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Draghi Says Euro-Zone Recession Almost Sure to Happen
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 on Wednesday to a conference in Brussels organized by the newspaper, he said the slump probably won’t be “deep” or “destabilizing.” “It is almost sure we are going to have a recession by the year-end,” the FT cited the ex-central banker and former prime minister of Italy as saying. “It is quite clear the first two quarters of next year will show that.” The remarks follow news that the region’s economy suffered a ... (full story)
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This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on October 25, 2023. 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 Tuesday, October 17. The Governor presided over these meetings. Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers and Deputy Governors Toni Gravelle, Sharon Kozicki, Nicolas Vincent and Rhys Mendes. The international economy Governing Council members began their deliberations by discussing recent global economic developments. Global growth had been moderating, and inflation had been easing across most economies, consistent with the Bank’s projection in July. However, the composition of global growth had shifted, with the US economy proving to be more resilient and China’s economy more sluggish than expected. Members discussed potential reasons for the strength in US consumer spending and economic growth. The drawdown in savings accumulated during the pandemic was much larger in the United States than in Canada. Strong income growth was also supporting consumption in the United States. Meanwhile, US productivity growth was strong, and growth in unit labour costs was moderating, helping to ease core inflation. Inflation in the United States was expected to ease further as higher policy interest rates and tighter financial conditions slowed demand. post: BOC MINUTES: AHEAD OF BANK OF CANADA'S RATE ANNOUNCEMENT, SOME MEMBERS OF GOVERNING COUNCIL FELT RATE WOULD MORE LIKELY THAN NOT NEED TO INCREASE FURTHER. post: BOC MINUTES: COUNCIL MEMBERS ACKNOWLEDGED FURTHER TIGHTENING WOULD LIKELY BE REQUIRED TO RESTORE PRICE STABILITY. post: BOC MINUTES: PERSISTENCE IN CORE INFLATION, ELEVATED INFLATION EXPECTATIONS AND WAGE GROWTH, AND ATYPICAL CORPORATE PRICING BEHAVIOR COULD INDICATE HIGH INFLATION IS BECOMING ENTRENCHED. post: BOC MINUTES: LACK OF DOWNWARD MOMENTUM IN UNDERLYING INFLATION CAUSED CONSIDERABLE CONCERN; THIS COULD EITHER MEAN MONETARY POLICY NEEDED MORE TIME TO WORK, OR THAT IT WAS NOT RESTRICTIVE ENOUGH.
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Since 2010, a period marked by economic, financial and geopolitical shocks, the dollar has steadily appreciated relative to most other currencies. The dollar’s real effective ...
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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 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 ...
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 ...
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- Posted: Nov 8, 2023 1:38pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,467