists I worked with, Al Teplin and Wolf Ramm, would take down the numbers and pass them to me. post: FED VICE CHAIR JEFFERSON DOES NOT COMMENT ON CURRENT ECONOMIC OR POLICY OUTLOOK IN CLOSING REMARKS TO STATISTICS CONFERENCE JEFFERSON: HIGH UNCERTAINTY COULD JUSTIFY AGGRESSIVE POLICY RESPONSE IF INFLATION EXPECTATIONS THREATENED TO BECOME UNANCHORED
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- Posted: Nov 8, 2023 3:02pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,025
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