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Powell: Expects US dollar to remain global reserve currency
Federal Reserve Chair Jerome Powell said on Wednesday he expects the U.S. dollar to remain the world’s reserve currency as long as democratic institutions and the rule of law remain in place in the U.S. “The status of the dollar as the world’s reserve currency is a very important thing to us,” Powell told the House Financial Services Committee. “I think the reason we have that status is largely due to our great democratic institutions, the rule of law, and the fact that we have, generally speaking, had strong levels of price stability.” “I think the dollar will remain the reserve currency as long as ... (full story)
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This summary reflects discussions and deliberations by members of Governing Council in stage three of the Bank’s monetary policy decision-making process. This stage takes place after members have received all staff briefings and recommendations. Governing Council’s policy decision-making meetings began on Friday, June 2. The Governor presided over these meetings. Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers, and Deputy Governors Paul Beaudry, Toni Gravelle, Sharon Kozicki and Nicolas Vincent. Governing Council began by discussing recent global economic developments. On balance, global growth has evolved broadly in line with the projection in the April Monetary Policy Report (MPR), and rising interest rates are weighing on growth in most regions. In both the United States and the euro area, economic growth was slowing and headline inflation was coming down as energy prices fell. However, core inflation in both regions showed little to no decline. Governing Council reflected on some common themes that were evident across advanced economies: namely tight labour markets, slow progress in bringing core inflation down and—in North America—surprisingly resilient consumer spending. These occurred despite rapid and significant monetary policy tightening by central banks over the past year. Governing Council members revisited their April discussions about the banking sector stress in the United States and Europe. Members agreed that the risk of re-emerging or more acute stresses remained, but this probability had decreased. With an agreement on the debt ceiling reached and the banking stress receding, market attention was returning to core macroeconomic developments, inflation and monetary policy. The Chinese economy had rebounded in the first quarter, after the pandemic restrictions had been lifted. However, growth was led by services consumption and public investment, with relatively less strength in goods consumption, exports and business investment. If this mix of ac post at 1:31pm: BOC MINUTES: AHEAD OF JUNE 7 DECISION, GOVERNING COUNCIL DEBATED WHETHER TO KEEP RATES ON HOLD AND SIGNAL A HIKE WAS LIKELY IN JULY. post at 1:31pm: BOC MINUTES: GOVERNING COUNCIL FELT Q2 GROWTH WAS LIKELY TO BE STRONGER THAN FORECAST IN APRIL. post at 1:31pm: BOC MINUTES: GOVERNING COUNCIL IS INCREASINGLY CONCERNED THAT THE DISINFLATIONARY MOMENTUM NEEDED TO BRING INFLATION BACK DOWN TO 2% COULD BE WANING.
In an analysis following today's shock inflation release, James Smith of ING anticipates a significant decrease in headline inflation in the forthcoming months due to considerable ...
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- Posted: Jun 21, 2023 12:51pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,861
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