Below Average US extension but gains from shifts from equities There are fairly robust month-end duration extensions in UK markets according to Bloomberg-Barclays. Other month end extensions are fairly average-looking affairs for July.
ST. LOUIS - Federal Reserve Chairman Jerome Powell famously said last week the Fed’s policymaking Federal Open Market Committee believes that "for now--the best way forward is to keep gradually raising the federal funds rate," but he and the FOMC majority may get stiff resistance from some quarters.
Minutes of the June 12-13 Federal Open Market Committee meeting don't add a lot to our understanding of prevailing monetary policy sentiment among members of the Federal Reserve's policymaking body. But they do reinforce mounting concerns about trade and, to a lesser extent, the shape of the yield curve.
The Federal Reserve tilted toward a modestly more aggressive monetary policy approach at its mid-June meeting, but one centrist Federal Reserve Bank President is standing fast and urging "caution," Philadelphia Fed President Patrick Harker is not ordinarily thought of as a "dove," but he made a strong case for going slow on further rate hikes in a June 27 interview.
The ECB has just released new data on MFI (ECB-speak for banks) holdings of EGBs and these cover the volatile month of May. Of course May was the epicentre of the BTP and Italian political storm and so the information provide fairly recent colour on how the various jurisdictions reacted.
(OSLO) – The Norwegian krone remains relatively weak, but there are reasons to think the currency’s present weakness will give way to a period of strengthening, Norges Bank Governor Oystein Olsen said Thursday.
In Brief: -MPC likely to vote 7-2 to keep rates on hold (McCafferty/Saunders dissenting again) -focus on collective interpretation of the persistence of Q1 weakness -watch discussion around heightened political risks and downside risks to economy -MPC likely to reiterate case for “limited and gradual” increase in rates over coming years
Federal Reserve Chairman Jerome Powell and his colleagues will be making monetary policy in what Charles Dickens might have called "the best of times and the worst of times" when they convene a crucial mid-year Federal Open Market Committee meeting June 12.
Steven K. Beckner Unmistakable, albeit anecdotal, signs of intensifying wage-price pressures are on display in the Fed's "beige book" survey of conditions in its 12 districts through May 21.
The Federal Reserve primarily pursues a domestic mandate of maximum employment and price stability, and its policymaking Federal Open Market Committee has been projecting at least three federal funds rate hikes this year as consistent with those goals. But Fed officials will be very carefully monitoring worrisome international developments.
