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USD/JPY outlook: Yen sliding to intervention territories
Yesterday saw safe-haven assets like the Japanese yen rally, benefitting from Putin's updated stance on Russia's nuclear arms doctrine after Ukraine fired US-supplied missiles into the nation for the first time. However, just as quickly as the situation escalated, the market’s panic was short-lived. The USD/JPY recovered to close the session flat, and similar price action unfolded in equity indices. Today, the USD/JPY finds itself well above the 155.00 handle again, as the US dollar rebounds across the board. Indeed, pairs such as the EUR/USD and GBP/USD were falling back, even though in the case of the cable we ... (full story)
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- From msn.com|Nov 20, 2024
British inflation jumped by more than expected last month to rise back above the Bank of England's 2% target and underlying price growth gathered speed too, showing why the BoE is ...
- From federalreserve.gov|Nov 20, 2024
Thank you, Christa. It is wonderful to be with you here on the University of Virginia's beautiful campus. This is my first visit here as an adult. As a child, I was fortunate enough to be able to attend the commencement ceremony of my aunt and uncle, who received their doctoral degrees from UVA several decades ago. My family and I are grateful to the University of Virginia for all the educational opportunities it has afforded us over the years. I look forward to connecting with many of the exceptional students and faculty during my visit. As a member of the Federal Reserve Board, I always find it a pleasure to hear from people in communities across the country and to share some views of my own. At the Fed, I am committed to pursuing the best policy to achieve the dual-mandate goals given to us by Congress of maximum employment and price stability. Today, I would like to share with you my outlook for the economy, including some international comparisons of productivity and inflation, and offer my views on U.S. monetary policy. Broadly, I view the economy as being in a good position. Inflation has substantially eased from its peak in mid-2022, though core inflation remains somewhat elevated. Unemployment remains historically low, but the labor market is no longer overheated. Economic growth has been robust this year, and I forecast the expansion will continue. Looking ahead, I remain confident that inflation is moving sustainably toward our 2 percent objective, even if the path is occasionally bumpy. Meanwhile, I see employment risks as weighted to the downside, but those risks appear to have diminished somewhat in recent months. Inflation Inflation, as measured by the personal consumption expenditures (PCE) price index, has eased notably from a peak of 7.2 percent in June 2022. Estimates based on the consumer price index and other data released last week indicate that total PCE prices rose 2.3 percent over the 12 months ending in October. Core PCE prices—which exclude the volatile food and energy categories—increased 2.8 percent, down from a peak of 5.6 percent in Feb post: FED'S COOK: IF THE LABOR MARKET AND INFLATION EVOLVE AS EXPECTED, IT WOULD BE APPROPRIATE TO CONTINUE LOWERING THE POLICY RATE TOWARDS NEUTRAL. post: FED'S COOK: CUTS SO FAR WERE A STRONG STEP TOWARD REMOVING POLICY RESTRICTION. post: FED'S COOK: ECONOMIC GROWTH IS ROBUST, I EXPECT EXPANSION WILL CONTINUE. post: FED'S COOK: THE MAGNITUDE AND TIMING OF RATE CUTS WILL DEPEND ON COMING DATA, THE OUTLOOK, AND THE BALANCE OF RISKS. POLICY IS NOT PRESET.
- From bankofengland.co.uk|Nov 20, 2024
Thank you for the invitation to speak today. It’s a pleasure to be here at the Leeds University Business School. And it’s great to be able to get here after a short trip across the city from the offices of the Bank of England in Yorkshire House, where I’ve been meeting with colleagues who work there. The Bank has had a significant presence in Leeds for 200 years and we have committed to basing at least 500 staff here by 2027. My speech is a sequel to one I gave a year ago.footnote[1] I’m going to start with an assessment of how the UK economy has developed over the last 12 months, comparing the forecasts the Monetary Policy Committee (MPC) has produced in the Monetary Policy Reports (MPR) over that period. I’ll then set out why I think looking back can help us think about the future, framing my thinking on the outlook with the three cases the MPC have considered to help illustrate the range of possible outcomes on the degree of inflation persistence. I’ve added a sub-title to the speech reflecting the main plotline since this spring, which is that UK inflation has returned to close to our 2% target. I will conclude with my view as an MPC member on how monetary policy can continue to be set to keep inflation close to target. Our assessment is based on B post: BOE'S RAMSDEN: THERE WERE UNCERTAINTIES TO DIMINISH AND EVIDENCE TO POINT MORE CLEARLY TO FURTHER DISINFLATIONARY PRESSURES, THEN I WOULD CONSIDER A LESS GRADUAL APPROACH TO REDUCING BANK RATE. post: BOE'S RAMSDEN: MY STARTING POINT IS TO CONSIDER IT MORE LIKELY THAT PAY AWARDS WILL BE IN THE BOTTOM HALF OF THE EXPECTED 2-4% RANGE THAN IN THE TOP HALF. post: BOE'S RAMSDEN: THIS WOULD IMPLY A SCENARIO IN WHICH INFLATION STAYS CLOSER TO THE 2% TARGET THROUGHOUT THE FIRST PART OF THE FORECAST AND FALLS BELOW 2% MORE MATERIALLY LATER ON.
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- From capitalspectator.com|Nov 20, 2024
The next round of central bank decisions could rank among the most challenging in recent history, perhaps in decades. Policy hawks and doves can cite a fair amount of evidence for ...
- From federalreserve.gov|Nov 20, 2024|1 comment
Good afternoon. It is a pleasure to join you for today's meeting of the Forum Club of the Palm Beaches. It is truly humbling for me to be invited to speak to your membership, in the company of the many influential leaders, authors, and other public figures this organization has hosted since its founding in 1976. Before turning to the main topic of my remarks today, I want to briefly share with you a bit about my background. I am one of the longest serving members currently on the Board of Governors of the Federal Reserve System (Board), having served as a Board member since November 26, 2018. As a member of the Board, I am a permanent voting member of the Federal Open Market Committee (FOMC) and serve in other capacities—I lead the Board committees on smaller and community banks and on consumer and community affairs and serve as a member on other committees that broadly address supervision and regulation and payments. I also provide input into the full range of matters that come before the Board. I am the first Governor appointed to fill the role created by Congress for someone with demonstrated primary experience working in or supervising community banks, banks with less than $10 billion in assets.2 I have been both a banker, working in the community bank owned and operated by my family since 1882, and a bank supervisor—as the Kansas State Bank Commissioner. Early in my career, I spent almost a decade working in public service in several federal government roles, including setting up the Department of Homeland Security after 9/11 and as a Deputy Assistant Secretary and policy advisor to the first Homeland Security Secretary, Tom Ridge. I also served as a counsel on several U.S. House Committees, and as a staff member for the former U.S. Senator from Kansas, Bob Dole. These experiences have provided me with a post: Fed’s Bowman: Should Pursue Cautious Approach On MonPol - May Be Closer To Neutral Than Policymakers Currently Think, Says Inflation Is A Concern - Says She Sees Neutral Rate ‘Much Higher’ Than Pre-Pandemic - Backed November Cut As It ‘Aligns’ With Her Preference To Gradually… post: FED'S BOWMAN: THE ECONOMY IS STRONG, THE LABOR MARKET IS NEAR FULL EMPLOYMENT, AND INFLATION IS ELEVATED. post:
FED'S BOWMAN: I SEE A GREATER RISKS TO THE PRICE STABILITY MANDATE, THOUGH DETERIORATION IN LABOR CONDITIONS IS POSSIBLE.
- From bnnbloomberg.ca|Nov 20, 2024
Federal Reserve Governor Lisa Cook said it will likely be appropriate for the central bank to cut interest rates toward a more neutral stance over time, citing inflation progress ...
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- Posted: Nov 20, 2024 11:43am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 6,473