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Israel Holds Rates for First Time in Over a Year Despite Shekel
Israel left interest rates unchanged for the first time in over a year, halting a record cycle of monetary tightening despite the threat to inflation from a new bout of currency depreciation. The decision to hold the benchmark at 4.75% was in line with the forecasts of most economists surveyed by Bloomberg. The monetary committee in a statement repeated its guidance that the future “rate path will be determined in accordance with activity data and the development of inflation.” The pause follows a bigger-than-anticipated slowdown in annual inflation after 10 straight hikes brought official borrowing costs from ... (full story)
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I want to start by welcoming the Chancellor’s announcements this evening aimed firmly at encouraging investment in the productive economy. Since the financial crisis fifteen years ago we have seen potential output growth fall in many economies, the UK included. A sustained and robust improvement of the supply side of the economy is the only means to raise productivity and thereby the standard of living in a way that lasts the test of time. In pursuing supply side improvements, we must also respond to recent events in a way that recognises the need to diversify our supply chains and make them more robust, but achieves diversification without abandoning open and competitive markets and free trade. We will get the best outcomes by pushing back against economic and financial fragmentation. I spend time meeting businesses with the Bank’s network of Agents around the UK, and I am left in no doubt that there are many opportunities for successful long-term investment, and that we must take up these if we are to respond to challenges and opportunities such as the transition to net zero, digitalisation and artificial intelligence. But as you will understand, my pre-occupation at the moment is inflation. Currently at 8.7% in the latest data, consumer price inflation is unacceptably high, and we must bring it down to the 2% target. The UK is not alone in this. There is currently a popular saying among central bankers, from the Danish philosopher Soren Kierkegaard, which, to paraphrase slightly, is that life can only be understood backward post at 11:04am: Very little from Bailey's Mansion House speech on what the BoE will do on policy in the coming months. All down to the next few UK jobs & CPI reports IMO $GBP https://t.co/KKlO4WKLmG post at 11:06am: BoE Gov. Bailey: Inflation is unacceptably high. post at 11:07am: MORE BOE'S BAILEY: SOME TIGHTENING IS STILL TO COME THROUGH THE POLICY PIPELINE #bankofengland #monetarypolicy #ukeconomy #andrewbailey #inflation
The Federal Reserve Bank of New York's Center for Microeconomic Data today released the June 2023 Survey of Consumer Expectations, which shows that inflation expectations continued to fall at the short-term horizon, remained unchanged at the medium-term horizon, and increased somewhat at the longer-term horizon. Home price growth expectations rose again to their highest level in almost a year. Households' perceptions and expectations for credit conditions and for their own financial situations both improved slightly. The main findings from the June 2023 Survey are: Inflation • Median inflation expectations declined for the third consecutive month at the one-year-ahead horizon from 4.1% in May to 3.8% in June, the lowest reading since April 2021. The measure has now fallen by 3 percentage points from its series high in June 2022. The decline is broad based across demographic groups. In contrast, median inflation expectations remained unchanged at 3.0% at the three-year-ahead horizon and increased by 0.3 percentage point to 3.0% at the five-year-ahead horizon, the highest reading since March 2022. The survey's measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) decreased at the one- and three-year-ahead horizons and increased at the five-year-ahead horizon. post at 11:00am: NY FED: JUNE HOME PRICE EXPECTATIONS RISE TO 2.9% VS MAY’S 2.6% EXPECTED GAIN NY FED: HOME PRICE EXPECTATIONS HIGHEST SINCE JULY 2022 post at 11:00am: NEW YORK FEDERAL RESERVE: ONE YEAR-AHEAD EXPECTED INFLATION AT 3.8% IN JUNE VS 4.1% IN MAY NY FED: ONE YEAR-AHEAD EXPECTED INFLATION AT LOWEST LEVEL SINCE APRIL 2021 NY FED: FIVE-YEAR AHEAD EXPECTED INFLATION AT 3% IN JUNE VS 2.7% IN MAY
China's central bank on Monday extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector, with current supports for the sector ...
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post at 11:05am: FED'S DALY: WE ARE LIKELY TO NEED A COUPLE MORE RATE HIKES THIS YEAR post at 11:21am: FED'S DALY: WE MAY END UP DOING LESS OR MORE THAN A COUPLE RATE HIKES THIS YEAR, DEPENDING ON THE DATA post at 11:18am: FED'S DALY: THERE ARE LONGER LAGS THAN WE ASSUMED.
Central banks are at “the end of the beginning” in their battle against inflation, as several factors keep core prices persistently high, according to top Societe Generale ...
post at 11:45am: Fed’s Mester: Had Favored a June Rate Rise post at 11:48am: FED'S MESTER: NEED TO GO A LITTLE HIGHER ON FUNDS RATE FOR RISK MANAGEMENT; WOULD BE HAPPY IF INFLATION COMES DOWN FASTER; CAN ADJUST DEPENDING ON COURSE OF INFLATION #inflation #FOMC
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- Posted: Jul 10, 2023 11:12am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,173