Author:

Author: Adam Button
1

Kashkari on CNBC

  • The flat yield curve shows us that we're close to the neutral rate
  • Inflation and wages are slowly climbing, they're not accelerating
  • We should be at neutral, but where is neutral?
  • If markets correct, that's not going to be what drives our policy
  • It's possible we could have 3% growth this year but he envisions high-2s
  • It's unclear if fiscal stimulus will raise potential growth

This is all stuff we've heard before from Kashkari. Give him and Bullard credit for making everyone talk about the yield curve.

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Author: Adam Button
13

Fed's Brainard: Outlook is consistent with gradual hikes

Brainard comments on CNBC - Economic outlook is quite solid - Inflation moving towards target is encouraging - US job market continues to tighten - There are risks on the horizon, we need to be on guard There's one little caveat on growth but she's largely upbeat. The US dollar hasn't really reacted but if anything, this is another sign that a hike in June is coming and more are expected later.

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Fed's Brainard: Outlook is consistent with gradual hikes


Author: Adam Button
Category: Central Banks
13


Brainard comments on CNBC - Economic outlook is quite solid - Inflation moving towards target is encouraging - US job market continues to tighten - There are risks on the horizon, we need to be on guard There's one little caveat on growth but she's largely upbeat. The US dollar hasn't really reacted but if anything, this is another sign that a hike in June is coming and more are expected later.

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The Democratic party decides to sue everyone for election loss
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Author: Adam Button
1

Fed's Williams says he sees continued rate increases

Williams sure is talking a lot lately - In the context of strong labor market, wage growth and stable inflation he sees continued rate increases - Expects new normal for the Fed's balance sheet to be around $3 trillion Williams is the second Fed member within an hour to talk about higher deficits and debt steepening the yield curve. Should someone tell them that Japan has enormous deficits and debt?

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Fed's Williams says he sees continued rate increases


Author: Adam Button
Category: Central Banks
1
Williams sure is talking a lot lately - In the context of strong labor market, wage growth and stable inflation he sees continued rate increases - Expects new normal for the Fed's balance sheet to be around $3 trillion Williams is the second Fed member within an hour to talk about higher deficits and debt steepening the yield curve. Should someone tell them that Japan has enormous deficits and debt?

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Author: Adam Button
1

Fed's Evans: Yield curve less of a concern than a couple months ago

Evans speaks with reporters - If inflation rises faster than expected, it's a sign of a stronger economy that can withstand more hikes - Says he will be reviewing his estimate of the neutral rate We hear so often from Evans that he's rarely a market mover but he's a good guy to listen to and get a sense of what the Fed's thinking about. I'm not so sure that hoping deficits will steepen the yield curve is a very good strategy.

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Fed's Evans: Yield curve less of a concern than a couple months ago


Author: Adam Button
Category: Central Banks
1
Evans speaks with reporters - If inflation rises faster than expected, it's a sign of a stronger economy that can withstand more hikes - Says he will be reviewing his estimate of the neutral rate We hear so often from Evans that he's rarely a market mover but he's a good guy to listen to and get a sense of what the Fed's thinking about. I'm not so sure that hoping deficits will steepen the yield curve is a very good strategy.

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Author: Adam Button
4

ECB's Draghi: Confidence in the inflation outlook has increased

Draghi out with some comments in an IMFC statement - Growth momentum is expected to continue - Ample degree of monetary stimulus remains needed - Patience, persistence and prudence needed There's a bit of everything here but it reads dovish to me.

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ECB's Draghi: Confidence in the inflation outlook has increased


Author: Adam Button
Category: Central Banks
4
Draghi out with some comments in an IMFC statement - Growth momentum is expected to continue - Ample degree of monetary stimulus remains needed - Patience, persistence and prudence needed There's a bit of everything here but it reads dovish to me.

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Author: Adam Button
9

ECB said to see scope to wait for July meeting to signal end of QE

BBG report - The officials want more time to assess the recent slowdown - Said to have no talks on interest rate path after QE The euro quickly fell to a session low of 1.2250 on the headlines but has bounced back to 1.2267.

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ECB said to see scope to wait for July meeting to signal end of QE


Author: Adam Button
Category: Central Banks
9
BBG report - The officials want more time to assess the recent slowdown - Said to have no talks on interest rate path after QE The euro quickly fell to a session low of 1.2250 on the headlines but has bounced back to 1.2267.

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Author: Adam Button

Fed's Evans says some cyclical upturn in inflation would be welcome

Evans in Chicago Similar comments from a speech Evans made on Tuesday, where he said he sees no risk of breakaway inflation. He will answer questions from the audience and media later.

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Fed's Evans says some cyclical upturn in inflation would be welcome


Author: Adam Button
Category: Central Banks
0
Evans in Chicago Similar comments from a speech Evans made on Tuesday, where he said he sees no risk of breakaway inflation. He will answer questions from the audience and media later.

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Author: Eamonn Sheridan

UBS changes its call on the RBNZ - to hike in May '19 (from Nov. '18)

UBS had been forecasting an rate hike by the Reserve Bank of New Zealand in November of 2018 - Now pushed that back to May of 2019 - Citing underlying inflation pressures  - middle of 2019 before they are a credible threat to the target mid-point RBNZ will want to see proof inflation is rising due to their new mandate and governor

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UBS changes its call on the RBNZ - to hike in May '19 (from Nov. '18)


Author: Eamonn Sheridan
Category: Central Banks
0
UBS had been forecasting an rate hike by the Reserve Bank of New Zealand in November of 2018 - Now pushed that back to May of 2019 - Citing underlying inflation pressures  - middle of 2019 before they are a credible threat to the target mid-point RBNZ will want to see proof inflation is rising due to their new mandate and governor

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Author: Eamonn Sheridan

PBOC sets USD/ CNY central rate at 6.2897 (vs. yesterday at 6.2832)

Not a lot of change in the onshore yuan reference rate on the day People's Bank of China skips open market operations (OMOs) today - No maturing RRs today - neutral impact

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PBOC sets USD/ CNY central rate at 6.2897 (vs. yesterday at 6.2832)


Author: Eamonn Sheridan
Category: Central Banks
0
Not a lot of change in the onshore yuan reference rate on the day People's Bank of China skips open market operations (OMOs) today - No maturing RRs today - neutral impact

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Author: Eamonn Sheridan
5

More on the CHF comments from Swiss National Bank President Thomas Jordan

Chairman of the governing board of the SNB Jordan comments on the franc are here earlier Bloomberg have more/recap up now:  here at the link - "There's no need to do anything regarding monetary policy at this moment," he said in an interview with Bloomberg Television on Thursday

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More on the CHF comments from Swiss National Bank President Thomas Jordan


Author: Eamonn Sheridan
Category: Central Banks
5
Chairman of the governing board of the SNB Jordan comments on the franc are here earlier Bloomberg have more/recap up now:  here at the link - "There's no need to do anything regarding monetary policy at this moment," he said in an interview with Bloomberg Television on Thursday

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Author: Eamonn Sheridan

Japan inflation way off target (again): BOJ expected to maintain unrealistic forecast

The Bank of Japan monetary policy meeting is on April 26 and 27 (preview!) In addition to the policy announcement Friday the BOJ will release the results of its quarterly review of its growth and price forecasts. While growth has picked up, inflation is still missing target. We just got the March inflation data:

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Japan inflation way off target (again): BOJ expected to maintain unrealistic forecast


Author: Eamonn Sheridan
Category: Central Banks
0
The Bank of Japan monetary policy meeting is on April 26 and 27 (preview!) In addition to the policy announcement Friday the BOJ will release the results of its quarterly review of its growth and price forecasts. While growth has picked up, inflation is still missing target. We just got the March inflation data:

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Author: Eamonn Sheridan
2

Fed's Mester: Further rate hikes appropriate this year and next

Loretta Mester is President of the Cleveland Federal Reserve branch Speaking on her outlook for the US economy and monetary policy: - further rate hikes appropriate this year and next Reuters  with the quick headlines from text of Mester's speech.  There will be a Q&A to follow 

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Fed's Mester: Further rate hikes appropriate this year and next


Author: Eamonn Sheridan
Category: Central Banks
2
Loretta Mester is President of the Cleveland Federal Reserve branch Speaking on her outlook for the US economy and monetary policy: - further rate hikes appropriate this year and next Reuters  with the quick headlines from text of Mester's speech.  There will be a Q&A to follow 

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Author: Eamonn Sheridan
12

SNB's Jordan: CHF below 1.2 (against euro) a move in right direction

Thomas Jordan is chairman of the governing board of the Swiss National Bank (the central bank) - CHF fall under 1.20 per euro goes in the right direction - Situation is still relatively fragile TJ speaking in a Bloomberg TV interview 

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SNB's Jordan: CHF below 1.2 (against euro) a move in right direction


Author: Eamonn Sheridan
Category: Central Banks
12
Thomas Jordan is chairman of the governing board of the Swiss National Bank (the central bank) - CHF fall under 1.20 per euro goes in the right direction - Situation is still relatively fragile TJ speaking in a Bloomberg TV interview 

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Author: Eamonn Sheridan

Australia - Reserve Bank might fund mortgages during the next recession

This in the press here in Australia this morning - described as  "personal thoughts" from Dr. Leon Berkelmans,  who works at the Bank (i.e. this is not RBA policy)

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Australia - Reserve Bank might fund mortgages during the next recession


Author: Eamonn Sheridan
Category: Central Banks
0
This in the press here in Australia this morning - described as  "personal thoughts" from Dr. Leon Berkelmans,  who works at the Bank (i.e. this is not RBA policy)

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Author: Adam Button
38

BOE's Carney: I don't want to get too focused on the precise timing of the next hike

Carney on the BBC - I don't want to get too focused on the precise timing of the next hike, it's more about the general path - Prepare for a few interest rate rises over the next few years The market wanted a stronger signal on rates with OIS pricing in an 85% chance of a hike on May 10 along with a 45% chance of a second hike before year end.

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BOE's Carney: I don't want to get too focused on the precise timing of the next hike


Author: Adam Button
Category: Central Banks
38
Carney on the BBC - I don't want to get too focused on the precise timing of the next hike, it's more about the general path - Prepare for a few interest rate rises over the next few years The market wanted a stronger signal on rates with OIS pricing in an 85% chance of a hike on May 10 along with a 45% chance of a second hike before year end.

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Author: Adam Button
2

Look out for comments from Carney at the top of the hour

BBC to air interview Our friends at Livesquawk report that we may get some comments from Carney at the top of the hour, or shortly thereafter. We'll bring them if/when they happen.

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Look out for comments from Carney at the top of the hour


Author: Adam Button
Category: Central Banks
2
BBC to air interview Our friends at Livesquawk report that we may get some comments from Carney at the top of the hour, or shortly thereafter. We'll bring them if/when they happen.

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Author: Adam Button
2

BOE's Cunliffe: Worried trade tension will spill over to other areas

Comments from Cunliffe in Washington He's not scheduled to speak for another 3 hours but a reporter might have caught him on the sidelines.

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BOE's Cunliffe: Worried trade tension will spill over to other areas


Author: Adam Button
Category: Central Banks
2
Comments from Cunliffe in Washington He's not scheduled to speak for another 3 hours but a reporter might have caught him on the sidelines.

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Author: Adam Button
1

Fed's Brainard: Inflation well anchored by some signs of imbalances

Brainard in Washington - Warns of growing pro-cyclical pressures, including rising asset prices and leverage - Too early to revisit bank capital rules - Appropriate to require banks to build a counter-cyclical capital buffer She managed to make a speech about bank capital into something moderate hawkish. That's an accomplishment.

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Fed's Brainard: Inflation well anchored by some signs of imbalances


Author: Adam Button
Category: Central Banks
1
Brainard in Washington - Warns of growing pro-cyclical pressures, including rising asset prices and leverage - Too early to revisit bank capital rules - Appropriate to require banks to build a counter-cyclical capital buffer She managed to make a speech about bank capital into something moderate hawkish. That's an accomplishment.

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Author: Eamonn Sheridan
4

UK: PRA's Woods warns on Brexit risks, 5K-10K jobs at risk on day one

Sam Woods is deputy governor of the Bank of England, and head of the Prudential Regulation Authority Speaking in the UK parliament: - 5,000 to 10,000 UK finance jobs at risk on Brexit day one

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UK: PRA's Woods warns on Brexit risks, 5K-10K jobs at risk on day one


Author: Eamonn Sheridan
Category: Central Banks
4
Sam Woods is deputy governor of the Bank of England, and head of the Prudential Regulation Authority Speaking in the UK parliament: - 5,000 to 10,000 UK finance jobs at risk on Brexit day one

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Author: Eamonn Sheridan

HKMA says has confidence in HKD peg to US dollar

This is from a few hours ago, just updating now. Its from the  Hong Kong Monetary Authority (functions as HK's central bank) - HKMA has confidence in the three-decade old peg to the U.S. dollar ---

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HKMA says has confidence in HKD peg to US dollar


Author: Eamonn Sheridan
Category: Central Banks
0
This is from a few hours ago, just updating now. Its from the  Hong Kong Monetary Authority (functions as HK's central bank) - HKMA has confidence in the three-decade old peg to the U.S. dollar ---

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Author: Eamonn Sheridan

AUD traders heads up - next week's inflation report will be a big focus

Today's employment data from Australia was a disappointment. Employment growth is slowing from its previously strong rate, and there is still little sign of a pick up in wage growth.

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AUD traders heads up - next week's inflation report will be a big focus


Author: Eamonn Sheridan
Category: Central Banks
0
Today's employment data from Australia was a disappointment. Employment growth is slowing from its previously strong rate, and there is still little sign of a pick up in wage growth.

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Author: Eamonn Sheridan

PBOC sets USD/ CNY mid-point today at 6.2832 (vs. yesterday at 6.2817)

PBOC to inject 190bn in OMOs today through reverse repos - In the 7-dayers

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PBOC sets USD/ CNY mid-point today at 6.2832 (vs. yesterday at 6.2817)


Author: Eamonn Sheridan
Category: Central Banks
0
PBOC to inject 190bn in OMOs today through reverse repos - In the 7-dayers

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Author: Greg Michalowski

Fed's Quarles: Current flattening of yield curve is not a signal pointing to a recession

Speaking in Washington Fed's Quarles is in Washington speaking at the Bretton Woods committee annual meeting in Washington. His comments are varied:  If there are other comments or questions answered, they will be tacked on, but it seems like his comments are rather general. 

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Fed's Quarles: Current flattening of yield curve is not a signal pointing to a recession


Author: Greg Michalowski
Category: Central Banks
0
Speaking in Washington Fed's Quarles is in Washington speaking at the Bretton Woods committee annual meeting in Washington. His comments are varied:  If there are other comments or questions answered, they will be tacked on, but it seems like his comments are rather general. 

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Author: Greg Michalowski

Fed's Dudley answers questions: Balance sheet runoff has not disrupted financial markets

Speaking in NY He added:

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Fed's Dudley answers questions: Balance sheet runoff has not disrupted financial markets


Author: Greg Michalowski
Category: Central Banks
0
Speaking in NY He added:

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