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Monetary Policy Report Press Conference, November 2023
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Nonfarm business sector labor productivity increased 4.7 percent in the third quarter of 2023, the U.S. Bureau of Labor Statistics reported today, as output increased 5.9 percent ...
Over the past 18 months, the Federal Reserve (Fed) has raised rates by 525 basis points (bps), its biggest tightening of monetary policy since 1981. Long-term bond yields have ...
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 1 November 2023, the MPC voted by a majority of 6–3 to maintain Bank Rate at 5.25%. Three members preferred to increase Bank Rate by 0.25 percentage points, to 5.5%. The Committee’s updated projections for activity and inflation are set out in the accompanying November Monetary Policy Report. These are conditioned on a market-implied path for Bank Rate that remains around 5¼% until 2024 Q3 and then declines gradually to 4¼% by the end of 2026, a lower profile than underpinned the August projections. Since the MPC’s previous meeting, long-term government bond yields have increased across advanced economies. GDP growth has been stronger than expected in the United States. Underlying inflationary pressures in advanced economies remain elevated. Following events in the Middle East, the oil futures curve has risen somewhat while gas futures prices are little changed. UK GDP is expected to have been flat in 2023 Q3, weaker than projected in the August Report. Some business surveys are pointing to a slight contraction of output in Q4 but others are less pessimistic. GDP is expected to grow by 0.1% in Q4, also weaker than projected previously. The MPC continues to consider a wide range of data to inform its view on developments in labour market activity, rather than focusing on a single indicator. The increasing uncertainties surrounding the Labour Force Survey underline the importance of this approach. Against a backdrop of subdued economic activity, employment growth is likely to have softene post: BOE'S BAILEY: WATCHING TO SEE IF MORE RATE INCREASES NEEDED BOE: `RESTRICTIVE' POLICY LIKELY NEEDED FOR EXTENDED PERIOD BOE'S BAILEY: WATCHING CLOSELY TO SEE IF FURTHER RATE HIKES ARE NEEDED BOE'S BAILEY: MUCH TOO EARLY TO BE THINKING ABOUT RATE CUTS post: BOE: RISKS TO INFLATION PROJECTIONS STILL SKEWED TO UPSIDE BOE: EMPLOYMENT GROWTH LIKELY SOFTER IN H2 2023 THAN PREVIOUSLY FORECAST BOE: PAY GROWTH HIGH BUT STRONG PRIVATE SECTOR REGULAR EARNINGS NOT APPARENT IN OTHER SERIES post: BoE Summary: - Unch. as expected - 6-3 vote - Rates to be kept sufficiently restrictive - Will hike again if needed - Half of impact from hikes has been felt - Too early to talk of cuts - Inflation seen falling below 2% in Q4'25 - GDP seen flat in 2024
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post: *BOE'S BAILEY: WATCHING TO SEE IF FURTHER RATE HIKES NEEDED *BOE'S BAILEY: MUCH TOO EARLY TO CONSIDER RATE CUTS post: *BOE'S BAILEY: EXPECT INFLATION TO FALL THIS YEAR AND NEXT *BOE'S BAILEY: `NO ROOM FOR COMPLACENCY' ON INFLATION post: BOE GOV. BAILEY: WE WILL KEEP INTEREST RATES HIGH ENOUGH FOR LONG ENOUGH TO RETURN INFLATION TO TARGET. post: BoE’s Bailey: Expect `Larger' Step Down In Inflation In October - See Inflation Just Below 5% In October post: BOE GOV. BAILEY: TERE ARE UPSIDE RISKS TO INFLATION FROM THE MIDEAST CONFLICT.
In the week ending October 28, the advance figure for seasonally adjusted initial claims was 217,000, an increase of 5,000 from the previous week's revised level. The previous ...
The Bank of England on Thursday left interest rates unchanged, but said monetary policy will likely need to stay tight for an “extended period of time.” The Monetary Policy ...
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- Posted: Nov 2, 2023 8:30am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,672
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