Date | 1:42pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | ||
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1:42pm | Actual | |||||||||
Tue May 21 | ||||||||||
Tue May 21 | 2:00am | EUR | German PPI m/m | 0.2% | 0.3% | 0.2% | ||||
4:00am | EUR | ECB President Lagarde Speaks | ||||||||
EUR | Current Account | 35.8B | 30.2B | 28.9B | ||||||
USD | Treasury Sec Yellen Speaks | |||||||||
5:00am | EUR | Trade Balance | 17.3B | 19.9B | 16.7B | |||||
6:00am | GBP | CBI Industrial Order Expectations | -33 | -20 | -23 | |||||
8:30am | CAD | CPI m/m | 0.5% | 0.5% | 0.6% | |||||
CAD | Median CPI y/y | 2.6% | 2.7% | 2.9% | ||||||
CAD | Trimmed CPI y/y | 2.9% | 2.9% | 3.2% | ||||||
CAD | Common CPI y/y | 2.6% | 2.8% | 2.9% | ||||||
8:32am | CAD | Core CPI m/m | 0.2% | 0.5% | ||||||
9:00am | USD | FOMC Member Waller Speaks | ||||||||
USD | FOMC Member Barkin Speaks | |||||||||
9:05am | USD | FOMC Member Williams Speaks | ||||||||
9:10am | USD | FOMC Member Bostic Speaks | ||||||||
10:42am | NZD | GDT Price Index | 3.3% | 1.8% | ||||||
11:45am | USD | FOMC Member Barr Speaks | ||||||||
1:00pm | GBP | BOE Gov Bailey Speaks | ||||||||
7:00pm | USD | FOMC Member Mester Speaks | ||||||||
7:50pm | JPY | Core Machinery Orders m/m | -1.8% | 7.7% | ||||||
JPY | Trade Balance | -0.72T | -0.70T | |||||||
10:00pm | NZD | Official Cash Rate | 5.50% | 5.50% | ||||||
NZD | RBNZ Monetary Policy Statement | |||||||||
NZD | RBNZ Rate Statement | |||||||||
11:00pm | NZD | RBNZ Press Conference |
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post: Bostic: Expecting Inflation to Decline but “Relatively Slowly,” Would Not Expect a Rate Cut Before the Fourth Quarter Bostic: Fed’s Highest Priority is to Get Inflation Back to 2% post: Bostic: “I Am Not in a Hurry” to Cut Rates; Want to Make Sure That Policy Easing is “Unambiguous” Bostic: Would Rather Wait Longer for a Rate Cut to Be Sure Inflation Does Not Start to Bounce Around post: BOSTIC: CAUTION NEEDED ON FIRST CUT, STILL BACKS ONE IN Q4
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Thank you, Adam, and thank you for the opportunity to speak to you today.1 The Peterson Institute is renowned for its valuable contributions to research and its influence on economic policy. There really is no better place for a central banker to come and talk about the outlook for the U.S. economy and the implications for monetary policy. It truly is a pleasure to be here. Peterson was also the host for my first speech as a governor back in early 2021, which unfortunately, was virtual.2 So, after an eventful three years, it's nice to be back and in person. After a run of great data in the latter half of 2023, it seemed that significant progress on inflation would continue and that rate cuts were not far off. However, the first three months of 2024 threw cold water on that outlook, as data on both inflation and economic activity came in much hotter than anticipated. Initially it seemed like the bad data might be simply a "bump" in the road, but as the data continued to point in the wrong direction, the narrative quickly turned towards concerns that the economy was not cooling as needed to keep inflation moving down toward the Federal Open Market Committee's (FOMC) 2 percent goal. Progress on inflation appeared to have stalled and there were fears that it might even be accelerating. Suddenly, the public debate became whether monetary policy was restrictive enough and if rate hikes should be back on the table. But more recent data on the economy indicate that restrictive monetary policy is helping to cool off aggregate demand and the inflation data for April suggests that progress toward 2 percent has likely resumed. Central bankers should never say never, but the data suggests that inflation isn't accelerating, and I believe that further increases in the policy rate are probably unnecessary. Now let me turn to the data we have post: Fed’s Waller: Credit Card and Auto Loan Delinquency Rates Suggests Some Consumers Under Stress Fed’s Waller: Will Be Closely Watching How Private Domestic Final Purchases Fares Into Second Quarter Waller: Economy Seems to Be Evolving Closer to What the Fed Expected post: Fed’s Waller Says He Needs to See Several More Months of Good Inflation Data Before Being Comfortable to Support an Easing in Policy Fed’s Waller: April Inflation Data Suggests Progress Toward 2% Target Has Likely Resumed, but Progress Was Modest post: WALLER: INFLATION 'NOT ACCELERATING,' RATE HIKE ISN'T NECESSARY
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The Consumer Price Index (CPI) rose 2.7% on a year-over-year basis in April, down from a 2.9% gain in March. Broad-based deceleration in the headline CPI was led by food prices, ...
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Statistics Canada is set to release its April consumer price index report Tuesday morning. Economists expect Canada’s annual inflation rate fell slightly last month from 2.9 per ...
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It is a great pleasure to be here at this event, hosted by the LSE’s Financial Markets Group in honour of Charles Goodhart. This evening, I am going to talk about central bank balance sheets and in particular the Bank of England’s balance sheet. An esoteric topic perhaps, but an important one, now more than ever. And it is a topic on which Charles has written extensively. Charles worked at the Bank for nearly two decades, of course, before his distinguished career as a professor here at the London School of Economics. His article “The importance of money”, published in the Bank’s Quarterly Bulletin in 1970 and available on the Bank of England’s website, was a milestone in the study of the predictability of money demand.footnote[1] At the time this was an important issue in debates over monetary control mechanisms and the relative merits of monetary ‘rules’ and policy ‘discretion’, a debate he masterfully summarised in his 1975 book on “Money, Information and Uncertainty”. In this and later work, Charles brought his deep understanding of the nature of financial markets, of banking and of monetary assets to bear, the historical perspective always present. In his 1988 book “On the Evolution of Central Banks” he discussed “how the role and functions of Central Banks have evolved naturally over time, and play a necessary part within the banking system”. Fast forward two more decades – acr post: BoE’s Bailey: We Think the Central Bank Balance Sheet Will Remain Larger Than Before the Financial Crisis Though Not as Large as Today post: BANK OF ENGLAND'S BAILEY: A RANGE OF 345-490 BLN STG IS NOT A BAD STARTING POINT FOR CENTRAL BANK BALANCE SHEET || BANK OF ENGLAND'S BAILEY: REPO PORTFOLIO CAN OFFER A RELIABLE AND FLEXIBLE SOURCE OF RESERVES AS LARGELY ADDITIONAL HIGH-QUALITY LIQUID ASSETS TO THE SYSTEM